The site of the Portland, an upscale condominium project in Minneapolis' Mill District that was canceled last fall, could get a 170-unit apartment building instead.
Village Green Companies, a Michigan-based rental property owner and developer, is seeking to take over the contract Brighton Development Corp. had with the city to build the upscale Portland condos and a separate live/work project. Neither was built because of lower-than-anticipated interest from buyers and tenants.
The city's community development committee next week will consider a plan to reassign the development contract to Village Green, which is proposing a four- to five-story apartment building with about 170 units and a comparable number of below-grade parking spaces. The building would be on the block bounded by S. 2nd Street and Washington, Portland and Park avenues, across from Park Avenue Lofts, a condo building developed by Brighton in 2005.
Chuck Lutz, deputy director of Minneapolis' Community Planning and Economic Development Department, said Friday he expects the full City Council to vote on the proposed changeover next month.
The switch is contingent on some conditions, including the city's sale of its part of the site to Village Green for about $1.5 million, Lutz said.
Peggy Lucas, a Brighton partner, said Friday her company has agreed to sell its portion of the site to Village Green for slightly more than $1.5 million. Village Green also has agreed to work with Park Avenue Lofts residents on the design of a landscaped courtyard that would be across from the condo building.
Lucas said she regrets that market conditions prevented Brighton from completing all the developments it had planned for the site. "We're pleased, though, that this hole in the ground will get filled," she said.
The development, to be called the Mills District City Apartments, would be the latest of several Twin Cities area rental housing complexes by Village Green. Its two most recent projects in Minneapolis are the upscale 158-unit Lake Calhoun City Apartments and Eitel Building City Apartments.
The switch from condos to apartments at the Mills District site is the latest of several prompted by the stagnant condo market. Others that have switched to rental housing include Le Parisien in south Minneapolis, the Mozaic in Uptown and a mixed-use development planned for the corner of Washington and Hennepin avenues.
Susan Feyder • 612-673-1723
