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"Taking an underutilized but well-located dirt storage lot and transforming it into much needed housing for 400+ people is an incredibly powerful thing to do," stated Mike Munson, Development Director
MINNEAPOLIS, MN, December 15, 2021 /24-7PressRelease/ -- MAVEN Development Group announces its intention to acquire the property located at 250 Fremont Ave. N., Minneapolis MN. The 2.5-acre lot is slated for new construction of a six-story multi-family housing community targeting urban dwellers in a prime "up-and-coming" location just west of downtown Minneapolis. Closing is on track for early April 2022. First phase of occupancy in late 2023 or early 2024.
ABOUT THE PROPERTY
250 Fremont Avenue North sits on 2.5 acres of land currently undeveloped. The new construction will host more than 350 units in a six-story building with five stories of wood frame over first floor podium. The multi-residence building will host a mix of units including studios, one bedrooms, one bedroom plus dens, two bedrooms and walk-up units. The developers intend to leverage Inclusionary Zoning TIF by setting aside 20% of the units at 50% area median income.
Project amenities will include state of the art fitness center, a large second story amenity deck w/ Zen gardens, mediation/yoga area, natural landscaping, firepits, a large pool, cabanas, grilling stations, a dog park and more. A skyline rooftop clubroom with deck and secluded terraces will offer views of the downtown Minneapolis skyline. In addition, work from home nooks and breakout spaces will offer convenience for residents working hybrid or remotely. Also available will be an onsite "oasis" with nonperishable and daily essentials and toiletries.
ABOUT THE LOCATION
The property is in the Harrison neighborhood —this cornucopia of greenspace resides in a region on the brink of a major boom. In the last few years, previously blighted buildings have been repurposed to breweries, distilleries, and hot spots appealing to millennials and families alike. Local developers Wellington Management, Rise Modular, and Yellow Tree are also pursuing deals nearby. This area is on the verge of major transformation, and Maven and its investors are ready to ride that wave.
The Fremont property is just a few blocks away from a future light rail station that will serve the Metro Green Line extension, scheduled to begin operation in 2024. The location is perfectly situated just minutes west of Minneapolis's core central business district and boasts great highway access to I94, 394, and HWY 55.
Neighborhood amenities include neighboring brewery/distillery - La Dona Cerveceria, The Firm, International Market Square, Minneapolis Farmer's market, easy access to public transport, bike paths, etc.
"Taking an underutilized but well-located dirt storage lot and transforming it into much needed housing for 400+ people is an incredibly powerful thing to do," stated Mike Munson, Development Director at Maven. "We see the Harrison neighborhood as a natural progression of downtown spillover and are excited to bring this project to the community."
MAVEN Development Group recently completed the renovation of two historic buildings in the Twin Cities area. The historic Rand Tower skyscraper downtown Minneapolis was renovated and re-introduced as the Rand Tower Hotel, a 4.5-star upscale hotel under Marriott's tribute portfolio. The company has received numerous awards following the completion of this project in December 2020 including a 4-Diamond AAA Award, Finance and Commerce 2020 Top Projects Award, 2021 Magellan Gold Award Winner for Best Upscale Hotel, and Hospitality Design Award Finalist. The Laurel Apartments, one of Minneapolis' oldest buildings originally established in 1893, just completed a full renovation offering modern updated units paired with the timeliness charm of the original building. Maven will continue efforts to revitalize the Minneapolis area either through new construction projects, such as Fremont, or revitalization of historic buildings in prominent and desirable Twin Cities locations.
MAVEN Development Group is a commercial real estate development firm that has completed the acquisition, renovation, and stabilization of more than 1400 residential units since 2004, executing transactions exceeding $1 Billion and bringing to market properties with a market value exceeding $350 Million. The company specializes in seeking out and reconstructing classic buildings or properties in established and trending urban neighborhoods as well as investing in new construction to meet the needs and desires of various high-demand markets. From initial acquisition through long-term ownership, Maven is proactive in adopting strategies and leveraging creative financing options to adapt to ever-evolving market conditions with an overarching goal to maximize income for investors. www.mavenrepartners.com
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MAVEN Development Group