Construction starts on luxury apartments

Next spring new residents could be moving into The Residence of Ramsey.

 Officials from Flaherty and Collins (F& C) Property, PNC Bank and Ramsey City Council gathered April 10 to break ground for a new 230-unit luxury apartment complex, which will be built west of the Ramsey parking ramp. Pictured are: PNC Bank representative Sarah Beeson (not seen), F&C Chief Executive Officer David Flaherty (not seen), Anoka County Commissioner Matt Look, F&C representative Ryan Cronk, Mayor Bob Ramsey and Councilmembers Colin McGlone, Jeff Wise and David Elvig (not seen). Photo by Eric Hagen

Officials from Flaherty and Collins (F& C) Property, PNC Bank and Ramsey City Council gathered April 10 to break ground for a new 230-unit luxury apartment complex, which will be built west of the Ramsey parking ramp. Pictured are: PNC Bank representative Sarah Beeson (not seen), F&C Chief Executive Officer David Flaherty (not seen), Anoka County Commissioner Matt Look, F&C representative Ryan Cronk, Mayor Bob Ramsey and Councilmembers Colin McGlone, Jeff Wise and David Elvig (not seen). Photo by Eric Hagen

Ramsey city officials and representatives from developers Flaherty and Collins Properties, based in Indianapolis, Ind., broke ground for a four-story, 230-unit luxury apartment and townhome project on April 10.

This is a project the city has worked hard to bring to The COR, said Mayor Bob Ramsey.

“Our goal is to bring a unique, high-end apartment community with amenities unmatched anywhere in the community,” said Dave Flaherty, F&C chief executive officer in a press release.

“Our company has a reputation of developing these types of residential and retail projects in other parts of the country. Our research shows that there is clearly a market for this type of apartment community in Ramsey.”

According to the press release, the $33.5 million project will have a 24-hour fitness center and yoga/pilates studio, a heated salt water pool and sun deck, tanning facility, club room with billiards and gaming area, dedicated parking in the newly expanded Ramsey parking ramp, tile and hardwood floors, Roman soaking tubs, granite counter tops and full size washer and dryers in each unit.

The apartment complex also includes 3,000 square feet of retail space, which is being marketed as a pub serving both lunch and dinner, according to the press release.

The complex includes nine two-level townhome units with their own garages.

Hopefully, many of the apartment’s new tenants will be riders on the city’s soon-to-be Northstar Commuter Rail station, which will open this fall, said Ramsey.

Financial details

F&C will be purchasing three acres of land from the city for the project west of the parking ramp. Closing is expected April 30.

The land sale proceeds will be $750,000.

The city is helping fund the project with the sale of $7.45 million general obligation bonds.

The first payment on the GO bond is scheduled in June 2015.

The project also be receiving $20.45 million in private financing from PNC Bank.

The first apartment homes should be available in spring 2013.

 

Editor’s note: Staff writer Eric Hagen contributed to the story.

Tammy Sakry is at tammy.sakry@ecm-inc.com


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