Business briefs: New developer for Rosemount senior housing

The Rosemount City Council recently took a step to get a long-awaited senior housing complex back on track, selecting a new developer for the project.

Apple Valley-based Stonebridge Cos. is the third developer chosen by the city to build an assisted-living facility on the site of the former Church of St. Joseph school. The city has owned the site for several years.

Development Representation Associates initially was supposed to build the senior housing, but doubts about the company's ability to finance the project prompted the city to look for another developer.

The second developer, Doran Cos., early this year backed out on plans to build about 90 housing units and an adjacent senior/community center. Doran told the city it believed demand had waned in the area part because of a recent surge in senior housing development in the south metro market.

Stonebridge had expressed interest in doing the senior project when the city had selected the other developers.

Rosemount Development Director Kim Lindquist said it's not yet clear how many units Stonebridge is interested in building or whether its plans might also include the senior/community center.

"They're doing some layouts on what they think they can do to fill the space," she said. "The city wants to try to be flexible."

The variance allows Todd Geller to add a display panel for The Joint, a chiropractic clinic, increasing the overall size of the sign from 144 to 156 square feet.

Council members discussed whether the variance could set a precedent, prompting other commercial property owners to seek permission to increase the size of their signs. They ultimately agreed that Geller's situation was somewhat unique.

The mall lost a major tenant during the recession, and Geller said he has been able refill vacant space in the retail center only by dividing it up for smaller tenants. But the larger number of tenants resulted in the need for more display panels on the sign.

City staffers also told the council the larger sign didn't pose a traffic safety hazard.

The Joint is a nationwide chain of franchised chiropractic clinics. In addition to Eagan, the Joint has centers in St. Paul and Plymouth. It offers services from licensed chiropractors on a walk-in basis. Clients can pay for individual appointments or sign up for a plan that allows up to four visits a month.

Southwind Village, a 320-unit property at 15001 Greenhaven Drive, recently was purchased for $31.3 million by Virto Investments of Carlsbad, Calif. The five-building complex was built in 1989.

The sale is the third recent transaction involving an apartment property in Burnsville.

Earlier this year Minneapolis-based Pro One Management acquired the Burningham Apartments at 1501-1513 Burnsville Pkwy. E. from Johnson Management Co. for $15.8 million.

Late last year, the Woods of Burnsville Apartments, a six-building, 400-unit complex at 14701 Portland Av., was acquired for $28.9 million by Waterton Residential of Chicago. The seller was Denver-based Aimco.

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