ACKERBERG is set to add to the multifamily housing stock in downtown St. Paul. And in doing so, ACKERBERG will bring the largest modular construction project ever built in the Twin Cities area to St. Paul.
And the best news of all? This project is happening in the middle of the COVID-19 pandemic, more evidence that the commercial real estate market isn’t letting the pandemic slow new construction.
ACKERBERG has acquired the property at 337 W. 7th St. in downtown St. Paul, Minnesota, and plans to co-develop the site with Northland Real Estate Group into The Alvera, a 192-unit apartment project.
The property includes three parcels making up .582 acres. ACKERBERG and Northland will demolish the existing building and replace it with a seven-story building containing studio, one-bedroom and two-bedroom units. The project also includes 1,400 square feet of retail and 110 covered parking stalls.
Rise Modular is a start-up manufacturer of commercial modular buildings, which are produced out of its 141,300-square-foot, climate-controlled factory in Owatonna, Minnesota.
Rise’s mission is to revolutionize the construction industry by using and leveraging proprietary modular technology to speed up construction, lower costs and produce environmentally friendly buildings.
Officials with ACKERBERG said that demand for multifamily housing in the St. Paul market remains strong, and that the Alvera will help satisfy it.
“We are thrilled to bring The Alvera to the market, and extremely excited to work with Rise Modular on what will be the largest modular construction project ever built in the Twin Cities,” said Stu Ackerberg, chief executive officer of ACKERBERG, in a statement.
“We believe this project’s location being adjacent to two hospitals and related medical users, the West 7th Street vibrant commercial uses, the Science Museum, Xcel Energy Center, RiverCenter, Roy Wilkins Auditorium, and the Ordway, makes The Alvera a great economical residential option for the community,” Ackerberg said.
The Alvera will boast plenty of amenities. These include two separate lobbies, one off of West 7th Street and the second off of Smith Avenue; a penthouse club room with a full kitchen, bar, cybercafe, outdoor deck with fireplace and grills; a high-end fitness center; room for storing bicycles; storage lockers; package receiving center; and an artful exterior façade.
Construction on the Alvera will begin later this month and is expected to wrap in the early fall of 2021.
Opus Design Build will serve as the general contractor and Rise Modular will provide the majority of the apartment units. The project’s architect is DJR Architecture, while the interior designer is e. christen design. Bridgewater Bank is providing construction financing for the project.
“I feel honored to be a part of such a progressive and iconic project,” said Brian Farrell, principal of Northland Real Estate Group, in a statement. This will be a nice addition to the housing options for the hospital system and working professionals along the West 7th corridor. Northland Real Estate Group prides itself on developing unique projects like this to meet unmet housing needs while using creative tactics.”