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    Minnesota Real Estate Market: New Mixed-Use & Multifamily Development

    Development Updates in Minnesota:

    Real estate developers in Victoria and St. Paul, Minnesota, are gearing up for an exciting second half of 2023. Several major mixed-use and multifamily development projects are underway, poised to boost the local economy with new retail developments and satisfy some of the affordable and market-rate housing demand.

    Mixed-Use Redevelopment Project in Downtown Victoria

    Plymouth-based developer, Roers Companies, has plans to redevelop a site in downtown Victoria into a 125-unit market-rate apartment complex with nearly 9,000 sq. ft. of adjacent retail space. 

    Plans for the $45 million mixed-use project, named Rowe Residence, were recently approved by the Victoria City Council after an update to reduce the number of units and increase retail space to cultivate a ”small-town feel” in the area. 

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    $113 Million Mixed-Use Project Coming to Downtown St. Paul

    Edina-based real estate investment firm, Buhl Investors, has broken ground on a $113 million mixed-use project named Farwell-on-Water, including market-rate and affordable housing, artist studios, office space, a restaurant, and a one-acre public green space. It will sit next to Harriet Park, overlooking downtown St. Paul and the St. Paul Cathedral. Construction is expected to be completed next summer.

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    Major St. Paul Multifamily Development

    Sherman Associates is partnering with JO Companies and Twin Cities Habitat for Humanity to develop a massive housing project named The Heights in St. Paul. Sherman Associates will be the lead housing developer for approximately 700 multifamily units, JO Companies will develop a 110-230 unit building, and the Twin Cities Habitat for Humanity will build 130-150 affordable townhomes and single-family units. The Heights will cost nearly $400 million and take several years to be completed. The following year and a half will be dedicated to securing financing and to design.

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