Development Updates in Minnesota:
As the fourth quarter approaches, real estate developers throughout Minnesota are working on major residential and mixed-use development projects and office-to-residential conversions that aim to revitalize Minnesota communities in need of housing. Here are the Minnesota real estate market updates.
JLL Capital Markets Organizes Financing for Golden Triangle Station
JLL Capital Markets has organized roughly $68.96 million in joint venture equity and construction financing for a mid-rise multi-housing project in Golden Triangle, a neighborhood in Eden Prairie. The “Golden Triangle Station” project will include the construction of 237 luxury housing units - including studio, one-, two-, and three-bedroom units - and 315 below-ground parking spaces. It will also include various amenities, including an outdoor pool, spa, theater room, club room, private dining, and pickleball courts. Developers are set to break ground this fall.
Redevelopment Plans Are Scaled-Down Around Allianz Field
Plans for the redevelopment around Allianz Field have significantly changed. A new diagram submitted by The Tegra Group shows plans for two privately owned public spaces, or POPS parks. While the original proposal highlighted the construction of housing and office space, the new design lays out plans for office and retail space. No visible progress has been made on the redevelopment for seven years before the release of these plans. Today, the hope is to eventually turn the area into a private real estate development super hub.
The Old Edina Office Building Redevelopment Plans Are Modified
Minnetonka-based real estate developer The Opus Group has modified its plans to replace an old Edina office space with a new luxury apartment complex. The revised plan includes a seven-story building with roughly 140 apartment units and will now include almost 3,400 sq. ft. of retail space as well.