CA Ventures, Harlem Irving Cos. to Develop Mixed-Use Project Near the University of Minnesota

by Katie Sloan

Minneapolis — A joint venture between CA Ventures LLC and Harlem Irving Cos. has broken ground on RISE at Prospect Park, a 530,842-square-foot, mixed-use development located near the University of Minnesota in Minneapolis.

The project will include a seven-story structure with 150 apartments; an adjacent 13-story tower with an additional 186 units; and 40,000 square feet of street-level retail. A 30,000-square-foot Fresh Thyme will anchor the development. The project will be located at 2929 University Ave. SE and is scheduled for delivery in March 2018.

Residences at RISE at Prospect Park will offer a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Each unit will feature 9-foot ceilings, hardwood-style flooring, quartz countertops, stainless steel appliances, USB outlets and in-unit washers and dryers. Building amenities will include a rooftop deck with lounges, fire pits and grilling stations; a dog run; coffee bar; fitness center with locker rooms, a yoga/barre studio, a sauna and a tanning room; an entertainment suite with demonstration kitchen; a golf simulator room; private theater; music rehearsal space; a game room; bike storage; and dry cleaning service.

“We have been developing world-class student residences for over a decade and zeroed in on a formula for success that spans multiple asset classes,” says JJ Smith, COO of CA Ventures. “Our successful track record of spearheading market-defining developments translates seamlessly to providing luxury multifamily housing that appeals to renters of all ages, including students and young professionals.”

Chicago-based Habitat Cos. will manage RISE at Prospect Park. Tushie Montgomery Architects is the architect of record, and Stevens Construction has been retained as the project’s general contractor.

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