Hundreds of New Luxury Apts. Come to St. Louis Park
Hundreds of new high-end apartments are opening in St. Louis Park during the first half of this year, fueling the Twin Cities luxury apartment boom.
The new units will be part of two luxury apartment complexes located near The Shops at West End retail development: 36 Park Apartments, at which residents began moving in on Saturday, and The Flats at West End, slated to open its doors May 1.
Developers of the two complexes believe that the city, especially the area near The Shops at West End, is an attractive option for apartment complexes because it’s close to downtown Minneapolis, in addition to offering perks such as being within walking distance of retail stores and restaurants.
Located at 3601 Park Center Boulevard, near the intersection of Highway 100 and West 36th Street, 36 Park is a 10-story tower developed jointly by Madison, Wisconsin-based E.J. Plesko & Associates, Inc., and Milwaukee-based companies Fiduciary Real Estate Development, Inc., and Northwestern Mutual. Construction of the $40 million project started in late 2011.
Kathy Nettesheim, vice president of property management at Fiduciary Real Estate, told Twin Cities Business on Monday that St. Louis Park offers the “best of both worlds.”
“Residents have the ease of suburban living, but can get to downtown Minneapolis within minutes for work or to enjoy the city’s nightlife,” Nettesheim said.
Chris Culp, principal at the Eden Prairie-based developer of Flats at West End, The Excelsior Group, agreed, adding that the city also provides “terrific access” to parks and trails.
Both 36 Park and Flats at West End, which is located at 5310 16th Street West, are within walking distance of a Target store and The Shops at West End—which includes restaurants, retail stores, and a movie theater.
Amenities at 36 Park include a rooftop terrace with a fire pit and grill stations, a clubroom featuring a billiards table, a recreation area for lawn bowling and other activities, and a double-sided fireplace. About 50 of the 192 units have so far been leased, with monthly rents ranging from $1,400 to $2,300.
Meanwhile, about 50 percent of the 119 units at Flats at West End, which will offer amenities similar to those at 36 Park, have been leased. Rent rates range from $1,100 to $2,250 per month.
Luxury apartment buildings have been springing up across the Twin Cities in recent years.
Early last year, Flux Apartments—a $38 million, 216-unit development featuring resort-style residences—opened in Uptown Minneapolis. And 286 luxury apartments are part of a planned, $70 million complex called 222 Hennepin, located at the former Jaguar dealership site in downtown Minneapolis. Several others are in the works in downtown Minneapolis: Michigan-based Village Green Properties is renovating the historic Soo Line Building, at Fifth Street and Marquette Avenue, into a 250-unit upscale apartment building. And Minnetonka-based Opus Development Corporation is constructing The Nic on Fifth, a $100 million, 26-story complex at Nicollet Mall and Fifth Street. Opus plans to break ground this spring on a second luxury apartment complex in downtown Minneapolis’ North Loop.