Doran Companies plans to break ground this month on a luxury apartment community in Minnetonka at Wayzata Boulevard and Fairfield Road near Hopkins Crossroads and Interstate Highway 394.
The multi-family Doran designed-and-built complex will be the first Doran project led by Doran RE Partners LLC, a new independent development venture that pursues joint venture development deals relying on capital independent of founder-owner Kelly Doran.
The 175-unit apartment community will be constructed on the site of what are now three office buildings.
“We are excited to bring this project to life, marrying the tranquility of the natural environment within this Minnetonka neighborhood with the modern conveniences and amenity-rich lifestyles residents of Doran properties have come to expect,” Anne Behrendt, Doran chief operating officer and president of Doran RE Partners, said in a prepared statement.
The multi-family apartment community will be divided into two wings, with the north side of the building appearing as three stories in height and the south appearing as six stories. More than 20,000 square feet of amenity spaces will include a pool, spa, sauna, entertainment suite, fitness center and more. The majority of the parking will be housed underground.
Doran Partners paid $3.65 million for the two parcels of land, but declined to quote a development-and-construction cost for the project.
The complex also will include 35 income-restricted apartments at up to 50 percent of the Twin Cities area median income. The City of Minnetonka supported this effort with $4.8 million in tax increment financing for the project.
Over the past decade, Doran Companies has developed, designed or built more than 30 luxury multi-family and mixed-use projects in Minnesota, North Dakota and Colorado.