High Street Residential, the residential subsidiary of Trammell Crow Company, and joint venture partner Principal Real Estate Investors announce the acquisition of a 13-acre site for the construction of The Island Residences at Carlson Center, a 174-unit, five-story, Class A residential building located in the heart of Carlson Center, a corporate office campus nestled within a secluded natural oasis of green space and bounded by water on all sides. Construction is expected to begin in 3Q2014 and be ready for occupancy in 4Q2015.
“This is an extremely unique opportunity for residents to live in a natural setting completely surrounded by water, with great views and a natural ambiance you won’t find in any other residential community in the western suburbs,” said John Carlson, a Senior Vice President with Trammell Crow Company’s Midwest Business Unit. “The Island Residences at Carlson Center provides the best of both worlds; seclusion and privacy but yet in close proximity to major transportation arteries and lifestyle amenities such as Lake Minnetonka.”
The Island Residences at Carlson Center will include studio, one bedroom, one bedroom plus den, two bedroom, two bedroom plus den and three bedroom units. The site provides direct access to outdoor amenities and includes waterfront views from all sides of the building.
Residents will enjoy the trails and trees, heated underground parking, a lap length pool and the surrounding lake. The site is located off Carlson Parkway with direct access to I-394 and I-494 in Minnetonka and within minutes to Wayzata Bay and Lake Minnetonka. The Island Residences is a five minute drive from Ridgedale Center, a regional shopping mall anchored by Macy’s and future Nordstrom.
ESG Architects will serve as the project architect and Stevens Construction will serve as the general contractor. Jerry Ebert will oversee the construction of the project on behalf of High Street Residential/Trammell Crow Company.
High Street Residential/Trammell Crow Company will be joined by Principal Real Estate Investors as an investment partner on the development. “We are very excited about this project and are grateful for the opportunity to have Principal Real Estate Investors as a partner. Our companies have found success together on past projects which we hope to replicate on The Island,” said Grady Hamilton, Principal with Trammell Crow Company’s Midwest Business Unit.
“We are pleased to announce our partnership with Trammell Crow Company,” said Rick Strawn, Investment Director/Asset Management with Principal Real Estate Investors. “The Island Residences at Carlson Center will be a one-of-a-kind residential community with first-class amenities in a great location. Residents will enjoy the natural, serene setting, yet be within a five minute drive of everything they need.”
Along with commencing construction of The Island Residences at Carlson Center, Trammell Crow Company’s Midwest Business Unit is underway with over $200 million in of development projects throughout Minneapolis and Chicago, including Junction Flats (182 luxury apartments, Minneapolis, MN), Arcata (165 luxury apartments, Golden Valley, MN), the award-winning Midtown Square (138 luxury apartments and approximately 9,000 square feet of retail, Glenview, IL), the award-nominated Midtown Business Center (fully-leased 185,407 square foot industrial building in Roseville, MN) and Park 205 (115 luxury apartments in Park Ridge, IL).
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $52.6 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About High Street Residential
Trammell Crow Company’s residential development through its wholly owned subsidiary, High Street Residential™, is focused on resurrecting old and creating new urban neighborhoods to provide more environmentally sound, user-friendly areas within the community. High Street Residential specializes in blending office, retail, housing, and civic venues within organized public gathering spaces through its leading-edge master plan/master developer services and residential development expertise.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2014, Trammell Crow Company had $4.8 billion of projects in process and $1.9 billion in its pipeline. Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services. Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.