The assisted-living facility is slated to open next year.
Crews are planning to break ground this fall on The Waters Senior Living complex in Plymouth, pending city approvals.
The 90-unit assisted-living facility will be on the southwest corner of County Road 73 and Hwy. 55 and is being developed by The Waters Senior Living, a joint venture of Minnetonka-based Shelter Corp. and Tealwood Care Centers in Bloomington.
The senior apartments, expected to open next year, are part of a $20 million redevelopment project that Minnetonka-based developer Oppidan Inc. announced Wednesday.
The project will also include a McDonald's and four acres for future business development. Oppidan is talking to a variety of prospective users for remaining portions of the eight-acre project, said Paul Tucci, Oppidan's vice president of development.
The land being developed is part of 20 acres, including a wetlands area, that Oppidan is buying from Minnwest Bank, Tucci said. The land went back to the bank after a previous development failed, he said.
Oppidan has signed a purchase agreement and expects to close on the deal by the end of the summer. The Shelter-Tealwood joint venture is buying three of the acres from Oppidan for the Waters.
The apartment complex is one of several senior housing developments that The Waters Senior Living is developing in the Twin Cities. It has nine senior facilities in the Twin Cities and is completing another, The Waters of Minnehaha in south Minneapolis, that's scheduled to open June 1.
"There is a high demand within the next two to five years for these types of services," said Shelter Corp. President Kyle Didier.
Monthly rents for one-bedroom units in the Plymouth apartments would range from $2,500 to $3,500 depending on the level of assistance desired, he said. The building will also have some memory care units, which will be more expensive.
Jennifer Bjorhus • 612-673-4683