By Camelia Bulea, Associate Editor
Greco L.L.C. is planning a March 2012 construction start for a $32 million residential project in south Minneapolis which will include 170 market-rate apartments, 220 underground parking spaces and 7,500 square feet of commercial space.
The project joins a growing list of multi-family projects in the area, such as Track 29 Apartments and the redevelopment of the Bennett Lumber site. Those potential competitors offer Greco an added incentive to accelerate construction.
During five years of ownership, Greco has proposed several plans for the site, including a boutique office building and an affordable residential project. Finance & Commerce reports that the developer is optimistic that high demand for market-rate apartments will make the latest approach the best strategy. Financed by ASB Real Estate Investments, the project is being designed by Minneapolis-based BKV Group.
Currently, Greco’s other local market-rate residential projects are a 216-unit property in south Minneapolis and a 120-unit project in the North Loop area of downtown Minneapolis, both of which are under construction.