Senior Housing Development Coming to Minnesota
The affordable community will have the amenities and unit finishes that are in line with a market-rate development.
Prior Lake, Minn.—Dominium has begun construction on the development of The Grainwood, a new affordable senior housing property in Prior Lake, Minn.
“We see the growth of senior housing as an area that’s going to control everywhere n the nation; we’ve seen the demographics and we know how the baby boomers are coming along,” Ron Mehl, Dominium’s senior developer, told MHN. “The appeal of this development in this particular area is that it’s different, it’s affordable, it’s independent and it’s 55-plus living.”
Additionally, the senior housing community will have the amenities and unit finishes that are on-par with a market-rate development.
“It’s not a continuum of care. We see a lot of developments that are that. It’s truly independent and affordable,” Mehl said. “This project presented us with an opportunity to redevelop an underutilized site that will serve the community well. This new property will help fill future needs for senior housing in Minnesota.”
Located at 5101 Gateway St. SE, The Grainwood will consist of 168 units and offer one-, two- and three-bedroom units, all of which will include 9-foot ceilings, a full range of appliances, patios, balconies and open floor plans. Select units will also have walk-in closets.
Common amenities will include underground parking, a community room and kitchen, craft room, salon, fitness room, full time staff, outdoor plaza, theater area and fireplaces.
“When we look at the rents that we charge by using the low income housing credit program, our one-bedroom rents are about $930, two-bedrooms are about $1,100 and three-bedrooms are about $1,175,” Mehl said. “When you look at the difference between rent for this type of housing and even independent housing, you can buy a lot of meals with the difference in the rents.”
Dominium owns and or manages more than 24,000 units at more than 200 sites in 22 states across the country.
“About 25 percent of our portfolio is senior, so we have a commitment to senior housing,” Mehl said. “At the end of the day, Dominium is primarily an affordable housing provider and we know where that need is by looking at the demographics and incomes. This housing is part of meeting that need.”
The development is scheduled to open by next summer.
