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MINNEAPOLIS-Developer Village Green began construction on the 175-unit Mill District City Apartments today. This $25 million project is the fifth new apartment community to recently rise in the downtown area.

“With our knowledge of today’s renter and economic cycles, we have a long-term view and we’re not waiting for the economy to recover; we’re contributing to the recovery in Minneapolis,” says Village Green CEO Jonathan Holtzman.

The five-story Mill District City Apartments will include 175 luxury units. The building is going up at the corner of Portland and Washington Avenues, adjacent to the Mississippi River. The area has seen a recent surge of activity as Echo Boomers begin to shift from suburban living to urban living. The area is becoming a “vibrant” and “dynamic” part of the city according to Village Green executives.

When so many construction projects have been put on hold in the last 12 months due to financing issues, Village Green has been able to secure the funds needed to move forward.

“Almost no one has been able to secure financing in this difficult market, but Village Green’s dedicated supporters and partners, including the City of Minneapolis, US Bank, Avgeris & Associates, Western Bank, Metropolitan Capital Bank, BKV Group and Frana Cos., and 90-year history, enabled us to achieve Mill District City Apartments,” Holtzman says.

“Under some of the most challenging economic situations, many people came together and put the extra effort in to make this project a reality,” says Minneapolis Mayor R.T. Rybak, in a release. “The perseverance of our city’s economic development staff, local lenders like US Bank and the incredible team at Village Green are showing that Minneapolis is open for business and that great things are happening in our city even during these difficult economic times.”

Village Green has been a player in the Minneapolis market since the mid-90s. Over the last five years it has built four other apartment communities in the area, including Eitel Building City Apartments, Lake Calhoun City Apartments, Loring Park City Apartments and Uptown City Apartments.

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