Hot property: Elan Uptown

  • Updated: August 10, 2012 - 5:48 AM

Elan Uptown 2820-28 Dupont Av. S., 2812-28 Emerson Av. S., Minneapolis

Type: Apartments Phase I units: 203

Phase I development area: 84,671 square feet

Developer: Greystar Real Estate Partners

Details: Greystar Real Estate Partners has broken ground on the first phase of a planned 591-unit complex of luxury apartments at the former Bennett Lumber site in Minneapolis' Uptown neighborhood after securing the prime area along the city's Midtown Greenway bike trail earlier this year.

The Charleston, S.C.-based firm, which manages 190,000 rental units in more than 100 markets around the country, is calling the development Elan Uptown.

The company last week received city approvals to construct five buildings across two blocks of the 5.6-acre Bennett site. The block between Dupont and Emerson Avenues will house its first phase -- a U-shaped building six stories in height along the Greenway, stepping down to four stories on the north end of the site near W. 28th Street.

That large building will have 203 units and will include a public promenade along the Greenway that will connect the two blocks. The block between Emerson and Fremont Avenues, meanwhile, will contain four buildings, which together will nearly 168 units. That block will include an outdoor courtyard and a swimming pool, the plans show.

Greystar also has indicated that it holds a development option on the third block of the Bennett site between Dupont and Colfax Avenues, on which it plans to construct about 200 more apartment units.

The company broke ground on Phase I of Elan Uptown on July 25, saying it will be completed in the fall of 2013. The planned total build-out of 591 units is expected to be done by mid-2014.

The development team includes equity owner Multi-Employer Property Trust, real estate advisors Bentall Kennedy, general contractor Weis Builders and ESG Architects.

Don Jacobson is a St. Paul-based freelance writer. He can be contacted at hotproperty.startribune@ gmail.com.

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