MINNEAPOLIS—The Twin Cities’ unemployment rate has sunk to the lowest in the nation, and developers have launched luxury multifamily projects across the region to accommodate all of its job-seekers. High Street Residential, a subsidiary of Trammell Crow Co., has just acquired a 1.89-acre site for the construction of a 164-unit, six-story, class A residential mixed-use building in Minneapolis’ Lake Calhoun District. Company officials say they expect to begin construction in the second quarter and move tenants in by the third quarter of 2016.

The new development will sit in the Uptown area at 3118 W. Lake St., just 2.5 miles from downtown Minneapolis and next to the Minneapolis Greenway. Residents will be able to walk or bike to Lake Calhoun, Lake of the Isles, as well as downtown.

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