The first phase of the project includes construction of a new 72,000-sf Cub Foods store along with 11,0000 sf of neighborhood-oriented retail shops that will likely include a casual restaurant and convenience retailers such as coffee shops and dry cleaners.
The retail component of the redevelopment is scheduled for completion this fall. The existing Cub Foods will remain open until the new store is completed.
The second phase of construction will include demolition of the existing Cub Foods store to make way for a four-story, 95-unit Applewood Pointe senior cooperative and 50 townhomes. The townhome prices will range from $175,000 to $225,000 and the cooperative home prices will range from $140,000 to $240,000. A one-acre park will also be constructed to provide a pedestrian friendly connection between the housing and retail shops.
United Properties, which began developing cooperatives catering to active seniors age 55 and older in 2003, has two Applewood Pointe projects––in Roseville and Maple Grove––under construction. Plans are under way for two other projects in Woodbury and New Brighton.
United Properties, based in here, is a commercial real estate company with more than 400 employees and 26.5 million sf of office, industrial, retail and multi-family properties under management.
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