A Cushman & Wakefield/NorthMarq Brokered Transaction
A Florida developer has closed on a $4.85 million land deal to build 158 market-rate apartments in the West End mixed-use development in St. Louis Park.
Millennium at West End LLC, an entity related to Dolce Living Homes LLC of Hallendale, Fla., closed Wednesday on the cash deal for two parcels totaling 3.55 acres, according to a certificate of real estate value made public Thursday.
The site includes the existing Olive Garden and former Chili’s restaurants at 5235 and 5245 Wayzata Blvd., in the southwest quadrant of Highway 100 and Interstate 394.
The seller was the St. Louis Park office of Indianapolis-based Duke Realty, the developer of the 32-acre, $400 million West End development that includes offices, restaurants, shops, a Rainbow supermarket and the Kerasotes Showplace ICON movie theater.
“The long and short of it is that we don’t develop residential,” said Pat Mascia, senior vice president of Duke’s Twin Cities operations, explaining why the company sold the site. Duke solicited offers for the property and Dolce made the best offer, Mascia said.
Dolce could not be immediately reached for comment.
Dolce is slated to appear before the St. Louis Park Planning Commission on Sept. 18 and the City Council on Oct. 7 for approval of a major amendment to the planned unit development to allow the apartments, which are designed to be built on the west side of the site, replacing the vacant Chili’s building.
The Olive Garden, which opened in 1993, has a long-term lease and will remain open. The two restaurants shared a driveway, which will serve as access to the new building. The proposed building includes two levels of underground parking.
Minneapolis-based ESG Architects has designed the project so that a second building can be added to the Olive Garden site in the future, although that’s not part of the current plan.
The apartment proposal came to the city staff in the spring.
“We weren’t surprised, especially since the Flats at West End were so successful,” said senior planner Sean Walther.
The Flats at West End, a 119-unit apartment building in the West End district, is directly south of the Millennium site.
The City Council discussed the Millennium plans at a work session in July. There was no vote at the meeting, but there were no major objections raised, Walther said.
Duke will retain about 14 acres of land for future development as office space.
“The market will have to firm up a lot before we develop that,” Mascia said.
Source: Finance and Commerce