CPM plans new Marcy Holmes residential project
Plans have emerged for a new 5 story, 97 unit residential building in the Marcy Holmes neighborhood. CPM Companies is behind the new project at the intersection of 8th Street SE and 9th Avenue.
In a sense it's a new type of project for the company. CPM is no new comer to developing residential buildings as the company is responsible for numerous residential buildings in the University of Minnesota and Uptown area. Those projects include places such as the 11 story project called The Bridges at the intersection of University Avenue and I-35 and also the Edge on Oak near the intersection of Washington Avenue and Oak Street. Both projects are aimed at university students.
The "900 Apartments" is the working title shown on the renderings for CPM's newest project. It'll be a unique a project for CPM in the fact that it is not targeted strictly at college students but rather those who recently graduated and are new to the work force.
The "L" shaped building will hold 97 residential units with 105 bedrooms. Notice the difference yet? The project will consist of 73 studios, 16 one-bedrooms, and 8 two-bedrooms. It is essentially unheard of for new projects within Minneapolis to contain mostly studios however that's where CPM thinks they'll find success.
The first floor will house townhome studios and the building's residential amenities along with 37 enclosed parking spaces. Amenity spaces planned include a community room with outdoor space, exercise room, bike storage room and a rooftop deck. Floor two through five will contain apartment units, some of which will balconies and decks.
The big drawing factor to this project is the affordability of units. 69 of the 97 units will be 1 bedroom "suites". These 549 sqf units will rent for less than $1,000 a month and will give individuals who are new to the work force a nice place to calm home.
This is the first phase a two phased project CPM has planned for the site. No details have been released regarding the second phase however we can almost be certain that it includes a similar residential building.
Construction on phase one is expected to begin in Summer 2016.