After decades spent on “catalytic” projects meant to spur growth, Brighton Development is scaling back.
More than 30 years ago, Dick Brustad, Linda Donaldson and Peggy Lucas pooled their collective expertise and founded Brighton Development Co. (BDC), a company that has developed more than 3,000 affordable — and not so affordable — housing units in the Twin Cities. Several of those developments helped transform the once-neglected Minneapolis riverfront…. They also spun off a nonprofit called Community Housing Development Corp., which now manages thousands of low-income rentals.
The company survived the housing crash, but even though some experts say that the downtown condo market is ready for new units, Lucas and the other principals at BDC say that they’ll sell their land holdings and won’t pursue new projects.