Kraus-Anderson is set to bulldoze a shut U.S. Bank branch next week to make way for a nearly $50 million apartment building along the Green line in St. Paul, company officials announced Thursday.

The new market-rate project will have 220 units one block from a Green Line rail stop. The apartment building is only the second Kraus-Anderson has attempted in the city of St. Paul. The company is better known for its K-12 school building and office projects.

Demolition of the former U.S. Bank building is expected to begin Tuesday. The branch has been shuttered for about a year.

Construction is expected to be completed by summer 2022. It will rise near the corner of University Avenue and Raymond Ave. in St. Paul's St. Anthony Park neighborhood.

"We closed on that site just before Christmas and we start demolition [soon after] this weekend. We will build 220 units right by that [Raymond Avenue] rail stop," said Matt Alexander, senior vice president of Kraus-Anderson Development.

The building is being designed by Urbanworks Architecture and will feature studio, one and two bedroom units — most ranging from 500 to 1,200 square feet in space. Amenities include underground parking, fitness center, clubroom, an outdoor courtyard, pool, rooftop patio, and a community "incubator space."

"We are thrilled to build on the history and character of the St. Anthony Park neighborhood," said KA Development Director Tim Marco in a press release.

JLL Capital Markets arranged $44.05 million in construction financing through Principal Real Estate Investors.

Kraus-Anderson Development completed its first multi-housing redevelopment project in St. Paul, the six-story Five 90 Apartments near the State Capitol building, in October 2020. That project featured mostly "micro unit" apartments.

Dee DePass • 612-673-7725