Address: 17710-24 Old Excelsior Blvd., Minnetonka
Type: Senior housing
Cost: $25 million
Developers: Mesaba Capital Partners, Roers Investments
Details: A development team that turned an underutilized site in Richfield into new senior housing has won approvals for a similar effort in Minnetonka.
Edina-based Mesaba Capital Partners and Roers Investments of Long Lake recently broke ground on an 88-unit senior housing project on Pillsbury Avenue in Richfield, the one-time site of a municipal maintenance garage. In that case, the city was looking for high-density housing to kick-start reinvestment in the neighborhood.
Likewise, Minnetonka’s Village Center master plan for the area around the Hwy. 7/Hwy. 101 intersection calls for new apartments one day lining the north side of Old Excelsior Boulevard, “activating” the streetscape. The Havenwood of Minnetonka project will replace a pair of small office buildings on a combined 2.5-acre lot.
The new, three-story building will contain 97 market-rate apartments. The unit mix includes 72 independent- and assisted-living apartments, 24 memory-care units and an extended-stay suite.
It will have a dining room and commercial kitchen, club room, coffee shop, wellness center, library, community room and theater. It will be operated by Minneapolis-based nonprofit senior care provider Walker Methodist.