The Island Residences

Location

Minnetonka, Minnesota

Product Type

Residential

Timeline

Project Start: August 2014
Project Completion: November 2015

Overview

Developed by High Street Residential, The Island Residences at Carlson Center is a 174-unit, five-story, Class A residential building located in the heart of Carlson Center, a corporate office campus nestled within a secluded natural oasis of green space and bounded by water on all sides. The Island includes studio, one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom plus den, and three-bedroom units.

The site provides direct access to outdoor amenities and includes waterfront views from all sides of the building. The site is located off Carlson Parkway with direct access to I-394 and I-494. The building is positioned within the steep sloped and thick trees to preserve the natural ambiance. Apartment dwellers enjoy the trails and trees, heated underground parking, a lap pool, outdoor grills, a fire pit, a club room, a guest suite, a WiFi coffee lounge, a fitness center, and a sauna and spa room.

The site is located within minutes of Wayzata Bay and Lake Minnetonka shores, home to some of the most affluent residential neighborhoods in the state. The Island is within a five-minute drive from Ridgedale Center, a regional shopping mall anchored by Macy’s and Nordstrom.

Opportunity, Solutions & Outcomes

The Island Residences at Carlson Center project required the use of a temporary bridge to allow construction to commence while the permanent bridge was constructed. We were not allowed to cut down the existing trees on site to allow for adequate construction access around the building which left a minimal 10-to-15-foot working path. An auto-court located above the parking garage constructed to support the weight of a fire truck.

The vision for this project was to bring additional life and vitality to the unique setting of the Carlson Center campus by adding 24/7 life to the property. The Island opened its doors in November 2015 and the lease-up absorption was strong, reaching 65 percent leased by mid-summer 2016. Once stabilized that property has maintained strong occupancy.