High Street Residential, the residential subsidiary of Trammell Crow Co., has partnered with Carlson Real Estate Co. on a proposed 175-unit luxury apartment complex in Minnetonka.
The 12-acre site is north of Carlson Towers, which is at the northwest corner of the Interstate 494/394 cloverleaf. The complex will be five stories high and include "significant amenities," Carlson said, though the company didn't offer many details about features or investment price.
In a news release Monday, Carlson said a conceptual plan will be submitted to the city in early 2014. While the existing Carlson Center Planned Unit Development (PUD) anticipates development on this site, a PUD amendment will be required. Carlson said it has completed PUD amendments in the past for Carlson Center.
"The site plan includes meaningful conservation and preservation of the existing trees and natural vegetation," the release states.
Depending on the review and approval process, ground could be broken in the spring or summer of 2014.
Carlson Real Estate is an affiliate of Carlson, the global, family-owned hospitality and travel company. Its portfolio of office, flex/industrial space and land holdings is concentrated in Minnesota, Arizona and North Carolina, and exceeds 3.7 million square feet.
JANET MOORE
