Kraus-Anderson to Build $39M Apt. Complex in Downtown Mpls.
Minneapolis-based Kraus-Anderson Construction Company announced Monday that it will break ground next week on a $39 million apartment complex in downtown Minneapolis.
Called Third North, the 266,000-square-foot, six-story complex will be located at 800 North Third Street. It will feature 204 apartment units and two levels of underground parking. Electric-vehicle charging stations will also be on site.
In addition to Kraus-Anderson, two other local companies are involved with the Third North project. It was designed by UrbanWorks Architecture, LLC, and developed by Schafer Richardson—both of which are based in Minneapolis. According to Kraus-Anderson, construction is scheduled for completion in December 2013.
Schafer Richardson secured funding for the project on July 25. According to a news release on its website, the company closed on financing with both the U.S. Department of Housing and Urban Development and CBRE HRF, Inc.—a lending platform for multifamily properties.
Third North’s interior amenities will include weight and fitness rooms, a conference and computer center, a bike shop, a dog run and pet-grooming room, and a community lounge that opens to a courtyard. The courtyard, meanwhile, will be equipped with a pool, a spa, a fire pit, a lawn game area, built-in grilling stations, and LED lighting.
The apartment units are described as “market rate,” and Kraus-Anderson said that some will feature granite countertops, fireplaces, and private balconies.
Kraus-Anderson serves as both a general contractor and a construction manager. In addition to its Minneapolis headquarters, it has offices in Duluth and Bemidji, as well as in Phoenix; Madison; and Minot, North Dakota.