Minneapolis-based real estate company Schafer Richardson has acquired 2025 West River Road N in Minneapolis, a site that was previously home to a single-story commercial building and a surface parking lot.
Located along the Mississippi River in the Hawthorne neighborhood of Minneapolis, the new development, named Peregrine, will consist of a new-construction seven-story multifamily housing building with enclosed parking, residential amenities, on-site management and about 2,000-square feet of community-facing space along West Broadway Avenue.
Peregrine will provide 163 one-, two-, three- and four-bedroom apartment units, attracting both individuals and families, with rental eligibility ranging from 30 percent to 80 percent of the Area Median Income. Additionally, the development has secured 34 Project-Based Vouchers through partnership with the Minneapolis Public Housing Authority.
The Project will adhere to green building principles including pursuit of LEED Certification through the U.S. Green Building Council. There will be energy and water saving measures in and around the building, as well as a photovoltaic (solar) array on the roof. In addition, stormwater will be managed on site with a combination of rain gardens, bioswales, and an underground catchment system.
Construction at the site will begin in January and the project will open to residents in Summer 2023.
Peregrine was designed by UrbanWorks Architecture, will be built by Greiner Construction, and will be managed by Steven Scott Management. Financing for the project was provided by Colliers International, Hennepin County, the City of Minneapolis, Metropolitan Council, Bridgewater Bank, AFL-CIO Housing Investment Trust and Huntington Bank.
