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A new class of senior housing
Two former elementary school sites in Minneapolis are set to get new lives as a part of United Properties' expanding list of senior housing developments.
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Senior housing continues to buck the trend in the commercial construction slowdown.
United Properties last week announced plans to expand its collection of Applewood Pointe senior housing cooperatives by redeveloping two vacant Minneapolis elementary school sites. The Bloomington-based developer has signed a purchase agreement with Minneapolis Public Schools for the sites of Northrop Elementary at 1611 E. 46th St. and Howe Elementary at 3733 43rd Av. S.
Preliminary project plans, which are subject to Minneapolis City Council approval, call for renovating and expanding the Howe building into 80 to 90 units. Plans for the Northrop site include demolishing the existing school and replacing it with two new buildings with about 90 units. The purchase price for each site will be between $600,000 and $1.2 million and will depend on the number of units approved by the city, according to Brian Carey, a United senior vice president. He said United hopes to begin work on both next year.
Carey said he expects the units to sell for $165,000 to $325,000.
The school projects, which each will cost about $20 million, will mark the first time United has built an Applewood Pointe in Minneapolis. The other five Twin Cities locations are in Bloomington, Maple Grove, New Brighton, Roseville and Woodbury. The developments offer one- and two-bedroom units, and group amenities such as a fitness center, whirlpool, lounges and a library with computer access. To date, nearly 500 units have been sold.
Construction on a second Applewood Pointe in Bloomington at 8100 Russell Av. S., is slated to begin this month. The project is scheduled to be completed next summer. To date, 67 of the 101 units prices at $160,000 to $306,000 have been sold.
New deals for JBL
JBL Companies Inc. recently announced closings on several sale and lease transactions and two new listings, some of which involve properties that have been taken over by lenders.
The Eagan-based firm acted as the receiver on two lease transactions -- one for 1,542 square feet and another for 2,127 square feet -- at Lone Oak Center in Eden Prairie. The two new leases bring occupancy to about 90 percent at the 44,000-square-foot office/retail complex, according to JBL President Jeffrey Larson.
JBL also recently began marketing 21.5 acres of vacant land near Valley Creek Road and Interstate 494 in Woodbury on behalf of Prosperan Bank. In Savage, JBL is marketing two office condominiums totaling 5,000 square feet on behalf of Sterling State Bank.
Susan Feyder • 612-673-1723
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