By JD Duggan, Finance & Commerce, August 30, 2022
Modular construction is on the way to the Harrison neighborhood, an area of Minneapolis that’s drawing major development.
Rise Modular recently broke ground on the Glenwood Apartments, a seven-story, 127-unit multifamily property at 1207 Glenwood Ave. The project is the largest modular, transit-oriented development in the city.
Rise Modular is acting as the developer, general contractor and owner of the property. The financial partner is Enterprise Community Partners, a national nonprofit dedicated to increasing housing supply and advancing racial equity.
The mixed-income apartment is not receiving public funds and includes a mix of market-rate, workforce and affordable housing. It will include 55 units affordable to those making 80% of the area median income and 10 units at 60% AMI.
“It’s pretty rare to see a privately financed project that is able to go above and beyond the inclusionary zoning [requirements],” said Rise Modular CEO Christian Lawrence. “It’s really unique and we’re really proud to play a role there.”
Glenwood Apartments will have studios, alcoves and one- and two-bedroom units. The street level will include lofted townhome units along Fremont Avenue along with about 3,300 square feet of retail and commercial space along Glenwood Avenue. Lawrence hopes to see small-scale food offerings like a deli find a home in the space.
The five stories are built at Rise Modular’s Owatonna facility and set on top of a two-story concrete podium built on-site.
“Our climate-controlled factory assembly-line environment” with modular construction “lends itself to superior quality,” Lawrence said. It also creates fewer neighborhood disruptions and has a quicker turnaround.
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