THE FERN SENIOR APARTMENTS
- PROJECT NAME THE FERN SENIOR APARTMENTS
- LOCATION MINNESOTA - ABD
- YEAR 2019
The site in Lauderdale is located at 1795 Eustis Street. The parcel is a 1.69 acre site that is well positioned for multifamily with its visibility to downtown Minneapolis, as well as , easy access to two major arteries in the state of Minnesota, such as Highway 94 & Highway 280.
The proposed project will consist of 114 senior affordable housing units consisting of both one and two-bedroom units. Within the City of Lauderdale, Dougherty Mortgage projects a demand of 1,414 affordable housing units needed in the area by 2019.
With this pent-up demand and a vacancy rate of 4.8% Dougherty Mortgage reports that the City of Lauderdale and surrounding Saint Paul areas have notable shortfalls of affordable senior housing units.
The proposed use of the project is senior housing, in which the target market will be hard working senior citizens residing within and outside of the city of Lauderdale.
Escalating rent levels throughout the Twin Cities continues to force hard working Minnesotan seniors into less desirable and lower quality housing options which in turn pushes the demand for this housing need in the City of Lauderdale.