Development continues in the area around the light-rail line, including upscale apartments.
Apartment projects continue to sprout throughout the Twin Cities, filling the void for multiunit housing left by the lackluster condo market.
Minneapolis-based Klodt Inc. recently began work on a second phase of Hiawatha Flats, an upscale project in Minneapolis along the Hiawatha Line light-rail corridor near 46th Street. The 61-unit building is expected to be completed in summer 2009, according to Vice President Lois Flannery.
The first phase, which has 163 units, was completed last summer and is about 60 percent occupied. The apartments include studios, one- and two-bedroom units and seven townhouses. Rents range from $915 to $1,880 a month, Flannery said.
Apartments in the second phase will be of similar sizes and prices, she said.
The two buildings will share amenities that include an indoor pool, cinema, exercise room and social rooms. The units feature 9-foot ceilings, laundries, ceramic baths, maple cabinets and stainless steel appliances.
The complex has underground parking, with one space for each apartment. Residents also can rent a community car by the hour.
Hiawatha Flats is the second development in the area for Klodt, which also developed the 61-unit Oaks Hiawatha Apartments at 4540 Snelling Av. S. The company has acquired land for more apartment projects along the light-rail line.
Program for minorities
The University of St. Thomas plans to offer a program this year designed to prepare members of minority groups for careers in commercial real estate.
The university's Shenehon Center for Real Estate will offer the 25-session commercial real estate specialist program from May 1 to July 29. This is the third year that the school has offered the program.
"We don't have local statistics on the number of African-American, Latino, American Indian and other minority groups in the commercial real estate industry, but the Twin Cities area probably reflects national statistics," said Tom Musil, Shenehon Center director. "I've read that, of the 100,000 professionals in the U.S. commercial real estate industry, less than 1 percent are minorities. That is well below the percentages for other professions, including law, medicine, architecture and accounting."
About 25 participants will be competitively selected for the program, which will be taught by volunteers including the business school faculty at St. Thomas' downtown Minneapolis campus. All participants will receive full scholarships.
Participants are not required to have college degrees but should have some higher education. Experience in real estate isn't required, but is helpful, Musil said.
The curriculum is comparable with graduate-level real estate course work, he said. Courses will cover property management and commercial real estate finance, investment, brokerage and development.
In addition to the classroom work and research assignments, the program will introduce participants to potential employers through receptions and the Internet. Graduates will receive certificates of completion.
Those interested in applying should contact St. Thomas at 651-962-4131, or online at www.stthomas.edu/business/cresp.
Susan Feyder • 612-673-1723