The 14 acres of vacant land at the southwest corner of I-394 and Highway 100 next to the West End retail center has three new owners.
Florida-based DLC Residential made headlines in November by proposing a multiphase, multi-building complex immediately adjacent to one of St. Louis Park's most successful development zones. DLC acted as master developer, pushing the hotel, office and apartment complex plan through city approval processes in both St. Louis Park and Golden Valley.
Last week, DLC formally bought all 14 acres from Indianapolis-based Duke Realty, turning around and immediately selling the southernmost six acres to Excelsior Group. The Eden Prairie-based developer plans to build a 700,000 square foot office building on the site.
DLC also sold the northernmost 1.8 acres to TPI Hospitality. The Willmar-based firm is planning a new 200-room hotel on the site.
The master developer DLC will build two luxury apartment buildings with 363 apartments and a one-acre, $1 million park.
“We are committed to continuing to build our presence in the Twin Cities, as we think our high-end apartment projects with the best amenity and interior design packages will be very attractive to working professionals here,” said Russ Krivor, DLC president/founder who develops apartments in Chicago, Dallas and Houston, Texas, and the Twin Cities, in a statement.
DLC's first Twin Cities apartment project was the Millennium West End, a 158-unit luxury apartment building just across the street from its new site.
Jon Rausch and Luke Appert of Cushman & Wakefield/NorthMarq represented DLC Residential in the complex assembly and sales.