Kraus-Anderson, Inland plan $60M apartment complex in Richfield
via Finance & Commerce
“Minneapolis-based Kraus-Anderson and St. Louis Park-based Inland Development Partners are finalizing plans for The Chamberlain, a 361-unit complex that will cost about $60 million to develop, company officials said Friday. The complex will go up on a 7-acre stretch bounded by 17th Avenue South, 66th Street East, 68th Street East and Cedar Avenue South.
‘Richfield hasn’t seen a development like this in some time,’ said Inland Partner Steven Schwanke. ‘We think it’s going to be a huge contribution to the community.’
The Chamberlain will incorporate three multifamily buildings that already exist at the site, said Matt Alexander, vice president of Kraus-Anderson Development. They will be refurbished to complement three new buildings designed by Minneapolis-based UrbanWorks Architecture.”
“Schwanke said 80 percent of the units will be let at market rates, while 20 percent will be considered affordable.” Read More