At a meeting on Monday, Nov. 26, the Golden Valley Planning Commission moved forward with plans for a new apartment building that would be constructed near Xenia Avenue and Golden Hills Drive.
The recommendation of approval for the preliminary planned unit development (PUD) is the first of four approvals needed in order for construction to begin.
If constructed, The Colonnade Apartments would be seven stories tall and have 173 apartment units and 199 parking stalls. Trammel Crow Company, the project developer, would begin building in the spring of 2013.
The apartment building would mark the completion of phase two of the Colonnade site, which currently is home to an office building. in 1988, City Planner Joe Hogeboom said that proposals for a hotel came forward for the current space.
In 2007, Hogeboom mentioned that proposals for an office building were entertained, though those plans dropped when the demand for office buildings decreased.
An amendment to the current PUD site would allow for the construction of the apartment complex.
Grady Hamilton, principal with Trammel Crow Company, said he was excited at the prospect of building in Golden Valley. The Colonnade would have a contemporary look, an enclosed courtyard, pool and cabanas, a club and a fitness room.
"Our ambition is to appeal to a broad base of renters," Hamilton said. "This would appeal to someone who wants to sell their home and live a more maintenance-free lifestyle."
Hamilton said the rental competition for this project would come from St. Louis Park, not Golden Valley. The average size unit would go for $1,400 to $1,500 a month, according to Hamilton.
"This is a hot area," Director of Planning and Development Mark Grimes said. "You have large businesses right in that area. We're pretty confident that this is going to succeed."
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