Woodlake Plaza Redevelopers to Break Ground Next Week

After nearly three years of planning, designing and dealing with financing woes, Michael Development Inc. and St. Croix Real Estate announced they are breaking ground on the 94-unit apartment complex project at a ceremony at noon Oct. 19, 2011.

, is a 2.5-acre project designed by award-winning architectural firm, Collage Architects, according to a press release. In addition to the apartment complex, the finished product will include a transit plaza for commuters, pedestrian lighting, benches, large areas of green space and underground parking for tenants and surface parking for guests. The interior of the apartments will feature 9-foot ceilings, Energy Star appliances, in-unit washers and dryers and granite countertops. Nineteen of the 94 units will be reserved for affordable housing.

and also received a transit grant in 2010. and also approved the use of tax increment financing (TIF).

“We are grateful for the support of many public entities that worked cooperative to bring this project to Richfield,” Terry McNellis, a principal at St. Croix Real Estate, said in the release. “The City of Richfield was instrumental in this redevelopment project.”

Woodlake Richfield Apartments, LLC—an entity formed by Michael Development Inc. and St. Croix Real Estate—will manage the project. Apple Valley-based Stonebridge Communities is the general contractor on the project. The project is scheduled to be completed in the fall of 2012.