Bloomington-based
Doran Cos. is planning a
375-unit apartment complex for a vacant parcel of land close to the
Pillsbury A Mill in Minneapolis. The project, which is going by the name Mill
& Main for now, will be split into two phases, according to Kelly
Doran, a principal of the company.
Previously, another developer had unsuccessfully proposed condos for the site.
Doran
says his company has a contract to purchase the property, which has gone
through foreclosure stages. Separately, another developer,
Dominium in Plymouth, is putting together a 200-unit apartment project on a different portion of the site, Finance and Commerce
reports.
Mill
& Main will be market-rate apartments with plenty of amenities, he
says. The complex will have a mix of two-story townhomes, studios and
one- and two-bedroom units, with features such as fireplaces, stainless
steel appliances, and granite counters.
There'll also be swimming pools and billiard rooms plus aerobics, Pilates and exercise rooms, and underground parking, he says.
To
blend into the neighborhood, the building's fa�ade will have a mix of
masonry, brick, and stone, along with large windows and balconies.
Doran
hopes the necessary city approvals will come through in time to start
construction this fall. If all goes as planned the project's first
phase, including 185 units, will be ready by the spring of 2013.
Recent
market studies show a demand for more apartments around the downtown
core, according to Doran. "We anticipate a broad base of renters
transitioning," which he says includes empty nesters who want to move to an urban area, those who want to
rent before buying a home, and people who are relocating for
jobs, staying in the area temporarily, or working downtown.
The condo conversion wave of the past has also contributed to the demand for apartments, he says.
Doran says he couldn't disclose the project's cost.
Source: Kelly Doran, principal, Doran Cos.
Writer: Anna Pratt