Thompson Thrift to Develop in Minneapolis

Luxury townhomes will be built with construction beginning later this month.

St. Paul, Minneapolis. Image courtesy of Matt Barton via Unsplash

Thompson Thrift will develop luxury townhomes in Woodbury, Minn., a suburb of Minneapolis. The Class A community will feature 91 units. The Meridian at CityPlace is scheduled to begin construction later this month.

The asset is Thompson Thrift’s first in the Twin Cities area, with move-ins set to begin in June 2024. The Meridian at CityPlace will have three- and four-bedroom homes with an average of 1,860 square feet.

In-home amenities will include bar-kitchens, walk-in closets, washers and dryers, smart hubs and patio and balcony options. The community will feature fire pits, a dog park and green space.

Situated in the 100-acre CityPlace development, The Meridian is located at 315 Radio Drive. Within walking distance is a Whole Foods Market, CycleBar, Nordstrom Rack and other retail and dining options.

READ ALSO: Thompson Thrift Sells Alabama Asset to Capital Square

Residents will be in proximity to downtown St. Paul, Minneapolis and Bloomington through interstates 94 and 494. Employers in these areas include Target, U.S. Bancorp, UnitedHealth Group and Allina Health System.

The larger portfolio

The development of The Meridian at CityPlace comes after Thompson Thrift closed its Watermark Multifamily Development Fund IV L.P. earlier this year at $253 million. The funds were raised to build 10 luxury communities across the U.S., including The Meridian. The Woodbury property will have the lowest number of units compared to other developments financed by the fund.

Other sites identified for luxury assets by the fund include Ocala and Daytona Beach, Fla., Wilmington, N.C., and Fountain and Greeley, Colo.

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