MINNEAPOLIS—High Street Residential, a subsidiary of Trammell Crow Company, and its joint venture partner Principal Real Estate Investors have just acquired a 13-acre island at the heart of the Carlson Center, one of the top office complexes in this region, and plan to construct a 174-unit, five-story, class A residential building on the suburban Minnetonka site. Called the Island Residences at Carlson Center, residents will have the opportunity to live within a secluded oasis of green space bounded by water on all sides. The partners expect to begin construction in the third quarter and welcome new tenants by the fourth quarter of 2015.

“We’ve been very active in the multifamily sector and identified this west suburban metro area as an area of opportunity,” Grady Hamilton, principal with Trammell’s Midwest business unit, tells GlobeSt.com. Although the Twin Cities area in general has become one of the most active real estate markets in the US, out in Minnetonka “there hasn’t been a lot of development over the past 20 years. There is not a lot of competition.”

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