(TWIN CITIES BUSINESS) St. Paul-based developer Wellington Management Inc. woke up on Thursday morning to find its under-construction, 190-unit apartment project in its Minnehaha Commons redevelopment near the intersection of Lake Street and Minnehaha Avenue in south Minneapolis had been torched and burned to the ground.
The six-story, 190-unit affordable housing project had been slated to open in the spring of 2021. A city of Minneapolis worksheet on the project listed the total development cost at approximately $37 million, including contingency and reserve funds; land and construction costs were about $30 million. The apartment project has been known as Midtown Corner.
David Wellington, executive vice president of Wellington Management, declined comment on Thursday morning.
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