Greco Breaks Ground on $38M Uptown Apt. Complex
Minneapolis-based Greco Development announced Monday that it is breaking ground on a $38 million development in Uptown that will feature resort-style apartments.
Called Flux Apartments, the 195,000-square-foot development will include 216 apartments-a mix of alcove, one-bedroom, one-bedroom-plus-den, two-bedroom, and two-bedroom penthouse floor plans-and “amenities that rival most resorts.”
The development will be located at 2838 Fremont Avenue South near Lagoon Avenue and Girard Avenue South.
Minneapolis-based BKV Group, Inc., has been selected as the project's architect and Hopkins-based Frana Companies will build the development, which is scheduled to be completed and ready for occupancy in early 2012.
According to Greco, the project is the largest housing project in Minneapolis since Greco developed Blue, a five-story apartment complex that received Leadership in Energy & Environmental Design (LEED) certification, in 2007.
Greco Principal Arnie Gregory said in a statement that economic recovery is in full swing, especially in the Uptown area with the recent addition of major retailers.
“Apple thinks so; Victoria Secret thinks so; Columbia and The North Face think so too,” Gregory said in a statement. “Uptown is an epicenter of style and fun in the midst of transition. We mean to keep it populated.”
The complex will feature an Internet cafe, a bar, an outdoor pool with massage cabana, a “grill-and-chill” area, lawn bowling, a dog park, a fitness center, concierge services, and heated underground parking.
Greco said that the project-which is being financed by NorthMarq Capital, the American Federation of Labor-Congress of Industrial Organizations (AFL-CIO) Building Investment Trust, and PNC Realty Investors-will employ 315 people during the construction.
Greco isn't the only local company moving forward with major housing projects in the Twin Cities. The Opus Group announced Monday that it has purchased three parcels of land near the University of Minnesota's East Bank campus to develop a $30 million mixed-use apartment and retail complex, which is scheduled to be completed in August 2012.