Trammell Crow Co.’s wholly owned subsidiary High Street ResidentialSM and The Carlyle Group have broken ground on a new transit-oriented multi-family community in downtown Minneapolis.
Located near Target Field, the new home of the Minnesota Twins, and The Interchange, a multimodal transit hub and community gathering space, Junction Flats will feature a 240,000-square-foot building. The six-story construction will include 182 Class A luxury residential apartment units, which are expected to be delivered in the summer of 2014.
“Junction Flats is located just northwest of the central business district in the North Loop, a vibrant community that offers residents a unique experience and a wide range of destinations, including entertainment venues, fine dining and specialty shops,” said Grady Hamilton, principal & head of Trammell Crow Co.’s Midwest business unit. “We have excellent partners and are pleased to be moving forward with such a unique development in the heart of the North Loop.”
The new development will feature studio, one- and two-bedroom units, as well as direct-access live and work units. The apartment community will feature various amenities, including a clubroom, rooftop deck, fitness center, pool deck, dog wash station, bicycle storage, business center and WiFi coffee lounge, as well as a covered heated parking garage.
The lead architect on the project will be Minneapolis-based ESG Architects and the lender is US Bank. The Metropolitan Council’s Metropolitan Livable Communities Fund and the city of Minneapolis provided grant financing for the project. Carlyle’s equity for this investment comes from Carlyle Realty Partners VI.
Carlyle Principal Tom Levy said, “This has all the makings of a great development: a vibrant city with a strong local economy, solid supply-demand fundamentals, convenient transit options and a trusted partner in Trammell Crow Co.”
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