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14 posts categorized "Apartments"

August 19, 2016

Chatfield townhomes sell for $930,000

8-20070614-083540 Telerik.Web.UI.WebResourceIt's not only Rochester property that is selling these days.


A collection of 24 townhomes in Chatfield was recently purchased for $930,000 by Premier Real Estate Management LLC of Brookfield, Wis.

Under the corporate name of Premier Chatfield LLC, Premier bought the 17-year-old townhomes on Chatfield's Mill Pond Drive from Essence Property Management of St, Cloud. on Aug. 4.

August 17, 2016

Miracle Mile project to be unveiled soon?

579781715a9e4.imageWhile there has been no official word about the proposed grocery/apartment complex project at Rochester's Miracle Mile Shopping Center, it looks like it is on the agenda of Thursday's meeting of the Committee on Urban Design and Environment.

CUDE is slated to hear about the "Miracle Market Mixed-Use Project," according to the agenda. No other details are listed. This project is expected to involve the mysterious, unnamed owner of the Miracle Mile shopping center and Nate Stencil of Stencil Homes, who has a number of apartment complex projects in Rochester.

No word yet on what grocery chain will occupy this possible building.

August 04, 2016

Name of new complex revealed as Flats on Fourth

The Buckeye is out, as is Ovation.

The name of the new 92-unit apartment and retail complex being built on the corner of Fourth Street and Third Avenue Southeast in downtown Rochester has fluctuated during the planning phase. 

F89c28e7467b81cdb720c0c067eca5d3_f252Now that a major hole has been dug across from the Olmsted County Government Center and Rochester City Hall, the developer unveiled the official name for the $15 million project.

Nate Stencil, of Stencil Homes, confirmed Wednesday it is now called Flats on Fourth. The South Dakota developer is driving the project with his partner, Sean A. Kaufhold.

The new name was announced this morning during a public event organized by the Destination Medical Center Economic Development Agency, according to Stencil.

The name was a minor issue in the neighborhood, because some people objected to having it called The Buckeye. The complex is being built on the corner where the longtime Buckeye Liquor store once stood. The store since has moved a little farther south down Third Avenue.

As the project progressed through the early planning stages, the project name was changed to Ovation on Stencil's website. However, it turns out that was just a possible name that was ultimately rejected.

Now, when this complex opens next summer, the name over the door will be Flats on Fourth. 

While they haven't started marketing the space, Stencil says there already has been interest in the ground level retail space in the complex.

"We've had some inquiries on the retail end, but not from the kind of retail we are looking for. We're looking for very specific tenants that will be a good fit for that area," he said.

Stencil recently built and opened two other apartment complexes, Nue52 and Kascade Place. Both are near Rochester's 65th Street Northwest interchange across U.S. 52 from the North Menards store. 

Another Rochester apartment project by Stencil, The Pines, still is under construction. Once Flats on Fourth and The Pines open, Stencil will own 463 apartments in Rochester. 

 

August 03, 2016

$5 million renovation on way for Rochester apartment complex

IMG_0128A Rochester development group led by Andy Chafoulias purchased the Northgate Plaza apartment complex at 902 11th Ave. NW last week for $7.6 million. The New Northgate Plaza Limited Partnership group bought it from a group led by Gus Chafoulias, Andy's father.

Now that the sale is done. the younger Chafoulias is planning a major renovation of the 37-year-old complex estimated at $5.2 million.

Northgate Plaza offers 151 units for seniors and people with disabilities.

I'll have a more detailed piece on this soon.

 

July 12, 2016

Civic Inn = The Parker

07122016theparker 6a00d83451cc8269e2011570b90dd1970b-800wiThe new sign is up across from the Post-Bulletin for The Parker, the transformed Civic Inn.

The 96-year-old building at 101 East Center St. has been transformed and upgraded in the past few months.

A grand opening for the "dorm-style" complex with 62 units is slated for Friday.

May 25, 2016

Hold the applause - New Buckeye name is not set yet

I was a bit premature Tuesday when I wrote that South Dakota developer Stencil Homes had re-named its Buckeye Apartments project in downtown Rochester.

F89c28e7467b81cdb720c0c067eca5d3_f252I spotted the project on Stencil's website labeled as Ovation on Monday. I wasn't able to reach CEO Nate Stencil for confirmation, so I reported that it appeared that the new name for the project will be Ovation.

On Tuesday, Stencil sent me a note that said I was partially right.

"On 'The Buckeye' name change, we are still not 100 percent set on the new name but I can tell you we will be changing it. We are currently polling different names and will soon have one nailed down," he wrote.

