Kelly Doran has closed on a $49 million financing commitment from Bremer Bank for his planned multifamily redevelopment project in Saint Anthony Village. The luxury apartment community will be built in two phases on the site of the former Silver Lake Village shopping center in St. Anthony, Minnesota.
Built in two phases, the two four-story residences will include tens of thousands of square feet of indoor and outdoor amenities, with the first phase set to begin pre-leasing in late 2021.
“I’m really proud and pleased with the efforts of my son, Evan Doran, and the rest of the team at Doran Family Development in getting this project entitled, financed and approved while also moving us toward the commencement of construction this coming spring,” said Doran. “With financing secured, we are excited to move full speed ahead.”
The multifamily luxury apartment community will be constructed on 10.6 acres at 3800 Silver Lake Road, the former site of the Silver Lake Village shopping area. It will include a mix of studios, 1, 2 and 3-bedroom apartments.
Consistent with residential properties developed and owned by the Doran Family over the past decade, the residential community will be managed by the Dorans’ own Doran Management – a high-end management company providing residents of Doran Family-owned communities with in-house management, maintenance, concierge, housekeeping, landscaping and other luxury onsite services. Additionally, the community will offer topline community amenities, including an expansive central pool terrace and a more than 15,000 square foot clubhouse with a game room, fitness center, clubroom and substantial work-from-home spaces.
Design firm Doran Architecture has been hired by Kelly Doran to lead the design of the project, with interior design support from BDH & Young and General Contractor services provided by Doran Construction.