by Dan Rafter
High Street Residential is betting that plenty of people would be happy to live in a secluded island community while also enjoying the urban amenities that come with living near the central business district of a major metropolis.
And the company, the residential subsidiary of Trammell Crow Company — along with joint-venture partner Principal Real Estate Investors — is ready to test this belief.
The companies recently acquired a 13-acre site that will become the future home of The Island Residences at Carlson Center, a 174-unit five-story Class-A multi-family building located in the Carlson Center, a corporate office campus bounded by water on all sides. That makes the office campus an island, one that’s located less than three miles from Minneapolis.
Construction on this project is scheduled to begin in the third quarter of this year. The multi-family property should be ready for residents in the fourth quarter of 2015.
The development’s main selling point? It offers future residents the chance to live in a natural setting completely surrounded by water, and all the privacy that this promises. But it also gives them easy access to the Twin Cities and the recreational opportunities of nearby Lake Minnetonka. It’s also a short car ride from Ridgedale Center, a regional shopping mall anchored by Macy’s.
“The Island Residences at Carlson Center provide the best of both worlds,” said John Carlson, senior vice president with Trammell Crow Company.
The development will include studio, one-bedroom, one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den and three-bedroom units. Waterfront views will be available from all sides of the building.
ESG Architects will serve as the project’s architect, while Stevens Construction is its general contractor. Jerry Ebert will oversee the construction of the development for High Street Residential/Trammell Crow Company.