As its name suggests, the Flux Apartments complex targets a group of upwardly mobile young professionals whose lives are, well, in a state of flux.
The $38 million apartment complex that
Greco Real Estate Development is building at the intersection of Fremont Avenue South and the
Midtown Greenway will connect with people who may have been attracted to Minneapolis for a job offer, and who may not know where they'll end up in five years, explains Brent Rogers, a vice-president of development at the company.
The 216-unit complex is the city's largest housing project since Greco's 242-unit Blue
apartments, which opened in 2008 in the Lyn-Lake area, according to Rogers.
Blue, he says, is 96 percent
occupied, demonstrating a demand for this kind of housing. In the past, "there hasn't been a whole lot of new upscale housing in
Uptown," he says.
Flux will have studio alcoves and two-bedroom penthouses that will be
mixed throughout six- and four-story interconnected buildings.
It'll offer plenty of amenities, including an outdoor pool, courtyard, grilling area, private dog park, fitness center, cafe and bar, so that "when they're not at work [tenants] can enjoy life and have fun," without the worries of home-ownership if they later decide to move on, he says.
The location offers easy access to the bike and walking paths along the Greenway, and to light rail.
Another interesting aspect of the project, he says, is that in addition to financing from NorthMarq Capital and PNC Realty Investors, the AFL-CIO Building Investment Trust is pitching in--meaning that "union retirement pension funds are putting union workers to work."
Even though it's still a challenging time for development in general, Rogers says, the project speaks to the "belief that the rental market continues to be strong and gets better over the next few years."
The Flux Apartments will open in January 2012.
Source: Brent Rogers, vice president of development at Greco Real Estate Development
Writer: Anna Pratt