MINNEAPOLIS-Greystar and Multi-Employer Property Trust are the lead in a venture that has broken ground on a $124.6 million, three-building apartment community here to be called Elan Uptown. Work on the first $42 million phase one building has begun on Dupont Avenue South, on the former Bennett Lumber site.
Greystar will develop and manage the complex, which will be constructed by Weis Builders. MEPT is the equity owner. Other members of the project team include Bentall Kennedy, real estate advisor to MEPT, and NewTower Trust Co., trustee to MEPT.
The first phase will have 203 apartment units delivered by fall 2013, David Reid, managing director of development for Greystar, tells GlobeSt.com. The $82.6 million second phase will include 388 units across two buildings, and will be finished in summer 2014, Reid says.
The buildings are going up in the Uptown Area, which Reid says is known as an entertainment and retail district. Nearby is stairway access to the Midtown Greenway hiking and biking trails, formed in part from a removed rail line.
“It’s a very desirable area to live in Minneapolis,” Reid says. “You don’t really have much new supply, there was one building that was recently constructed here and its occupancy is in excess of 95%.”
Amenities at Elan Uptown will include granite countertops, pendant lighting and vinyl plank flooring, as well as washers and dryers. Community amenities will include club rooms, a fitness center, fire pits, swimming pools, outdoor kitchens and a rooftop terrace.
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