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.
$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.
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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Minnesota Digest