TCC Acquires Site to Develop New Residential Complex in Minneapolis
HSR Acquires Site to Develop New Residential Complex in Minneapolis
March 4, 2015
Former Restaurant to Be Transformed Into a 6-Story, Class A+ Residential Mixed Use Building
Minneapolis, MN - High Street Residential, the residential subsidiary of Trammell Crow Company, announces the acquisition of a 1.89 acre site for the construction of a 164 unit, 6-story, Class A+ residential mixed-use building with a gateway location to the Lake Calhoun District in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin in 2Q 2015 and be ready for occupancy in 3Q 2016.
“The former Tryg’s site provides access to a combination of retail and recreational amenities offering future residents luxury-living, coupled with convenience and efficiency that will cater to multiple rental segments,” said Johnny Carlson, Senior Vice President of Trammell Crow Company’s Midwest Business Unit.
3118 W. Lake will include a contemporary studio, alcove, 1-bedroom, 2-bedroom, 2-bedroom plus a den and 3-bedroom apartments. The unit mix includes a number of premium bedrooms with spectacular views of the surrounding lake and Minneapolis Skyline. The commercial portion of the development will consist of 5,000 square feet of indoor restaurant space and an outdoor patio.
ESG Architects will serve as the project architect and a joint venture between Continuum Construction/Big D Construction will serve as the general contractor. Jerry Ebert, Senior Vice President of Construction, will oversee the development of the project on behalf of High Street Residential/Trammell Crow Company.
The residential common area amenities will include a hotel style lounge, conference room and fitness center and yoga room. The outdoor deck on the third level will offer breathtaking views of Lake Calhoun, resort style pool, fire pit, grilling lounge and access to the club room complete with an entertainment kitchen. The sixth level sky lounge and viewing deck has an internal stairwell leading to the rooftop deck featuring a fireplace and seating area.
”Minneapolis continues to be a very important market for our business and our team is excited to start another great project in such a strong location,” said Grady Hamilton, Principal and Leader of Trammell Crow Company’s Midwest Business Unit. “We had a very collaborative dialogue with the neighborhood and city that enabled this project to take its shape and we look forward to welcoming more residents to this vibrant part of town.”
The site is located in the Uptown-Lakes area and is 2.5 miles from downtown Minneapolis and next to the Minneapolis Greenway which offers residents the opportunity to walk or bike to various destinations. The project will offer spectacular views of Lake Calhoun, Lake of the Isles, and downtown Minneapolis. Surrounded by the vibrancy of upscale restaurants, entertainment and shopping provide abundant options for an active lifestyle.
Along with commencing construction of 3118 W. Lake Street, Trammell Crow Company’s Midwest Business Unit has commenced and completed over $200 million in development projects over the last 24 months throughout Minneapolis and Chicago, including The Island Residences at Carlson Center (174 luxury apartments, Minnetonka, 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 NAIOP award-winning Midtown Business Center (fully-leased 185,407-square-foot industrial building in Roseville, MN) and Park 205 (115 luxury apartments in Park Ridge, IL). The company also recently completed and sold Junction Flats, a 182-unit luxury apartment project in Minneapolis’ North Loop neighborhood.
About High Street Residential
High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. Since 2000, the Company has completed 6,125 units in over $1.5 billion in value with a current pipeline of more than 2,100 units valued at $540 million.
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 December 31, 2014, Trammell Crow Company had $5.5 billion of projects in process and $4.0 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, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information, visit www.TrammellCrow.com.