Enclave Cos Acquires 11-Acre Development Site In Shoreview, MN From City For $4.89M

Enclave Companies acquired an 11-acre brownfield site located at 3377 Rice Street in Shoreview, Minnesota. The transaction occurred for a price of $4.89 million, and the site is intended for the development of “The Krew Apartments.” This project encompasses 293 units of affordable housing alongside 5,000 square feet designated for retail or restaurant space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,890,000
• Address: 3377 Rice Street
• Market: Shoreview, MN
• Acres: 11
• Buyer: Enclave Cos
• Seller: City of Shoreview

The redevelopment project is set to transform a long-vacant former public works facility into a mixed-use community that will include 59 income-restricted units and eight live/work apartments. The project is supported by a tax increment financing plan.