Minnetonka-headquartered
Opus Development Corp. will soon begin construction on a high-end, 120-unit student apartment complex near the University of Minnesota at Washington Avenue Southeast and Southeast Ontario Street in Minneapolis.
The Stadium Village Flats will be within walking distance to the east and west bank sides of campus,
Dinkytown, and the forthcoming
Central Corridor light rail train that's planned to run down Washington Avenue Southeast by 2013, according to Dave Menke, a senior vice president and general manager at Opus.
"We consider it to be the best location down at the edge of campus," he says.
The $30 million building's units, which have a range of one to four bedrooms, will come fully furnished and will boast upscale finishes, according to company information. There will be two levels of underground parking and street-level retail, most of which
CVS Pharmacy will occupy, he adds.
Inside will be student lounges, business and fitness centers, and Internet access throughout--while an eye-catching glass feature will run down the exterior on the northwest corner of the building, where Oak Street and Washington Avenue Southeast intersect.
A couple of existing buildings that housed the longtime Harvard Market and additional commercial space and a parking lot will be demolished at the end of February, with construction beginning in March.
Initially the development involved the Oak Street Cinema
and was to have twice as many units, the
Minnesota Daily reported
earlier, but it has been scaled down since then, due to economic factors.
The flats will be ready in August 2012. "It'll be a first-class student housing project, he says, adding, "There's a strong demand from the students."
Source: Dave Menke, senior vice president and general manager for Opus Development Corp.
Writer: Anna Pratt