WOODBURY, Minn. — The northeast corner of Woodbury continues to attract multi-family housing.
Minnetonka-based developer Roers Companies LLC will build 255 market-rate apartments within two separate structures at the southwest corner of Hudson Road and Settlers Ridge Parkway. The project, currently called "Beyond Apartments," was approved Jan. 22 by Woodbury City Council.
[JARGON WATCH: Market-rate housing means the price to rent can be set by the landlord based on what they think the local market will support. Some housing developments have income-restricted units, with the price capped or subsidized to be affordable for low-income renters.]
The two buildings — one five stories, the other six — will include 14 studio units, 174 one-bedroom units, 60 two-bedroom units and seven three-bedroom units. Monthly rental rates will range from $1,025 for studios to $2,600 for the largest three-bedroom units, with the average rent around $1,580, a news release from the developer said.
Planned amenities include a fitness center, community lounge, heated underground parking, outdoor patio, coffee bar, pet spa room, car wash and business center.
The project will be located just north of the planned Sundance development, which will include 218 rental townhome units within 23 separate two-story structures. The two projects will join other large multi-family developments in the northeast corner of the city like City Walk, Dancing Waters and the Legends of Woodbury senior living complex.
Groundbreaking is scheduled for the end of January with a planned opening in spring 2021. The apartment complex will cost $45 million to build, according to the news release.
“We’re looking forward to being a part of the growing east metro market with this development, which will raise the bar for apartment living in the area, especially with the amenities and finishes we have planned,” Jeff Koch, principal partner and development leader for Roers Companies, said in the news release. “What we’re most excited about is providing 255 new homes to residents in a popular city that’s grown faster than developers have been able to keep up. Our research shows the demand for rental apartments in Woodbury isn’t slowing down, so now’s the right time to start meeting its new housing needs."
City planner Eric Searles addressed concerns about a bald eagle nest located near Settlers Ridge Parkway at the Jan. 22 council meeting, saying the tree holding the nest would not be disturbed by development activities, though work on a stormwater pond would be happening in "close proximity" to the tree. The landowner has received a permit from the U.S. Fish and Wildlife Service to do work in the area, according to city documents.
During the Sundance development hearing in August, Searles said avoiding a different bald eagle's nest during construction in the Bailey Lake area was "not an issue."