Luxury Apartments Coming to West End Site
The Excelsior Group on Monday closed on its acquisition of a 1.06-acre site at the West End complex in St. Louis Park on which it plans to build a $20 million luxury apartment building.
The Minneapolis-based real estate company said that it plans to break ground on the 120-unit complex in June 2011 and will begin leasing in spring 2012. Minneapolis-based BKV Group is the architect on the project, but a general contractor has not been selected yet.
Chris Culp, principal at The Excelsior Group, said that the company hopes to choose a general contractor by November 1.
The six-story building will feature a mix of studio, one-bedroom, and two-bedroom apartments that will rent from $1,050 to $2,250 per month. It will also include a conference room, a community room with a kitchen, a fitness center, an outdoor pool, a rooftop deck, a fire pit, and a patio with views of downtown Minneapolis. All units will also have their own private balcony.
Culp said that his company spoke with Duke Realty Corporation-an Indianapolis real estate developer that owns the West End project-about a residential development at the West End site in late 2008 or early 2009, but that The Excelsior Group decided it wasn't the right time for the company to get involved.
He said that the improving apartment market made them reconsider and he approached Duke late last year about the apartment development.
Pat Mascia, senior vice president of Duke's Minneapolis/St. Paul operations, said that The Excelsior Group's apartment complex-tentatively called West End Apartments-is the only residential project planned for the West End site.
The West End site encompasses 42 acres and is located near Interstate 394 and Highway 100. Along with the Shops at West End-a retail complex that opened in September 2009-and the planned apartment building, the site will also include 1.1 million square feet of office space.