JV Brings $98M Collegiate Housing Development to Minneapolis
- Dec 12, 2016
Minneapolis—EdR, in a joint venture with Core Spaces, announced construction has started on its collegiate housing community adjacent to the University of Minnesota. EdR will be the 51 percent owner and will manage the $97.9 million development.
“We anticipated our new relationship with Core to result in future development opportunities,” said EdR’s CEO Randy Churchey. “We are excited to see that come to fruition with the announcement of a great development adjacent to one of the country’s top universities.”
The Hub Minneapolis will be a 707-bed community with a mix of studios and one-, two-, three- and four-bedroom floor plans. Scheduled for completion in the summer of 2018, the community will feature individual study rooms, computer labs, Wi-Fi, a pool and hot tub, cooking area, bar-top dining area, group study lounges, a cardio fitness center, fire pits, a chef’s kitchen, retractable doors leading to a three-season patio in the penthouse and 10,000 square feet of retail space on the ground floor.
This is EdR’s first development partnership with Core. The two companies are also partners in two existing communities, the Hub Madison serving the University of Wisconsin and Urbane serving the University of Arizona.
“We look forward to the continued partnership with EdR,” said Marc Lifshin, managing partner of Core Spaces. “The Hub brand is a perfect fit for this location, and we look forward to being a part of the development’s success.”
This latest project brings EdR’s share of 2018 development deliveries to $377 million.
Image courtesy of EdR