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Hot Property: Victoria Flats in Victoria

For the Minnesota Star Tribune

October 6, 2016 at 9:22PM

(The Minnesota Star Tribune)

Address: 1699 Steiger Lake Lane, Victoria

Type: Rental apartments

Units: 80

Developer: Beard Group

Architect: Momentum Design Group

Details: Plans are advancing for Victoria Flats, an 80-unit, market-rate apartment project targeted for what is now a parking lot across from Victoria City Hall.

The Beard Group, a Hopkins-based developer, is seeking to transform the 1.2-acre lot along Steiger Lake Lane into a three-story market rate apartment building with two levels of covered parking.

Initial plans envision a design similar to that of Beard's 5 Central Apartments in Osseo and Marketplace & Main Apartments in Hopkins, featuring such amenities as heated/enclosed parking, club quality exercise room, key fob entry security system, fireside lounge, local artwork and outdoor grill patios. The unit mix proposes 10 studios, 45 one-bedrooms and 25 two-bedrooms, with rents ranging from $935 to $1,835 per month.

The developer said it will be seeking a tax increment financing subsidy, citing the city's desire to provide more public parking than is available in the existing lot.

The two sides signed a predevelopment framework this summer in which they agreed to move ahead with final designs for Victoria Flats. The deal is valid until Dec. 31. Community Development Director Ben Landhauser told the Victoria City Council that a final development agreement is expected to be ready by the end of this month or early November.