Creating Economic Stimulus with Seniors Housing
- Jan 30, 2015
Minneapolis—Dominium, an apartment development and management company, is on track to complete two affordable seniors housing developments this summer, which will have a combined total of 300 units. The two properties are The Cavanagh in Crystal, Minn., a $24 million development, and The Legends at Silver Lake in St. Anthony, Minn., a $31 million development.
The funding for the project is being financed using tax exempt bonds issued by the respective cities of which the deals are located in as well as using Tax Increment Financing.
‘These new affordable housing options for seniors are excellent examples of government, industry, community and the private sector working together to make improvements in a Minnesota community for its residents as well as create economic stimulus,” said Ron Mehl, senior developer for Dominium, “It is important to work together to build new construction that is second to none and affordable.”
The architects for the developments are BKV Architects and construction is being completed by Stonebridge Construction. In the plans, both properties will have a mix of one- and two- bedroom apartment homes available. Aesthetically pleasing, the building has been constructed with both quality and attractive materials. Each property will consist of four stories of residential living with multiple floor plans.
Amenities at both developments will include a fitness facility, movie theater, library and card and craft room. Residents will also have access to gardening areas, a guest suite in addition to a full service beauty salon. The apartments also have an ergonomic focus with lowered kitchen islands and in-unit washers and dryers. Additionally, the property will have outdoor grills and large patios, tempered underground parking spaces and party room with kitchen available for use by residents.