Dominium Develops Affordable Senior Community in Suburban Minneapolis
- Jul 09, 2014
Crystal, Minn.—Minneapolis-based Dominium, an owner, developer and manager of apartment communities across the country, has announced the construction of a new independent seniors affordable housing community called The Cavanaugh. The 130-unit project is being constructed in Crystal, Minn., a near-northwest suburb of Minneapolis.
The development will offer Section 42 affordable housing for adults 55 and older. The common-area amenities will include a library, theater, community room, fitness room, salon, card room and craft room. Completion is slated for second quarter, 2015.
“We believe that there is a strong demand for affordable senior independent living throughout the country,” Dominium development associate Russ Condas tells MHN. “The city of Crystal has recognized this need in its own community. It made the decision to work with Dominium in the financing and acquisition of the land in order to make the development feasible. The combination of lack of supply and a strong demand in the market is what has made this the right time and place for this development.”
The Twin Cities metropolitan area is currently witnessing unusually high levels of construction activity, Condas adds. That made construction costs a major headwind throughout the development’s design and bidding phases.
“We have surmounted these costs through a creative design process and by working with a general contractor able to deliver quality of work consistent with Dominium’s high standard, while maintaining a feasible construction budget,” he says.
Dominium officials are convinced this development will provide a much-needed option for quality affordable living in the western suburbs of Minneapolis. “The Cavanaugh has been designed in a way that will allow the residents to maintain their independence in a local community,” Condas says. “At the same time, they will enjoy high-quality amenities, floor plans and hassle-free living, all at an affordable price.”
Adds Mark Moorhouse, senior vice president and partner for Dominium: “As the housing market continues to improve, we are excited to add more new construction projects to our portfolio. We are ready to serve senior citizens in the west metro with this new project.”