MINNEAPOLIS—The Trammell Crow Company, through its subsidiary High Street Residential and in partnership with The Carlyle Group, has broken ground on Junction Flats, a new transit-oriented multi-family community that will feature a six-story, 240,000-square-foot building with 182 Class A luxury residential apartments. The project will rise on 1.37 acres in downtown Minneapolis near Target Field, the new home of the Minnesota Twins, and The Interchange, a transit hub and public gathering space set to open in 2014. Trammell will begin delivering Junction Flats' units in the summer of 2014.
"Junction Flats is located just northwest of the central business district in the North Loop, a vibrant community that offers residents a unique experience and a wide-range of destinations, including entertainment venues, fine dining and specialty shops," says Grady Hamilton, principal and head of Trammell's Midwest Business Unit. "We have excellent partners and are pleased to be moving forward with such a unique development in the heart of the North Loop."
Just last week, Trammell began developing another six-story, 260,000-square-foot building with 165 luxury residential units on two acres in suburban Golden Hills.
Junction Flats will offer studio, one and two bedroom units, as well as live/work units. Amenities will include nine-foot ceilings, balconies, granite and stainless steel appliances, as well as a full appliance package including washers and dryers. In addition to its proximity to The Interchange, the development community will feature a clubroom, pool deck, rooftop deck, fitness center, dog wash station, bicycle storage, business center and Wi-Fi coffee lounge, along with a covered heated parking garage.
Carlyle Principal Tom Levy said, "This has all the makings of a great development; a vibrant city with a strong local economy, solid supply-demand fundamentals, convenient transit options and a trusted partner in Trammell Crow Company."
ESG Architects of Minneapolis will serve as lead architect and US Bank the lender. Financing was also provided by the Metropolitan Council's Metropolitan Livable Communities Fund and the City of Minneapolis.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