The name of a 92-unit apartment complex being built on the corner of Fourth Street and Third Avenue Southeast in downtown Rochester has been a sensitive issue for some of the neighbors. Stencil originally tagged it as Buckeye as a nod to the Buckeye Liquor store landmark that was demolished to make way for the project. Some in the neighborhood didn't think that was an appropriate name.

 

May 24, 2016

Bye Buckeye, hello Ovation?

The name of a 92-unit apartment complex being built on the corner of Fourth Street and Third Avenue Southeast in downtown Rochester has been a sensitive issue for some of the neighbors. 
F89c28e7467b81cdb720c0c067eca5d3_f252
South Dakota developer Stencil Homes labeled it Buckeye Apartments as a nod to the Buckeye Liquor store that was demolished to make way for the project. Some in the neighborhood didn't think that was an appropriate name. Now it looks like the developer has decided to try something different.

Stencil Homes' website shows a 92-unit apartment building as a Rochester project, but it's not called Buckeye anymore. The new name under the old rendering of the complex is Ovation.

This must have been a recent change. The Answer Man wrote about this on April 27 and Buckeye still was the moniker at that point. CEO Nate Stencil was not available Monday to answer questions about the Ovation name, but it looks like concerned neighbors should give themselves a round applause for the spurring a name change.

 

May 10, 2016

$100 million development proposed near Saint Marys

A more than $100 million housing and commercial development is proposed for a high-profile corner of Second Street Southwest, next to Mayo Clinic's Saint Marys campus.

Development1The plans call for a 13-story building with two levels of underground parking to be built on more than two acres at the southwest corner of 14th Avenue Southwest and Second Street.

The Brentwood on 2nd and the Ray-Mar Motel stand on that corner. The hotels, along with some nearby houses, will be demolished to clear the way for the project. The Brentwood also houses several businesses, including City Market, Charlie’s Eatery & Pub, A Shared Smile and the Healing Touch Spa.

05-09 4Brentwood enWhile some details could change as it goes through the permitting process, the proposal includes 359 housing units with 310 "luxury" apartments in the tower and 49 connected townhomes.

The plan also includes almost 900 parking spaces, some of which will be public. The townhomes will act as a buffer between the parking and the Folwell neighborhood. The developers hope eventually to connect the project to Saint Marys Hospital via subway.

The tower on the corner is expected to include about 20,000 square feet of commercial space, including 13,000 square feet on the street level that will encourage sidewalk traffic with a restaurant and retail.

Development3"This project is completely different from than anything that has ever been built in Rochester," said longtime local developer Ed Pompeian. "This beautiful building will be first thing you see coming into Rochester from the highway, heading into the medical corridor."

Pompeian, along with his son, Nick, is partnering with a Twin Cities real estate development firm,  Alatus LLC, to create this project. The Pompeians lead a local investment group, 1406 Second Street Associates, which controls the hotels and all of the property where the project will be built.

Mayo Clinic is not directly involved with the project at this point.

'An amazing beacon for the area'

Alatus is well-known for handling massive developments, such as Mayo Clinic Square, Latitude 45 Apartments and The Carlyle condos in Minneapolis. It is led by founder Bob Lux.

"I think it's going to serve as an amazing beacon for the area," said Chris Osmundson, the Alatus senior development associate working on the project. "In real estate, it's always location, location, location, and this one's got it."

The Pompeians and Alatus have been working on this plan for about two years. They now are bringing it to the city for pre-development meetings, followed by the approval process. If everything goes well, they could start clearing the site for construction sometime this summer or early fall.

Estimating a 16- to 18-month construction period, Osmundson said it's possible the project could be finished by spring 2018.

This is the first major project pitched for that area since the implosion of a proposed Holiday Inn hotel complex late last year. That project struggled though the planning process and was criticized by some neighborhood groups.

However, these developers are optimistic, after getting positive feedback from the Folwell, Kutzky and Historic Southwest neighborhood associations.

"It was very refreshing for everybody. Support was literally unanimous from the neighborhoods. Great things can happen, if you take the proper steps," said Nick Pompeian.

Talks started more than a year ago

Don Nordine, president of the Folwell Neighborhood Association, said the developers started talking to his group about a year and a half ago.

"We like the project, even though it is really big," he said. Folwell includes 200 houses, while the project will have 359 apartments and townhomes.

While the group supports the project, that doesn't mean they still don't have some concerns, said Nordine. The public parking aspect of the development has residents worried about traffic.

