New apartment complex planned on 15th Avenue

The new CPM project would raze existing housing and begin construction this summer.

Marion Renault

A new 202-unit, six-story apartment complex will replace townhomes and several small rental houses on the corner of 15th Avenue SE and 7th Street SW, across from the University’s Gibson-Nagurski Football Practice Facility.

CPM Property Management, the company behind student housing projects including upcoming WaHu  and The Elysian, has clinched a deal combining 17 different parcels of land  in what its president calls a “once in a lifetime deal.”

President Daniel Oberpriller said coordinating contracts between 14 different property owners was a challenge.

“It’s almost impossible to assemble this many owners and get them on the same page,” he said. “It doesn’t really ever happen like that.”

The deal, which totals more than one and half acres of land, would provide 643 new bedrooms on the outskirts of Dinkytown.

Oberpriller said after scouting 15th Avenue for five years for possible sales, CPM is looking to begin construction as soon as this summer and open in fall 2014.

The quick turnaround, he said, has to happen because of the complexity of the sale.

“We’re trying to close and bring everything into fruition in 90 days because of how many people are involved,” he said.

The plans for the complex, which include a courtyard, fitness room, lobby and 24-hour management, follow a 2008 Marcy Holmes Neighborhood Association Urban Design Plan for the area, Oberpriller said.

“They’ve designated 15th Avenue to be a high density corridor promenade that attaches Van Cleve Park to the U.”

The upcoming project, he said, would do just that.

Despite its amenities, Oberpriller also said the housing would be affordable for students by increasing density.

“It’s below what the luxury apartments are asking,” he said.

The company has submitted a land-use application to the city and will attend a Committee of the Whole of the Minneapolis Planning Commission on the Thursday, to informally get feedback on the project’s initial plans.