CHICAGO, IL - CA Residential LLC, the multifamily investment and development division of Chicago-based CA Ventures, in a joint venture with Harlem Irving Companies and New York-based Square Mile Capital, announced it has commenced construction on RISE at Prospect Park, a 336-unit, grocery-anchored mixed-use development at 2929 University Ave. SE in Minneapolis. Located five blocks east of the University of Minnesota campus, at the corner of University Avenue SE and 29th Avenue SE, the project is scheduled to deliver in March 2018. JLL’s Capital Markets Group arranged the financing.
Designed by Richfield, Minn.-based Tushie Montgomery Architects, RISE at Prospect Park will include a combination of residential and retail uses, including a 30,000-square-foot Fresh Thyme Farmers Market that will anchor the development. It is adjacent to the METRO Green Line’s Prospect Park station, which opened in 2014, offering light rail service to both downtown Minneapolis and downtown St. Paul, as well as the University of Minnesota campus.
“The development’s proximity to public transportation and the University of Minnesota campus, along with its compelling mix of residential and commercial uses, will make RISE at Prospect Park an anchor in this up-and-coming neighborhood,” said JJ Smith, COO of CA Ventures. “In addition to appealing to students, who will be a mere 15-minute walk from campus, RISE will be a highly amenitized, luxury community that is sure to appeal to renters of all ages.”
When complete, the development will include two components: a seven-story structure with 150 apartments and an adjacent 13-story tower with an additional 186 residences and 40,000 square feet of street-level retail, including the grocery store. Three additional retail spaces totaling approximately 10,000 square feet are also available.
Residences at RISE at Prospect Park will include a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Each will feature nine-foot ceilings, hardwood-style flooring and modern kitchens with contemporary cabinetry, quartz countertops and stainless steel appliances. Apartments will also be equipped with USB outlets and in-unit washer/dryer, with private balconies in select units.
“With sleek fixtures and finishes and a refined design sensibility, these apartments will answer the demand for new-construction luxury rental housing in Prospect Park,” said Smith. “The upscale atmosphere extends to the common areas as well, which will serve as an extension of residents’ homes and include nearly every amenity today’s discerning renters seek.”
Outside, a street-level patio will facilitate al fresco gatherings, while a rooftop deck will feature two gas fire pits, lounge seating and several grilling stations, as well as a bean bag toss area and secure dog run with observation shelter. Interior amenities will include multiple reception lounges with fireplaces, contemporary furnishings and coffee bars; a fitness center with virtual trainer, a yoga/dance/barre studio, sauna, tanning room and men’s and women’s locker rooms; and a large entertainment suite with full demonstration kitchen and seating areas. RISE at Prospect Park will also offer three private workrooms – ideal for students and work-from-home professionals – as well as numerous spaces where residents can unwind, including a golf simulator room, private theater, music rehearsal space and arcade-style game room. Bike storage and drop-off dry cleaning services will also be available.
Students who choose to live at RISE at Prospect Park will also have access to CA Student Living programming, designed to enhance study habits, encourage prudent financial planning and assist in attaining career goals.
“This community is so much more than just a place to live,” said Smith. “It represents a lifestyle that marries high-end residential living with outstanding on-site and neighborhood amenities – a very unique combination for this fast-evolving enclave of Minneapolis.”
In addition to enjoying convenient access to the University of Minnesota campus, including TCF Bank Stadium, residents will also be a short walk from popular shopping, dining and entertainment venues, as well as parks and trails along the Mississippi River.
RISE at Prospect Park will be managed by Chicago-based The Habitat Company, one of the nation’s largest residential property developers and managers with a portfolio comprising more than 25,000 units.
“Our ongoing relationship with The Habitat Company will ensure that residents of RISE at Prospect Park will experience the highest level of property management services,” said Smith. “Habitat’s experience with high-end urban residential properties is second to none and we’re excited to have them on board.”
Madison, Wis.-based Stevens Construction has been retained as the project’s general contractor, while Minneapolis-based BKV Group will oversee interior design.
About CA Ventures/CA Residential, LLC: CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.3 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior lifestyle, multifamily, and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures; value add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior, CA Residential, CA International, CA Hospitality, and CA Asset Services. For more information, visit www.ca-ventures.com.
About Harlem Irving Companies: A privately held company, Harlem Irving Companies is a dynamic organization that continues to distinguish itself as a leading developer of shopping centers as well as a wide variety of properties, including public use facilities, retail and commercial developments, and multi-unit residential and institutional real estate. Whether a joint venture project or one of its own, Harlem Irving Companies brings a level of experience, vision and tested expertise that has made it one of the most respected names in the industry.