Greystar Real Estate Partners
has a plan to turn around a 5.6-acre portion of the former Bennett Lumber site in Minneapolis’s Uptown area. Right now Greystar is in the early stages of getting city approval for the project.
Greystar is proposing a total of 385 residential units that would be split between two buildings; it includes a mix of apartments of varying sizes and a number of family-oriented townhome units, according to Greystar’s David Reid.
One building would go from 6 to 4 stories while the other steps down from 6 to 2.5 stories, Reid says. He adds that the buildings will have “extremely high-quality condo finishes,” along with tuck-under parking. Each unit will have a dedicated parking garage as well.
The company also plans to pursue “silver” LEED
certification for the entire development.
The promenade along the nearby Midtown Greenway’s
walkway will be extended. “We’re proposing having a high quality access point to the Midtown Greenway for public and private use,” Reid says.
Although he couldn’t disclose the project’s cost, he says, “It’s obviously a very expensive project, between the public benefits and energy-efficiency standards."
Reid says that the buildings will improve the undeveloped site. “It’ll be a high-quality product that will be an amenity for the community,” he says.
Aesthetically, “Our goal is to create buildings that strive to have a more timeless appeal,” as opposed to those that are only popular for a development cycle. This means the judicious use of high-quality materials across the development. It will have amenities such as a pool, fitness center, and a high degree of landscaping, Reid adds.
Source: David Reid, Greystar Real Estate Partners
Writer: Anna Pratt