One of my favorites just got better in Minneapolis! 🦪🍤🥪
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Do you think we need more rentals in Woodbury? Would condos be a better option in our low inventory environment?
Developers are pitching two projects that would bring nearly 500 apartment units to Woodbury.
Real Estate Equities and an entity tied to LS Black Development are each separately proposing redevelopment projects in the east-metro city. The Woodbury Planning Commission is expected to consider both projects Monday night.
Combined, the projects would add three new apartment buildings across 43 acres of land.
The projects are among the first multifamily proposals to come before the city this year.
LSBD Woodbury Manning LLC, an entity tied to St. Paul-based LS Black, is pitching 237 units of affordable rental housing. The units would be reserved for households earning less than 60% of area median income, according to city documents.
The 13.65-acre site is south of the intersection of Hudson Road and Manning Avenue and a recently developed Amazon distribution center.
The updated proposal would include one-, two- and three-bedroom units, and about 475 parking stalls. Proposed amenities include a pool, outdoor patio, grilling station, playground, community rooms, fitness spaces and more.
LS Black will be seeking financing through the Low-Income Housing Tax Credit Program, said Willy Boulay.
City staff are recommending approval of the project. If approved and financing secured, LS Black would aim to start construction by spring 2025 and have the project ready for occupancy by early 2027, Boulay said.
The project could move forward in one or two phases, depending on project funding.
City documents suggest the project would offer affordable units, but do not specify the number of units or level of affordability.
A piece of land west of the development could also be redeveloped in the future for commercial use, city documents say.
City staff are also recommending approval of this project.
- MSP Business Journal
#TwinCitiesRealEstate #Woodbury #RealEstateDevelopment #GreyDuckProperties
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17 September 2018