The project consists of purchasing approximately 2.5 acres of land in downtown Alexandria, MN on the corner of 3rd Avenue and Broadway street and building a Mixed-Use facility with underground parking, 27,700 sq.ft. of Class A professional/retail space and 73 upscale apartments in a 4-story structure at the busiest intersection in the county. GoodNeighbor Properties, LLC intends to design this facility using higher quality materials and attractive design to differentiate this facility from others in the area. This will be the only facility of its type in Douglas County. When completed, the facility will have a total of 73 – 1 and 2 bedroom apartments geared towards 55 and older, 6 professional service/retail spaces and a 90 seat restaurant.
GoodNeighbor Properties, LLC will be the Managing Member. Along with its members they will own approximately 30% of project investment units. The balance of the ownership units will be offered to interested qualified investors. GoodNeighbor Properties has assembled a project team including C.I. Construction, LLC, Tanek Architects, Essence Property Management. All team members have experience in this type of development. GNP engaged Viewpoint Consulting Group who completed a demand and feasibility study of the area showing adequate excess demand for this facility.
Total project cost will be approximately $ 23,000,000 including the acquisition of the land. Site improvement, building costs, FFE and all soft costs. Equity requirements can range from 25%-30% or $6M to $7M. Individual investments are priced at $1.00 per unit, with minimum investment of $50,000. Investors may be required to provide additional partial guarantees based on ownership percentage.
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