Twin Cities Multi-Family Projects Proliferate
- Dec 08, 2011
The Twin Cities region is in a full-on apartment development boom. Two new apartment complexes have been completed and already have their first residents, while local developer Michael Lander plans three apartment projects, Finance & Commerce reports.
Built on five parcels of land at Lake Street West and Knox Avenue South near Lake Calhoun, the 1800 Lake complex is a 57-unit luxury market-rate apartment building developed by Eden Prairie-based Shelard Group and CPM Development. Nick Walton, partner at CPM Development, told Finance & Commerce that since receiving its certificate of occupancy at the end of October, the building is more than 50 percent occupied. Rents at 1800 Lake range from $1,130 to $3,100 per month.
Another recently completed project, the Greenleaf, is a 63-unit affordable housing complex at 2743 Lyndale Ave. South. Developed by Brighton Development Corp., the $13.6 million project received $1.96 million in loans from the city of Minneapolis via the Affordable Housing Trust Fund and another $567,000 in tax increment financing. Monthly asking rents range from $650 to $1,000.
Lander Group is partnering with St. Paul-based At Home Apartments to develop three market-rate apartment projects: South Minneapolis (48 units), St. Paul (45 units) and White Bear Lake (85 units). The Minneapolis and St. Paul projects have an estimated budget between $7 million and $8 million and groundbreaking is scheduled for next spring. The White Bear Lake complex has a $19 million budget and construction could start in the fall of 2012.