Groundbreaking Ceremony- 66th & Cedar
Name:
Groundbreaking Ceremony- 66th & Cedar
Date:
July 19, 2018
Time:
2:00 PM - 2:30 PM CDT
Event Description:
RICHFIELD, Minn. (July 2018) – Kraus-Anderson and Inland Development Partners have commenced construction on a three-story, 316-unit housing project in Richfield, Minn. Located near 66th and Cedar Ave., the $53 million Chamberlain apartment complex is the first joint venture between the two companies, which both focus on developing and redeveloping multi-family, office, industrial and retail property.
Designed by UrbanWorks Architecture of Minneapolis, the Chamberlain apartment complex consists of six rental buildings – three will be new construction and three others will be renovated. Of the 316 mixed-income units, 20 percent of the units will be designated as affordable housing.
“The City of Richfield staff and policy makers have been a meaningful partner in making the Chamberlain project a reality,” said Steve Schwanke partner at Inland Development Partners.
The property was purchased from the City of Richfield. Richfield Parkway will be extended through the Chamberlain complex south from 66th Street to 70th Street.
“We are pleased to be a part of this exciting re-development, bringing additional vitality to the east edge of Richfield,” said Matt Alexander, Kraus-Anderson’s senior vice president of Kraus-Anderson Development Company.
The project was financed through the HUD 221(d)(4) program through the AFL-CIO Housing Investment Trust and placed by Dougherty Mortgage of Minneapolis.
Kraus-Anderson Construction is the general contractor. The first units will be open in the fall of 2019.
Designed by UrbanWorks Architecture of Minneapolis, the Chamberlain apartment complex consists of six rental buildings – three will be new construction and three others will be renovated. Of the 316 mixed-income units, 20 percent of the units will be designated as affordable housing.
“The City of Richfield staff and policy makers have been a meaningful partner in making the Chamberlain project a reality,” said Steve Schwanke partner at Inland Development Partners.
The property was purchased from the City of Richfield. Richfield Parkway will be extended through the Chamberlain complex south from 66th Street to 70th Street.
“We are pleased to be a part of this exciting re-development, bringing additional vitality to the east edge of Richfield,” said Matt Alexander, Kraus-Anderson’s senior vice president of Kraus-Anderson Development Company.
The project was financed through the HUD 221(d)(4) program through the AFL-CIO Housing Investment Trust and placed by Dougherty Mortgage of Minneapolis.
Kraus-Anderson Construction is the general contractor. The first units will be open in the fall of 2019.
