Flaherty & Collins Debuts $54M Community in St. Paul
The project features 248 studio units and one- and two-bedroom units, with 80 percent set for market rate and 20 percent affordable.
Saint Paul, Minn.—Flaherty & Collins Properties announced the grand opening of 2700 University, a $54 million mixed-use, transit-oriented luxury residential apartment development near the Green Line Westgate Light Rail Transit station. Located at 2700 University Ave. W in St. Paul, Minn., the project features 248 studio, one- and two-bedroom units with 80 percent set for market rate and 20 percent for affordable.
“Mixed-income, mixed-use developments like 2700 University will enhance prosperity in Saint Paul by providing affordable housing to 50 low-income families,” said HUD Midwest Regional Administrator, Antonio Riley. “The 2700 University partnership has demonstrated a successful approach that leverages public investment and traditional multi-family financing to provide affordable, stable housing opportunities.”
Residents will have access to amenities such as a first floor bar/coffee shop; a state-of-the-art, 1,400-square-foot fitness center; a year-round resort-style heated saltwater pool with wet deck; an outdoor living room with fire pits, grills and outdoor furniture; bike storage with repair tools, stands and pumps; underground parking; high speed Wi-Fi throughout; a yoga studio and group cycling; a hot tub with a heated deck; a 20,000-square-foot courtyard and a 1,600-square-foot Bark Park Express Course featuring a water station and waste area.
“The 2700 University development is a valuable investment along the Green Line that will provide connected and accessible spaces for residents,” said Saint Paul Mayor Chris Coleman. “With access to jobs, services and all of the wonderful amenities our city has to offer, this development adds to the vibrancy of Saint Paul.”
The 345,611-square-foot property is a LEED certified community featuring 100 percent LED lighting; premium carpets in bedrooms; front load, full size Energy Star-rated washers and dryers; Nest thermostats; recessed/decorative patios or balconies; luxury wood-style flooring in the kitchen, entries and living area; oversized flat slab kitchen cabinets with custom hardware; oversized energy efficient windows; quartz countertops and frameless shower doors.
“This has been a truly exciting project to partner with the City of Saint Paul, LISC, HUD, the Met Council and National Equity Fund to create a mixed-use, mixed income, transit-oriented development,” David Flaherty, CEO of Flaherty & Collins Properties, told Multi-Housing News. “We are thrilled with the results.”
The building will house an additional 3,000 square feet of first floor, street-front retail space and 219 parking spaces below grade. Project partners include the Housing and Redevelopment Authority of the City of Saint Paul, the Metropolitan Council, Local Initiatives Support Corp., BMO Harris Bank and the National Equity Fund Inc. UrbanWorks served as architect, Landform as engineer and Kraus-Anderson as general contractor.
Images courtesy of Flaherty & Collins Properties