Oakgreen Commons will be a 107,000-square-foot, four-story building with 29 independent living units, 64 units of assisted living and 27 "memory care" apartments for seniors with Alzheimer's disease and other forms of dementia.
It will have a common entrance; the units are individually heated and cooled. It also boasts individual patios, a beauty salon, on-site dining, a library/media center, community room, exercise facility, a 29-space outdoor parking lot and a heated underground garage with 29 more spaces.
The project was financed in part through $14.6 million in Minnesota senior housing revenue bonds floated by the city of Oak Park Heights and lent to the developers, as well as $1.2 million in tax increment financing.
Due to the public financing element, Oakgreen is required to set aside at least 24 units for affordable housing reserved for tenants whose incomes don't exceed 50 percent of the median in the surrounding area.
The project is adjacent to the Oak Park Commons retail center, a 200,000-square-foot shopping district, which is anchored by a Lowe's home improvement store. This spring the district saw the opening of a new Aldi's grocery and a White Castle hamburger restaurant.
It's also just a few blocks from another senior housing development -- Presbyterian Homes' Boutwells Landing. Nolde, however, said the Stillwater-area market is big enough for both of them.
