Kraus-Anderson Development begins construction at University and Raymond in St. Paul
220-unit, transit-oriented development multi-housing project to be completed in 2022
SAINT PAUL, Minn. (January 2021) – Kraus-Anderson Development Company has begun construction for a six-story, 220-unit multi-housing project at the convergence of St. Paul and Minneapolis, one block from the Green Line station. Demolition begins this week for redevelopment of 1.175 acres of property KA purchased from US Bank.
The multi-housing project is centrally located between downtown Minneapolis and downtown Saint Paul and just one block from the Green Line station in the St. Anthony Park neighborhood, an energized community characterized by continuous growth.
“We are thrilled to build on the history and character of the St. Anthony Park neighborhood,” said Tim Marco, Director of Development for KA. “We’ve worked closely with the St. Anthony Park Community Council and with the guidance of the City’s Heritage Preservation Commission to deliver a vision that will enhance and complement this strong and invested community.”
The market rate apartment project is designed by Urbanworks Architecture to appeal to young professionals with on-trend, contemporary and transit-oriented lifestyles. Rental offerings will include alcove, studio, one-bedroom and two-bedroom apartments ranging from 500-1100 square feet, with some larger units. Amenities include underground parking, fitness center, outdoor courtyard with pool, clubroom, fully automated building access systems, rooftop patio, and a community incubator space.
Construction is expected to be completed summer 2022. This is Kraus-Anderson Development’s second multi-housing redevelopment project in Saint Paul, having completed the Five 90 Apartments in the Capitol Heights neighborhood in 2020.
JLL Capital Markets has arranged $44.05 million in construction financing through Principal Real Estate Investors, the lender.
About Kraus-Anderson Development
Kraus-Anderson Development Company, part of the family of Kraus-Anderson Companies, is a comprehensive real estate services provider with expertise in site selection, master planning, land and building acquisition, financing, facilitation of municipal processes and entitlements, portfolio and property management and leasing.