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ACKERBERG & Partners Acquire and Break Ground on MN46

ACKERBERG and partners are pleased to announce that they have acquired and begun construction on MN46, a mixed-use, 54-unit, micro-apartment community with 1,835 square feet of first floor retail in the greater Longfellow/Hiawatha community of Minneapolis. The acquisition is a Joint Venture with Left Lane Corporation, Hayes Harlow, Twin Cities Home Rental, and Trew Capital.

MN46 is located on the corner of 46th Street and Minnehaha Avenue. The pedestrian-friendly community is a short walk from the new urban format Cub Foods, the 46th Street Light Rail Station and Minnehaha Falls Park, Twin Cities bike trail system, Minnehaha Avenue shops, retail, dining, and the Mississippi River.

The MN46’s apartment units will range from 390 – 410 square foot studios, 420 – 650 square foot one bedrooms, and 760 – 905 square foot two-bedrooms. Apartment finishes will be top-of-market. Building amenities will include a fifth-floor community room with fireplace and patio, bike lobby, package room and covered parking.

“Located near some of the best parks, lakes and riverside trails in the Twin Cities, as well as transit options just steps away, we feel this location is a fantastic blend of the built environment and the natural,” said Stuart Ackerberg, Chief Executive Officer of ACKERBERG. “We love urban real estate, and this project couldn’t be a better fit. We are excited to provide a community-oriented project that will benefit both the residents and the neighborhood alike. Michael Pink of Left Lane Corporation, and Sean Sweeney, of Hayes Harlow, had the perfect vision for this site, and we are excited to partner with them on this journey.”

“We were attracted to this site for its fantastic proximity to both the 46th Street Blue Line light rail station and Minnehaha Falls. A short one block walk to each, and across the street from the first new urban-format Cub Foods,” said Sean Sweeney, Founder of Hayes Harlow. “We continue to remain very bullish on micro-units as a niche and on the Longfellow neighborhood in general. The lack of new apartment product in the area was also a big factor in our decision to develop this site.”

“Ackerberg is one of the most prominent and well-respected developers in our market,” said Michael Pink, Founder of Left Lane Corporation. “When the opportunity presented itself to partner with them on this project, Sean and I agreed they would be a great addition. We designed and entitled a great project and having the strength of the Ackerberg team as partners adds tremendous value to the construction and lease up of the project.”

Construction of MN46 is expected to be completed in May of 2020.

The project was designed by Collage Architects and the general contractor is Yellow Tree Construction Services.

ABOUT ACKERBERG
ACKERBERG is a privately held real estate development, investment and management organization with substantial experience in designing, constructing, renovating, financing and operating commercial and residential projects. For over 50 years, the company has developed, owned and/or renovated in excess of 8 million square feet of retail, office, industrial and residential property with an estimated value of more than $4 billion. For more information, call 612-824-2100 or visit the company’s website at www.ackerberg.com.

ABOUT LEFT LANE CORP
Left Lane was formed in 2017 to engage in the development of urban infill projects that strive to enhance the pedestrian environment, fill the missing middle, and be sensitive to the neighborhoods in which they are built.

ABOUT HAYES HARLOW
Hayes Harlow was formed in 2017 to focus on the development of design-centric, boutique urban infill projects. The firm also specializes in investment and providing consulting services for developers, investment managers, REITs and other property owners.

Author

Danielle Gamble
Posted June 11, 2019

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