Cohen Real Estate Marketing 3.38-Acre Multifamily Development Site Outside Twin Cities
- Feb 19, 2013
Edina, Minn.—Manhattan-based Cohen Real Estate is marketing a 3.38-acre development site just outside the Twin Cities in Edina, Minn., which is zoned for multifamily residential, senior housing, medical or retail.
“The owners have owned the building for well over 12 years and it used to be a Wickes Furniture Center, but it went out of business,” Helen Putterman, Cohen Real Estate’s president, tells MHN. “The building is currently being used by another furniture dealer but we believe the best use for the property today is not as a retail store but for a multifamily apartment building or for senior housing or assisted leaving.”
Located at 6725 York Avenue South across from the recently renovated 1.3-million-square-foot Southdale Mall, Putterman says the property sits in an ideal location to attract residents. It’s situated just 10 miles from downtown St. Paul/Minneapolis and 10 miles to Bloomington’s Mall of America, the largest shopping center in the country.
“The area has a need for health care housing and the city is very much in favor of that and will probably work very closely with any developers who want to do that,” Putterman says. “With the Baby Boomer generation well in process, investor appetite for senior housing and healthcare-based real estate are two of the strongest niche asset classes.”
The Southdale Mall is the nation’s first enclosed high-end shopping mall, which is home to 120 stores, including Macy’s, Coach, Aveda, H&M, Apple, P.F. Chang’s, The Cheesecake Factory and The Westin Hotel.
The mall’s owners also recently received municipal approval for a proposed 232-unit, three-building luxury multifamily development located across from the available site. One mile away, the city approved a five-story medical office building.
According to Putterman, the owners would be happy to joint venture the property or sell it to a developer.