Cornerstone Cooperative

Cornerstone Cooperative of Plymouth

Cornerstone Cooperative of Plymouth
3790 Lawndale Lane North
Plymouth MN 55446

763-478-4661
Fax: 763-478-2327

Cornerstone Cooperative offers secure and satisfying independent living for active older adults through cooperative ownership in a community that you will be proud to call your home. This three-story building, distinctively poised on a beautiful peninsula of land overlooking a tranquil pond and natural wetland, will provide 77 beautifully designed One, Two, and Three Bedroom apartment homes.

The vaulted ceiling Solarium, allows you to enjoy the Minnesota theatre of seasons, the Great Room provides opportunity to enjoy meals or special events in the company of friends. Relax in the Library with a book, access a computer, or keep busy in our Activity/Exercise Room. The convenience of the Underground Garage offers a car wash bay as well as a workshop which will accommodate power tools. Personal storage areas on each floor provides room for those “extras”, and scheduled transportation will provide easy access to nearby stores and shops. Do you have company coming? Reserve the Guest Room, and they will be close by. Cornerstone Cooperative has been designed to meet the needs of senior adults, providing opportunities for many new wonderful life experiences.

Cornerstone Cooperative Apartment Homes have been designed with numerous distinctive features to meet your desire for comfort:

Choice of seventy-seven 1 Bedroom, 2 Bedroom and 3 Bedroom apartments
Generous storage in apartments with additional storage available
Balconies on all apartment homes
Wall to wall carpeting, color coordinated
All-electric kitchen
Individually controlled heating and air conditioning
Attractive kitchen cabinets with adjustable shelves
Handicap accessibility
Cable television hookup
Laundry rooms in each apartment home
Much, much more

Cornerstone Cooperative Costs
The purchase of a share secures your membership in Cornerstone Cooperative. The 77 apartment homes that make up this cooperative represent 77 shares. These share costs and monthly fees are based on the size of the apartment home selected.

Floor Plans Square Feet * Number of Units ShareCost ** Monthly Costs **
Unit A 1 BR 779 17 $28,213 $660
Unit B 2 BR 1,083 6 $43,640 $958
Unit C 2 BR 1,098 9 $43,861 $969
Unit D, D1 2 BR 1,213 21 $45,208 $1,029
Unit E 2 BR 1,323 6 $46,646 $1,159
Unit F 2 BR 1,295 6 $46,479 $1,133
Unit FF 2 BR 1,256 2 $45,984 $1,082
Unit FF1 2 BR 1,325 4 $46,658 $1,185
Unit G 3 BR 1,561 2 $55,393 $1,391
Unit H 2 BR 1,368 3 $47,439 $1,190
Unit J 2 BR 1,224 1 $45,269 $1,061

Heating parking garage space available for lease at $40 per month.

* Actual dimensions may vary
** Costs are estimated and subject to change

Cooperative Housing Facts

Cooperatively owned housing provides a unique form of home ownership. Resident-owners puchase individual shares in the Cooperative and assume responsibility for the operation of the housing development.

A Cooperative:
Is a nonprofit corporation providing housing for its members essentially at cost.

Has specifically written Articles of Incorporation and By-laws. Corporation holds title to apartment homes, assuming mortgage, tax and other obligations needed in the financing and operation of the development. This relieves individual members of direct liability for these items.
Financed by a Master Mortgage.
Provides owners with the same tax benefits enjoyed in a single-family home: a) deduction of homestead real estate tax; b) federal and state income tax deduction on mortgage interest; and c) deduction of federal and state property tax
Members receive back the original share cost, value of approved improvement, and appreciation determined by a formula set by the Cooperative by-laws.
Operates through a Board of Directors, elected by shareholders who are responsible to direct and control the operations of the Cooperative.
Operating budget is adopted annually by the Board of Directors, and monthly charges reflect individual member shares of the budget.

Frequently Asked Questions

How is a Cooperative financed?
Cornerstone Cooperative has secured a FHA insured, 40-year Master Mortgage which allowed the building to be constructed and managed for an affordable cost. Cooperative members are an integral part of the loan commitment process, providing the equity necessary to close the loan by the combined share costs of all members. Share costs represent a one-time payment, similar to the down payment when purchasing a single family home. The share cost will vary according to the floor plan.

What makes Cooperatives affordable?
Cornerstone Cooperative will be a “limited equity” cooperative in which the share owner will be guaranteed the return of their original share cost as well as an annual increase for each year the share owner lives in the cooperative. This annual increase is determined by a formula set forth in the cooperative By-laws. This “limited equity” was chosen because we believe congregate housing should be viewed as a service rather than a speculative investment. This plan keeps shares affordable and in high demand.

How do I sell my Cooperative home?
The Board of Directors have first option to purchase the share. The membership certificate can be sold in accordance with a transfer value and rules set forth in the By-laws. The original share purchase price, plus any equity accrued, is returned to the member (or member’s estate in the event of death) upon release of the share. Generally cooperative ownership allows for easy and inexpensive transfer, investment return, and considerable tax benefits.