Doran Companies today announced it will break ground later this month on a new luxury apartment community in Minnetonka at Wayzata Boulevard and Fairfield Road near Hopkins Crossroads and I-394. The multi-family Doran design-build project is the first Doran project led by Doran RE Partners LLC, a new independent development venture that pursues joint venture development deals relying on capital independent of Kelly Doran.
The 175-unit apartment community will be constructed on the site of what are currently three independent office buildings located at 11650 and 11706 Wayzata Boulevard. With direct access to Westridge Market and close-proximity to Ridgedale Center, the community is nestled within in a rich ecosystem of natural wetlands and tree-lined walking trails, with Oberlin Park to the north and Crane Lake to the south.
“We are excited to bring this project to life, marrying the tranquility of the natural environment within this Minnetonka neighborhood with the modern conveniences and amenity-rich lifestyles residents of Doran properties have come to expect,” said Doran Chief Operating Officer and Doran RE Partners President Anne Behrendt. “We know that the walkability and natural landscape of the immediate area, combined with easy access to downtown Minneapolis and the entire metro area make this an ideal location for our first investment in Minnetonka.”
With easy access to the I-394 corridor, this multi-family apartment community will be divided into two wings, with the north side of the building appearing as three stories in height and the south appearing as six stories. More than 20,000 square feet of amenity spaces will include a pool, spa, sauna, entertainment suite, clubroom, game area, fitness center with group fitness space, coworking spaces and outdoor grilling and lounge areas, fire pits and a bocce ball court. The majority of the parking will be housed underground in a heated parking garage.
“After many months working closely with the community and with city planners, Doran is eager to break ground on this partnership,” said Behrendt. “I am so proud of our team for getting this project to this point, and of our Doran architects and construction professionals who have molded and shaped this project into an inspiring community that fits within the existing landscape.”
The community will also include 35 income-restricted apartments at 50 percent Area Median Income. The City of Minnetonka supported this effort with $4.8 million in TIF for the project. “It has been a privilege working with the City of Minnetonka,” said Behrendt. “They are a strong example of a community committed to addressing the issue of affordable housing, all while demonstrating a deep understanding of market realities for getting new projects financed.”