Address: 2901 4th St. SE., Minneapolis

Type: Multifamily rental

Units: 243

Developers: Timberland Partners, Prospect Park Properties

Architect: Tushie Montgomery Architects

Details: A new development team has stepped into the breach on long-standing plans for a major apartment project in Prospect Park.

Timberland Partners, a local developer converting a 103-year-old office building in St. Paul's Lowertown, has teamed up with landowner Jeff Barnhart of Prospect Park Properties for Green on Fourth, a mixed-income, 243-unit building proposed for the "Boeser site" at 2901 4th St. SE.

The team filed plans shortly after an entity related to Prospect Park Properties purchased the vacant, 2.4-acre lot for $5 million in September, according to Hennepin County records. The seller was a subsidiary of the Cornerstone Group, which in 2011 proposed a similar development.

The Boeser site has long been viewed by city officials and neighborhood backers as a priority in turning the area into a "walkable, arts-centered" cultural district, served by the Metro Transit Green Line. It is close to Rise at Prospect Park, a 336-unit apartment building Barnhart used to own at 2929 University Av. SE. that is now being developed by CA Ventures.

If approved, Green on Fourth will feature 177 market-rate units and 66 units of affordable housing, with 200 underground parking stalls. Groundbreaking is set for this summer and completion by early fall of 2018.