CPM pitches Lyn-Lake ‘micro’ rentals
The proposed site for apartments at 429 W. Lake St. in Minneapolis has been used for car sales since the late 1940s. (Staff photo: Bill Klotz)
CPM is pitching a 70-unit apartment complex for a site in Minneapolis’ Lyn-Lake neighborhood that is currently occupied by a used car lot.
The Minneapolis-based developer is presenting a plan Thursday for 429 W. Lake St., a site next to Schatzlein Saddle Shop that has been used for car sales since the late 1940s, according to city documents. CPM hopes to build a four-story, 58,599-square-foot building with 1,200 square feet of retail on the ground floor.
The residential portion of the building will comprise a mix of studios and one- and two-bedroom apartments, ranging in size from 422 square feet to 831 square feet. Resident amenities will include a fitness center, a club room and a rooftop patio on the side of the building that fronts on Lake Street.
Documents submitted to the city’s Planning Commission of the Whole did not specify how much the units would cost, and CPM officials could not be reached for further comment on Monday.
The size of the smaller apartments at 429 W. Lake St. puts them in the “micro” category, a niche that CPM has been aggressively pursuing in recent years. In May, CPM Principal Daniel Oberpriller explained that the company’s strategy is to go small where others have gone big.
“We see the cost of living increasing,” he said in an interview about a 51-unit building at 401 University Ave. SE in Minneapolis. “We’re trying to make a more efficient style of apartments.”
CPM has also amped up bike-friendly amenities in its new projects, and 429 W. Lake St. is no exception. The building seems to have been designed with cyclists in mind. It is one block from the Midtown Greenway, and will have enclosed parking for 70 bicycles and a bike workshop room as well. By contrast, plans call for an enclosed parking structure with space for just 35 cars.
CPM does not yet have the real estate in hand. The property is currently owned by Amundson Inc., a Maple Grove-based entity controlled by Bradley Amundson. Amundson is a real estate agent who works in the St. Paul area. He said he’d owned the Lake Street site for three years.
He decided to sell about a year ago. Amundson said interest was high and lots of parties looked at the site before he came to an agreement with CPM. The property has been under contract with CPM for several months, he said.
The deal should close in the next 30 days. Amundson declined to comment on the purchase price.
The plan goes before the Planning Commission Committee of the Whole on Thursday. It is unclear when construction may begin. No permits appear to have been pulled yet.
CPM’s current design was created by Bloomington-based Kaas Wilson Architects.
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