Timberland Partners to Develop $53.8M Apartment Building in Minneapolis
MINNEAPOLIS — Timberland Partners has attained the land and financing needed to begin construction of Green on Fourth Apartments in Minneapolis near the University of Minnesota-Twin Cities campus. The $53.8 million, 243-unit project is a joint venture between Timberland Partners and Prospect Park Properties. Tushie Montgomery Architects is the project architect and Frana Cos. is the contractor. Dougherty Mortgage LLC arranged a $42.7 million loan for the construction of the project. Hennepin County, the city of Minneapolis and the Metropolitan Council provided additional financing.
Timberland Partners plans to preserve public green space and coordinate with the city for a design that includes sidewalk furniture, bike lanes, pedestrian lighting and vegetation along Fourth Street. Building amenities will include a rooftop deck, fitness center, yoga studio, community room, playground and dog run. Floor plans will range from studios to three-bedroom units with penthouse options. Completion is slated for June 2019.