Developers pitch nearly 500 rentals across 2 projects in Woodbury
Developers are pitching two projects that would bring nearly 500 apartment units to Woodbury.
Real Estate Equities and an entity tied to LS Black Development are each separately proposing redevelopment projects in the east-metro city. The Woodbury Planning Commission is expected to consider both projects Monday night.
Combined, the projects would add three new apartment buildings across 43 acres of land.
The projects are among the first multifamily proposals to come before the city this year. Woodbury saw a boom in new apartment construction in recent years, but that tapered off in 2023, when the community saw no new apartments constructed, though some came online for occupancy.
Manning Avenue Apartments
LSBD Woodbury Manning LLC, an entity tied to St. Paul-based LS Black, is pitching 237 units of affordable rental housing. The units would be reserved for households earning less than 60% of area median income, according to city documents.
The 13.65-acre site is south of the intersection of Hudson Road and Manning Avenue and a recently developed Amazon distribution center. LS Black was drawn to this site due to being near that employment center as well as Prairie Ridge Park, said Michael Hudson, developer and vice president at LS Black. LS Black currently has a purchase agreement for the property.
The Woodbury City Council last year approved a project of the same name and similar size – also 237 units – that were market-rate apartments. That project, proposed by Excelsior-based Oppidan Investment Co., did not move forward due to lack of project financing, city documents state.
The updated proposal would include one-, two- and three-bedroom units, and about 475 parking stalls. Proposed amenities include a pool, outdoor patio, grilling station, playground, community rooms, fitness spaces and more.
LS Black will be seeking financing through the Low-Income Housing Tax Credit Program, said Willy Boulay, developer and vice president at LS Black.
City staff are recommending approval of the project. If approved and financing secured, LS Black would aim to start construction by spring 2025 and have the project ready for occupancy by early 2027, Boulay said.
Minneapolis-based ESG Architecture and Design is the architect on the project.
Real Estate Equities’ proposal
St. Paul-based Real Estate Equities is proposing to build two 126-unit apartment buildings on just over 29 acres of land. The site is located south of Hudson Road and east of Settlers Ridge Parkway, according to city documents.
The project could move forward in one or two phases, depending on project funding. It’s expected to have one-, two- and three-bedroom units, and 481 parking stalls.
City documents suggest the project would offer affordable units, but do not specify the number of units or level of affordability. Real Estate Equities could not be reached for comment.
A piece of land west of the development could also be redeveloped in the future for commercial use, city documents say.
Proposed amenities include a dog run, outdoor patios, bocce ball, community rooms, fitness rooms and more.
City staff are also recommending approval of this project.
Real Estate Equities is working with Bloomington-based Kaas Wilson Architects and Minnetonka-based civil engineering firm Sambatek on the project.