Financial Freedom Realty was founded in September 2003 by 30-year-old Clark Gassen, and a handful of venture partners. On the Edgewater, Gassen is collaborating with architect David Graham, a principal at locally based Elness Swenson Graham Architects Inc. Other partners include Domain Architects, a firm based in Uptown; locally based Kraus-Anderson Construction Co.; and Excel Bank Minnesota of Minneapolis.

The Edgewater's units range from 1,300 sf to 3,000 sf. Suites start at $700,000 and occupancy is scheduled in the summer or fall next year. First-floor suites will come already finished and be ready to move in. The upper floor suites are sold as "vanilla shells," where owners buy the enclosed walls, floor and ceiling and finish them off with their own crew of designers, architects and contractors. All the firms must be approved by the developers.

Financial Freedom says it is focused on creating affordable homes in high-value neighborhoods. The company's properties are located almost exclusively in and around the Uptown/Lakes area of Southwest Minneapolis, and post-conversion condominiums sell in the range of $150,000 to $300,000 with the majority of units representing the lower half of the spectrum. The company targets young professionals and just married, first time homebuyers and retired or empty nester homeowners.