"The city and the developer have to get this right. We want this to keep this neighborhood residential and quiet. I think they are open and honest, but the devil is in the details," Nordine said.

Jesse Welsh, president of the Kutzky Park Neighborhood Association, is also positive about her interaction with Alatus and the Pompeians so far. While they have not been able to schedule an official presentation with her association yet, Welsh sat in on a Folwell meeting and spoke with Lux. She plans to brief her association on the project at a neighborhood meeting tonight. Members of the independent Imagine Kutzky advocacy group also sat in on meetings and were supportive of what they heard, she said.

Traffic is also a concern for the Kutzky neighborhood, but overall, Welsh was pleased with Lux's approach.

"What impressed me the most was how well they've worked with Folwell. They understand how critical it is to work with the neighborhood," she said.

 

November 18, 2015

After demolition, what next for Ronald McDonald House project?

Rochester's Ronald McDonald House plans to demolish two apartment buildings on Second Street Southwest to make way for a possible future project.

Demolition permits were filed for the apartment buildings at 806 and 812 Second St. SW, just east of the Ronald McDonald House at 850 Second St. SW. The nonprofit McDonald House acquired the buildings in January in conjunction with Mayo Clinic, which is partnering on the deal.

564c8711dd9b4.imageThe 35-year-old Ronald McDonald House provides housing for children and their families who are in Rochester for medical treatment at Mayo Clinic. It can house up to 42 families at one time. In 2014, it served 795 families, but had to turn 1,071 families away.

The facility's last expansion was 11 years ago.

"Our Board of Trustees is committed to serving more families," according to Marit Williams, the Ronald McDonald House's communications and community relations coordinator. However, she would not say if the demolition will make way for a future expansion.

"We are committed to serving more families, and in order to allow us to continue focusing on the best possible way to do that, we do not have any expansion-specific information to share publicly at this time," Williams wrote in response to inquiries. "The land is intended to help us continue providing a home-away-from-home and caring support for more families in the future. There are no commercial development plans."

Whatever the future holds, the next step in the project is to knock down the two 1960s brick apartment complexes. Williams confirmed both buildings now are empty of tenants.

"We do not have a firm date for the demolition, but we expect this activity to happen in early winter," she wrote in a recent email.

Both buildings were officially acquired on Jan. 30. The 812 Second Street Street property was purchased by the Ronald McDonald House in a pair of separate deals for $825,500 and $137,500. 

A similar series of transactions occurred for the 806 Second Street building. The Ronald McDonald House paid the estate of John T. Oliphant estate $890,000 on Jan. 2, 2014.

Mayo Clinic then paid the Ronald McDonald House $1 million for both properties on Jan. 30 of this year, according to Olmsted County Property Record.Both the Ronald McDonald House and Mayo Clinic are listed as owners of both apartment complexes.

October 08, 2015

Will sale of North Broadway building attract developers?

The sale of a building on Broadway Avenue North clears the way for future development on a prominent block.

08102015MLT1Mike Pruett, co-owner of MLT Groupwhich is in the building, said he sold the 140-year-old brick structure that he owns with his wife, Dawn, at 411 Broadway Ave. N, on Wednesday. Real estate investor Les Nelsonof Clear Lake, Iowa, purchased it for $600,000, Pruett said.

"I'm happy with the price I got," he said. The Pruetts bought the building for $235,000 in 2003.

Nelson now owns most of that side of the 400 block of Broadway. He recently demolished two nearby empty buildings at 401 Broadway Ave. N and 407 Broadway Ave. N to make the area more attractive for developers.  08102015MLT2

After the demolitions, the Pruetts' building stood alone in the middle of the block. Amid the hype of the Destination Medical Center initiative, Rochester real estate prices have skyrocketed in recent months. Pruett's location made his building more valuable, since it is an obstacle that could keep developers away from the block. 

Besides housing the Pruetts' businesses, MLT Group and MLT Video, the building also has four apartments. All four currently have tenants. However, one has a lease until Dec. 31, while the three others are month-to-month.

After the tenant's lease ends in December, Pruett expects Nelson to knock down the building.

He plans to move MLT Group, which he owns with partner Ted St. Mane, and MLT Video to a business condo in the Plaza 14 West center at 4481 North Frontage Road. Pruett hopes to build out the unfinished 11,090-square-foot space and move the businesses at the end of November.

"It will be nice to have a change and a newer facility, though it's a little sad," he said.

Pruett said the new offices should work out well for his team of 10 to 12 employees, because it will have more usable space than the current building.