Apartment demand has been on the rise and jumped to new highs in the first quarter of 2022, according to RealPage. So, it’s no surprise that there’s also been a recent jump in multifamily building permits across the country. Here at Ryan, we currently have six multifamily projects totaling more than 2,000 units under construction across four states. And more is expected to start soon. Here’s a rundown of our current multifamily projects:
Fourth & Park broke ground in February 2022. Located in downtown Minneapolis, Minn. just a block west of US Bank Stadium, the 25-story apartment building is being built in partnership with Weidner Apartment Homes. It will have 350 apartments, 100 parking stalls, a sixth-floor green roof, and rooftop pool deck. There will also be electric vehicle charging stations, a car share program, and an array of public transportation options. This project marks the last phase of the Downtown East redevelopment project that started in 2014. Ryan is the developer and builder, and Ryan A+E, Inc. is the architect of record. The project is expected to be move-in ready by the first quarter of 2024.
Over in Lakewood, Colo., construction recently started on a 151-unit multifamily project in partnership with a private developer. The new 133,560-square-foot, six-story apartment building is located in an opportunity zone and will include a pool and outdoor patio gathering areas. The complex will also offer an automated vehicle parking stacker system that will allow residents to retrieve their vehicles with the touch of a key fob, eliminating the need for multiple levels of underground parking. A National Green Building Standard Silver Certification is being pursued for this project, which is scheduled for completion in late 2023.
Across Austin, Texas, we also recently kicked off three projects:
- 321 West is a world class, mixed-use multifamily and office development located in downtown Austin. The project includes 369 multifamily units, a build-to-suit retail bank branch, a 20,000 square-foot office tower for PNC, along with 120,000 square feet of additional office space for lease and 489 parking stalls.
- Blockhouse Creek Farm is a multifamily community with 347 units located in Leander, just outside of Austin. The 488,000-square-foot development will consist of two-, three-, and four-story buildings with attached garages and a mix of one-, two-, and three-bedroom units.
- The Mueller multifamily project is a community adjacent to the former airport’s iconic control tower structure. The 345-unit community includes two mid-rise, three- to five-story buildings with diverse exterior architectural elements, as well as approximately 2,500 square feet of ground floor retail space. And 15 percent of the 345 residences are reserved for Mueller’s Affordable Homes Program, available to households earning up to 60 percent of the Austin area’s median family income.
In Chula Vista, Calif., The Avalyn is expected to be completed in early 2023. The 528,000-square-foot multifamily complex will feature 480 luxury apartments including one-, two-, and three- bedroom flats; two-story lofts; live-work units and three-story town homes. There will also be 16,000 square feet of commercial space and a number of amenities including a resort-style pool and spa, clubhouse kitchen with lounge, prohibition-style speakeasy, community co-working spaces, fitness center and more.