Neighborhood lifestyle apartments
Joint Venture project with Inland Development Partners creating a six-building apartment complex which will combine three existing multifamily buildings with three new ones. Of the 316 units, 80 percent of the units will be market rate, while 20 percent will be considered affordable. The project sits on a 7-acre stretch just south of the intersection of 66th Street East and Highway 77.
This HUD Housing project for the City of Richfield is addressing the workforce housing shortage in this first-tier suburban community after more than 30 years of housing development inactivity. Under development by Kraus-Anderson Development in joint venture with Inland Development Partners, the project comprises three new apartment buildings providing 283 residential units and totaling 345,491 s.f., with below grade parking; plus rehabilitation of three existing buildings providing an additional 33 units. Upgrades to the existing apartment units include new kitchen cabinets, countertops, appliances, furnaces, AC units and updated electrical panels. The land was purchased from the City of Richfield, which is working in close collaboration with KA Development and Kraus-Anderson Construction teams to make the project a success. The first units are scheduled to open fall of 2019.