JV Launches Minneapolis Luxury Mixed-Use Development
- Aug 01, 2016
Chicago—Students at the University of Minnesota will soon have more housing options thanks to a new development from CA Residential LLC, a division of Chicago-based CA Ventures, and Harlem Irving Cos. The joint venture has begun construction on RISE at Prospect Park, which will offer 336 luxury residences, a grocery anchor and other retail options at 2929 E. University Ave., SE, five blocks from the University of Minnesota campus.
“RISE at Prospect Park represents the first partnership with CA Ventures and Harlem Irving Companies. Once Harlem Irving secured rights to this project, the company tapped CA Ventures’ expertise in student housing infill development to make this a joint venture of two entities with complementary development experience,” JJ Smith, COO of CA Ventures, told MHN. “Harlem Irving’s expertise in high-end retail and market-rate residential properties then led CA to join forces with them our 8 E. Huron luxury rental project in Chicago’s Gold Coast.”
Designed by Richfield, Minn.-based Tushie Montgomery Architects, the project is scheduled for completion in March 2018. Once finished, the community will offer a seven-story structure with 150 apartments and an adjacent 13-story tower with another 186 units and 40,000 square feet of ground-level retail, including the 30,000-square-foot Fresh Thyme Farmers Market that will anchor the development.
The community is also transit oriented with its location next to the METRO Green Line’s Prospect Park station, which opened in 2014 and offers service to downtown Minneapolis and downtown St. Paul, as well as the university.
“The development’s proximity to public transportation and the University of Minnesota campus, along with its compelling mix of residential and commercial uses, will make RISE at Prospect Park an anchor in this up-and-coming neighborhood,” said JJ Smith, COO of CA Ventures. “In addition to appealing to students, who will be a mere 15-minute walk from campus, RISE will be a highly amenitized, luxury community that is sure to appeal to renters of all ages.”
The luxury residences will come in studio to four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Units will feature nine-foot ceilings, hardwood-style floors, quartz countertops, stainless steel appliances, in-unit washers and dryers, and private balconies in select units.
Smith said he expects the residences to “draw an equal mix of students, professionals and empty nesters seeking a luxury lifestyle in a highly accessible location where vehicle dependency is not required.”
True to any upscale community, RISE at Prospect Park will offer abundant amenities. Outside features will include a street-level patio and rooftop deck with two gas fire pits, lounge seating, grilling stations and secure dog run with observation shelter. Interior amenities will include: multiple reception lounges with fireplaces and coffee bars; a fitness center with a yoga/dance/barre studio, tanning room and men’s and women’s locker rooms; a large entertainment suite with demonstration kitchen and seating areas; three private workrooms; golf simulator room; private theater; music rehearsal space; and arcade-style game room. Bike storage and drop-off dry cleaning services will also be available.
For student residents, the community will offer CA Student Living programming, which is “designed to enhance study habits, encourage prudent financial planning and assist in attaining career goals,” according to the companies’ press release.
The property manager for the community will be Chicago-based The Habitat Co., which CA Ventures began partnering with this June to pursue co-development and investment deals. In addition to managing this community, Habitat will also oversee operations of other CA Residential communities, including: The Buckler, a 207-unit community in Milwaukee: 8 E. Huron, a 102-unit tower in Chicago’s Gold Coast neighborhood; and 212 Meramec, a 250-unit tower in suburban St. Louis.
Madison, Wis.-based Stevens Construction is the projects’ general contractor and Minneapolis-based BKV Group is the interior designer for RISE at Prospect Park.