Arby’s property will be used for more student housing

Andrew Krammer

 Minneapolis-based CPM Development, who recently purchased a nearly 2-acre plot that currently hosts an Arby’s restaurant, plans to build more student housing and retail on the site.

The plot is within two blocks of three student housing projects totaling 260 units that are under construction.

Arby’s lease will end in 2014 to make way for another student-housing project for the 51,000+ undergraduates enrolled in the University of Minnesota.

“We’re still in the early stages,” Nick Walton, one of the owners of CPM Development, told Finance and Commerce. “It’s going to be retail on the first floor with student housing above.”

The site is also near a future light rail transit stop on the Central Corridor line and is very close to the University’s athletic facilities – TCF Bank Stadium, Williams and Mariucci arenas.

The complexes already under construction nearby include Minnetonka-based Opus Development Corp.’s 120-unit Stadium Village Flats; Bloomington-based Doran Cos.’ 65-unit project, the Edge on Oak; and developer Curt Gunsbury’s 75-unit Solhaus Tower.