By Gabriel Circiog, Associate Editor
With around 49,000 students attending the University of Minnesota and residence halls able to accommodate only about 6,000 of them, it seems likely that a new student housing project could prove successful. Accordingly, Finance & Commerce reports that Minneapolis-based CPM Development is planning student housing and retail on a two-acre property it has under contract near the University of Minnesota campus.
Located near a future light-rail transit stop and the TCF Bank Stadium, the site incorporates four parcels of property: 1016 Washington Ave. S.E., 1024 Washington Ave. S.E., 1032 Washington Ave. S.E. and 1025 Delaware St. S.E.
Nick Walton, a CPM Development owner, said the project will feature retail space on the first floor and student housing above, although he could not yet provide a specific number of housing units or retail square feet. He did, however, note that a lot of retailers have expressed interest in the site, which is practically the gateway to Stadium Village.
Doran Cos. vice president of development Jim LaValle revealed that his company also bid on the site around a year ago. He estimated that the site, currently home to an Arby’s restaurant, could house between 200 and 250 units.
CPM Development was also involved in the 1800 Lake project, a 57-unit luxury apartment building close to Lake Calhoun that was finalized last fall. Although there are three other student housing projects within two blocks, with a total of 260 units under construction, Walton is convinced the project will be a success.