Another hot area of commercial real estate involves construction of senior projects across the Twin Cities.
Minneapolis-based Dominium said last week it is constructing an independent senior affordable housing complex in Crystal in an effort to meet the increasing demand for independent senior living in the western suburbs.The project's pricetag was not released.
Called the Cavanaugh, the 130-unit project will provide Section 42 affordable housing for seniors over the age of 55. Amenities include a library, theater, community room, fitness room, salon, card room and craft room. The complex will be completed sometime in the second quarter of 2015.
“As the housing market continues to improve, we are excited to add more new construction projects to our portfolio. We are ready to serve senior citizens in the west metro with this new project,” said Mark Moorhouse, senior vice president and partner for Dominium, in a statement.
Founded in 1972, Dominium is an owner, developer, and manager of apartment communities with more than 21,600 owned and/or managed units at 192 sites in 18 states,