CPM proposes Lyn-Lake apartments
A used car lot in south Minneapolis could soon become the site of a four-story mixed-use building with 70 rental units, some micro-style with smaller-than-average footprints.
Developer CPM Cos. has proposed to build the development on property located on Lake Street near Harriet Avenue, according to documents submitted for a meeting of the Minneapolis Planning Commission's committee of the whole. The complex would have about 1,200 square feet of commercial space on the first floor as well as an enclosed parking garage.
The units range in size from 422 square feet to as large as 831 square feet.
Across the Twin Cities, developers have started to build "micro" apartments in buildings that still have upscale amenities. While the average studio apartment in the area is 500 to 525 square feet, developers have recently built them as small as 300 square feet.
Ray Apartments, which had its grand opening last week, is mostly studios. Some of the smallest are just 360 square feet. The complex is in St. Paul close to the Raymond Avenue stop along the Green Line light rail.
Hilton Garden Inn in Bloomington sold
The Hilton Garden Inn near the Mall of America has been sold for $33 million, according to a recent regulatory filing.
The hotel, located on American Boulevard E., was purchased by Illinois-based First Hospitality Group (FHG) from real estate and investment management firm Colony NorthStar Inc. out of Los Angeles.
FHG has managed the hotel since 2012. Last summer, the hotel went through a major renovation and transformation from a Holiday Inn Express & Suites to a Hilton Garden Inn.
"We are excited to now own the hotel and have great confidence in the Bloomington market long term," Bob Habeeb, FHG's chief executive, said in a statement.
The 200-room hotel has a business center, indoor pool and full-service restaurant and bar.
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