What does it take to break ground — in Minnesota in December, no less — for a new commercial project in a weak economy for development?
An “A+” location, a proven concept, and access to capital (#3 follows #1 and #2).
In this case, CPM Development and Shelard Group just broke ground off the northeast corner of Lake Calhoun for what will be a $10 million, mixed use property with both 55 luxury rentals and ground-floor retail space.
The official address is 1738 West Lake Street.
The project follows in the footsteps of other, mixed use developments near the City Lakes emphasizing luxury rentals, such as The Ellipse on Excelsior (see, “Pendulum Swings Towards Rentals”).
Occupancy is scheduled for Summer, 2011; no word yet on pricing or model units.