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Work to Begin on $53M Apartment Development Near University

Timberland Ptnrs Will Complete Multifamily Complex by June 2019
January 29, 2018
Timberland Partners is beginning construction this week on Green on Fourth, a 243-unit apartment complex slated for Minneapolis’ Prospect Park neighborhood.

Ryan Sailer, vice president of development for Timberland Partners, which is partnering with Minneapolis-based Prospect Park Properties on the project, told CoStar news that the complex will be complete by June 2019.

Timberland acquired the vacant, 2.35-acre site at 2901 SE 4th St. in Minneapolis, MN from Prospect Park Properties last week, according to a certificate of real estate value. The $5.05 million ($2.15 million per acre) price tag is exactly what Prospect Park Properties paid for the property in 2016, according to CoStar data, and less than the assessed value assigned by Hennepin County, which stood at roughly $5.27 million for taxes payable in 2018.
See CoStar COMPS #3728199.

Timberland's $53 million development will consist of a five-story building with 177 apartment units, connected by a two-story community amenity building to another six-story building housing 66 apartments. Green on Fourth will be lined by ground-floor walk-up units on its west, east and south sides.

About 73 percent will rent at market rates, ranging from $1,300 for a studio apartment to $2,060 for a two-bedroom unit, Sailer said.

Approximately 27 percent will be classed as affordable renters earning 50 to 60 percent of area median income (AMI). In 2017, Minneapolis/St. Paul’s AMI stood at $90,400 a year, according to the region’s Metropolitan Council, so Green on Fourth’s affordable units would be targeted at those making $45,200 to $54,240 a year. The affordable units will rent from $725 for a studio to $1,126 for a two-bedroom apartment.

The complex will have a rooftop deck with views of Minneapolis downtown skyline, fitness center, pub-style lounge and game room, a dog run, heated underground parking and bike storage. The apartments will be equipped with granite countertops, washer/dryers and private balconies.

In addition to the in-house amenities, the Green on Fourth site is bounded on west by Green Line Light Rail and is immediately adjacent to the Prospect Park station. It is about two blocks away from Surly Brewing Co.’s flagship brewery, which opened in 2014, and is one train stop away from the University of Minnesota’s main campus.

Several other developments are in the works nearby, including a climbing gym and a mixed-used building with luxury apartments on top and a Fresh Thyme Farmers Market grocery and other retail on the bottom.

Hopkins, MN-based Frana Cos. is the general contractor for Green on Fourth. The complex was designed by Tushie Montgomery Architects of Richfield, MN.

Clare Kennedy, Minneapolis / St. Paul Market Reporter  CoStar Group   
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