Oppidan plans $75 million senior housing development in Prospect Park
Monday, April 10, 2017
Developers can’t seem to build senior housing fast enough and they can’t seem to build in Prospect Park fast enough.
Oppidan Investment Co. is doing both in one project.
The Excelsior-based developer has submitted plans for a 285-unit senior housing complex that will stand six and 10 stories at the corner of University and Malcolm avenues. The ground floor would have a 6,200-square-foot child care facility and 1,900 square feet of retail space.
The project is across the street from where CA Ventures is building a 336-unit apartment building with a Fresh Thyme Farmers Market on the ground floor, and kitty-corner from where Timberland Partners and Prospect Park Properties are planning a 243-unit apartment building.
Ebenezer, which is part of Fairview Health Services, will operate the senior housing and the child care facility. If approved, the building will have 123 independent living units, 118 assisted living units and 54 memory care units. The project will have 123 underground parking stalls and 31 surface stalls.
Shannon Rusk, Oppidan's vice president of development and brokerage services, said the building will be for active seniors and she anticipates current and former faculty and staff from the University of Minnesota will be among the tenants.
The $75 million project cost was disclosed in a grant application to the Minnesota Department of Employment and Economic Development. Rusk said that number could still change.
"We have a really nice active component for those who don't have care needs," she said. "We are right on the light rail line."
A spokeswoman for Oppidan said construction will start in late fall.
Tushie Montgomery Architects of Richfield is designing the complex. Weis Builders, also of Richfield, will be the general contractor.
Nick Halter covers commercial real estate, hospitality and sports business.