Dominium Announces Plan for Two Affordable Housing Developments in Minneapolis Suburb

MINNEAPOLIS — October 16, 2018 — Dominium, a Minneapolis-based leading apartment owner, developer and manager, announced today that it is developing two affordable housing projects in Minnetonka, Minn. The Legends of Minnetonka and Preserve at Shady Oak will be the largest ever affordable housing development in the city of Minnetonka and one of the largest in the state. This project will feature renewable energy, water conservation and public improvements for the City of Minnetonka. The development will be conveniently located across the street from a planned light rail station.

This project is possible due to $8M in tax increment financing from the City of Minnetonka. The development will benefit the city by providing much-needed affordable housing, as well as public improvements. Dominium will construct a pedestrian underpass beneath Bren Road and a dynamic at-grade crossing for access to the planned future light rail station, which will be paid for by the projects’ park dedication fees. The Legends of Minnetonka and Preserve at Shady Oak include environmental features such as a solar energy system on all rooftops, a storm water system that captures water to irrigate the entire site, a public art plaza and integrated trail system that will connect to a larger trail system within the Opus Center.

“The Legends of Minnetonka and Preserve at Shady Oak would not have been possible without the great support and partnership from the City of Minnetonka,” said Vice President and Project Partner Ryan Lunderby of Dominium. “This project is one of the largest in the state of Minnesota and will provide much-need affordable housing for families and seniors with household incomes of 60 percent of the area median income or less in Minnetonka and the surrounding region.”

The Legends of Minnetonka will provide 262 units of affordable, independent senior living. Residents of The Legends of Minnetonka will benefit from, a club room, a fitness center with free classes, a card and craft room, a theater, a salon, storage lockers, scheduled free transportation, underground parking, multiple elevators, and walking trails and easy access to the future light-rail. Each unit at The Legends of Minnetonka will be complete with a private deck and in-unit washers and dryers.

Preserve at Shady Oak will provide 220 units of affordable housing for individuals and families. Amenities at The Preserve at Shady Oak include, three outdoor and one indoor playground areas, a club room, a swimming pool, a bike café, a fitness center, underground parking, storage lockers, outdoor plaza areas, multiple elevators, and walking trails along with easy access to the light-rail and employment. The Preserve at Shady Oak will also be equipped with in-unit washers and dryers and decks and patios.