Mixed Use Commercial Center in Minneapolis, Minnesota, USA
Abubakar As-Saddique Islamic Center, Minnesota (AAICM)
The objective of this project is to generate regular income for the AAICM (Abubakr As-Saddique Islamic Center) to help it enhance its activities and operation in the social, educational, and religious fields. Through the construction of a charter school, gymnasium, adult education center, and a restaurant in Minneapolis, Minnesota, USA, this objective will be met.
The project comprises the development of a charter school (with gymnasium) with a built-up area of 26,464 ft2, an adult education center with a built-up area of 13,869 ft2, and a restaurant with a built-up area of 1,420 ft2. The three components of this project account for a total area of 41,753 ft2 and lie on a piece of land that will be designated as waqf land.
The total cost of the project, including land value, rests at US$7.5 million, IsDB will provide via the Istisna’a financing mode will provide US$5 million. Two companies were selected to participate in the execution of this project, Loeffler Construction and Consulting—with its extensive experience in the construction of educational facilities—as the general contractor for civil works and Mohagen Hansen—selected and fully financed by AAICM—as the designer of the project.
The projected tenor of financing is 14 years and the repayments will be made in 28 semi-annual installments.