Saint Paul, MN – Flaherty & Collins Properties has announced that it will officially break ground on 2700 University, a $54 million mixed-use, transit-oriented luxury residential apartment development near the Green Line Westgate LRT station that features 3,000 square feet of street front retail space. An official ceremony will be held on Tuesday, June 23 at 12:15pm at 2700 University Ave. W.
“As the City of Saint Paul’s population grows, developments such as 2700 University are integral to providing vibrant, connected and accessible spaces for residents,” said Mayor Chris Coleman. “With access to transportation, retail and all of the wonderful things our city has to offer, it will only add to the excitement that has been building in downtown Saint Paul.”
Project partners include the Housing and Redevelopment Authority of the City of Saint Paul the Metropolitan Council, Local Initiatives Support Corporation (LISC – Twin Cities), BMO Harris Bank and the National Equity Fund, Inc. (NEF). UrbanWorks will serve as the project architect, with Kraus-Anderson as the General Contractor. The project will be LEED® certified.
“We are excited to officially break ground on this truly unique development,” said Ryan Cronk, Vice President of Development with Flaherty & Collins Properties. “This project will mean a lot to the Saint Paul community and we could not do this without great partners like the City of Saint Paul, the Met Council, BMO Harris, LISC and NEF.”
The project features 248 luxury apartments, with 80 percent of the apartment homes set for market rate and 20 percent for affordable. Comprised of studios, one and two bedroom apartment homes, 2700 University will boast some of the finest amenities in the Saint Paul market.
““LISC is thrilled to be providing more than $6M in mezzanine financing to help create affordable rental opportunities for 50 low-income families in this desirable location along the Green Line,” said Andriana Abariotes, Executive Director of the Twin Cities LISC program. “Mixed-income, mixed-use, transit-oriented development projects present significant financing challenges, but the 2700 University partnership has demonstrated a new, replicable approach that leverages public investment and traditional multifamily financing.”
Saint Paul City Councilmember Russ Stark agreed. “The 2700 University project is a great example of mixed-income housing over retail at a convenient location on the Green Line,” Stark said. “This is a spectacular step in the ongoing development in the City of Saint Paul.”
Residents will enjoy features and amenities that include a resort-style, heated saltwater pool and sundeck with cabanas, a courtyard for outdoor relaxation and enjoyment, a state-of-the-art fitness center, an outdoor living room with fire pits, a pet grooming spa, bike shop with indoor parking, bike stands, pumps, tools, work bench, water bottle filling station and TV/lounge area, clubroom with billiards, grilling areas, cyber café, resident concierge services, controlled building access and Wi-Fi throughout.
Apartments will include 42-inch kitchen cabinets, moveable islands, full size washer and dryer, Roman soaking tubs, patios or balconies, upgraded carpet, pendant and decorative track lighting, with LED lighting included in all units.
The project, at 345,611 square feet, will have an additional 3,000 square feet of first floor, street-front retail space and 219 parking spaces below grade. 2700 University will take approximately 16 months to complete and plans to open in the Fall of 2016.