Alatus' Columbia Heights Mixed-Use Development Closes, Begins Construction

 
MINNEAPOLIS - Nov. 11, 2020 - PRLog -- On October 28th, Alatus LLC and project partners closed on the land purchase and construction financing for the mixed-use development Project at 3989 Central Avenue NE, Columbia Heights, MN.

Demolition on the existing vacant structures on site have begun, and the Project is anticipated to be complete by Fall of 2022. The Design-Architect and General Contractor for the project is Doran Companies.

Located in the heart of Columbia Heights, MN, this innovative mixed-use residential Project will serve as a new cornerstone and act as a catalyst to further energize the City's downtown business corridor and "main street" along Central Avenue. Located next to the newly constructed Columbia Heights Public Library, the charming neighborhood Dairy Queen, and the historic Heights Theater, the Project aims to preserve and promote the community's efforts to strengthen its civic identity, to activate a critical intersection, and to celebrate all that the City has to offer.

This development at the corner of 40th and Central Ave will feature 266 thoughtfully designed apartment homes above a brand new ~20,000 sq ft City Hall for the City of Columbia Heights on the ground floor. "This project sets a new precedent for future public-private partnerships in an 'Urban Center' community by creating a truly state of the art mixed-use asset with long-term partners who will operate the asset for years to come," said Chris Osmundson, Director of Development at Alatus. The Project also seeks to meet the ongoing demand for much-needed quality housing for the local, highly diverse, and vital neighborhood.

"As Columbia Heights strives to garner new investment in the community, and support existing local businesses, the development at 3989 Central Ave NE plays an important role by providing additional housing  with sought-after modern amenities to attract and serve the employees and patrons who wish to live, work, and stay in their community," said Aaron Chirpich, Community Development Director.  Recent business investments nearby include a new anchor tenant opening in 2021 - RailWerks Brewing Depot, a brewpub and barbeque spot– located directly across the street. In addition, Hy-Vee has purchased land with future plans to develop a ~90,000 sq ft grocery store at 4300 Central Ave NE (just a 10-minute walk from the Project site).

By transforming this currently underutilized corner, the Project at 40th and Central Ave will create a safer, pedestrian-friendly streetscape and will offer a special place for both residents and the greater community to gather. Significant thanks go to the many area leaders and stakeholders who shared their vision for their city's future and collaborated to help bring this development to life.

For more information, visit https://alatusllc.com/

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Tags:Real Estate Development
Industry:Real Estate
Location:Minneapolis - Minnesota - United States
Subject:Projects
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