Two developers have announced a partnership with the city of Richfield for a 316-unit apartment project.
The $65 million project will create a development called The Chamberlain just south of the intersection of 66th Street and Richfield Parkway, bordered to the east by Cedar Avenue.
With 20 percent of the units to be set aside as affordable housing in keeping with the city’s guidelines for new projects, the redevelopment plans became official when Inland Development Partners submitted a formal land use application July 24. In the proposal, Inland is teaming for the first time with the Kraus-Anderson Development Company.
Construction is expected to start next spring, and the first units are slated to open one year later. Included in the project, 33 existing apartment units – in three buildings along Cedar Avenue – are to be renovated. During a June 19 city work session, Richfield officials voiced broad support for keeping the existing units affordable.
The project takes place along what will become an extension of Richfield Parkway, a corridor that Richfield plans to continue redeveloping in the coming years as Richfield’s east side gets remade. The parkway will run through an array of six buildings which will extend south to 68th Street. Three of those buildings will be newly constructed, and the others renovated.
The city plans to construct Richfield Parkway along the path of what is now 18th Avenue as redevelopment plans materialize southward along the corridor, although additional projects for the stretch are yet to be announced, according to a summary describing the The Chamberlain project posted on the city of Richfield’s website.
“We are looking forward for the project and The Chamberlain to move forward and provide another example of economic growth for the City of Richfield,” Richfield Community Development Director John Stark said.
Partnering with the city was vital to the project, according to Inland Development partner Kent Carlson.
“We are working closely with the City of Richfield, which is a strategic partner and has been instrumental in helping to develop the property,” Carlson said.
A public hearing on the project is tentatively scheduled for an Aug. 28 Richfield Planning Commission meeting. The proposal would get further consideration at a Sept. 26 Richfield City Council meeting.
Follow Andrew Wig on Twitter @RISunCurrent.