Timberland Breaks Ground on MN Asset
- May 17, 2018
Timberland Partners has broken ground on Elevate at SouthWest Station Apartments, a 222-unit community in Eden Prairie, Minn. The developer anticipates construction completion in August 2019. Timberland acquired the project site and obtained a $50 million loan for the project in March.
The development is adjacent to the location of the future SouthWest station on the METRO Green Line Extension. Expected to begin operations in 2022, the station will provide direct access to downtown Minneapolis via light rail. Elevate’s project site is positioned at the exit of U.S. Highway 212, connecting the community to the Minneapolis-St. Paul metropolitan area via Interstate 494.
The seven-story community will include a mix of studio, one-, two- and three-bedroom apartments set above 13,266 square feet of retail on the first floor. According to Yardi Matrix, the property will contain 44 affordable units. All units will feature washers, dryers, fully equipped kitchens and private balconies.
Planned amenities include a rooftop swimming pool, a fitness center with a yoga studio, a community room and a coworking lounge. Heated parking will also be available below the building. The development also features a range of sustainable features, including a green roof, a rainwater collection system, permeable paving and a number of electric car charging stations.
Kaas Wilson Architects designed the community and Frana Cos. is the project’s general contractor.
Image courtesy of Timberland Partners