City Council approves plans
MINNEAPOLIS (July 11, 2017)– United Properties’ plans for Venue, a new mixed-use apartment development anchored by the grocery store ALDI, has received site plan approval from the City of Chanhassen to move forward. The Venue project was approved at last night’s city council meeting following a review and recommendation by the City’s planning commission and a public hearing last month.
Located at 525 West 78th St. near the Chanhassen Dinner Theatre, Chanhassen Cinema and the SW Transit Park & Ride, Venue will feature a 19,000-sq.-ft. ALDI store as its sole retail tenant. Additionally, the development will include six stories of 134 market-rate apartments over the store, as well as a covered parking garage.
Construction is expected to begin early in 2018 and be completed by early 2019.
Venue is a joint venture of United Properties and Roers Investments. The Joint Venture purchased the property, which currently houses an aging multi-tenant retail building, in 2017.
“We’re pleased to receive the City’s approval on our plans for Venue. It allows us to bring a fresh housing option to the City along with a best quality and value priced grocery store, both of which we believe there is significant demand for in the market,” said Rick McKelvey, vice president of development for United Properties. “We welcome this opportunity to work with the City of Chanhassen to continue strengthening its already healthy community.”
“We are excited to bring this high-quality development to downtown Chanhassen, and are appreciative to the members of the community for their assistance and foresight in bringing this project together” said Brian Roers, co-owner of Roers Investments. “Venue will be another great investment into an already vibrant community and we are excited to be a part of it.”
In addition to United Properties, Roers Investments and ALDI, the project team includes architecture firm LHB, Stevens Construction and Jonathan Adam of Silverstone Realty.
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for 100 years. The company imagines new possibilities in real estate to help strengthen communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with an office in Denver. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.
About Roers Investments
Roers Investments is a Minnesota-based real estate investment and development company that works with individuals and businesses seeking direct real estate investments. To date, the company has cultivated a $400 million development portfolio across 30 projects with $100 million of equity. Roers Investments maintains a long-term commitment to each property through active property management and asset management. Currently, the company manages over 2,000 units and 132,000 SF of commercial/industrial space. For more information, visit www.roersinvestments.com.
Lilja Communications for United Properties