(Nov. 1, 2021) – Real estate investment, management and development firm Timberland Partners announced today the start of construction on Paravel, the largest development project in the company’s history. The seven story, 246-unit apartment community is scheduled to open in the summer of 2023 at 8300 Commonwealth Drive, Eden Prairie, Minn., near the intersection of Interstate 494 and Highway 5.
Paravel will combine modern luxury and convenience with active, comfortable living. Each spacious apartment home will have open kitchens with modern appliances, balconies, smart technology controls, in-unit washers and dryers, walk-in closets and high ceilings. Select units will have fireplaces and soaking tubs.
The on-site amenities will include a courtyard pool, rooftop lounges and patios, outdoor kitchen and bar area, demonstration kitchen, co-working space and office lounge, game room, sport simulator, 24-hour fitness center, yoga studio, bike storage and repair center, indoor and outdoor dog park and pet spa. The property will also provide a guest suite, package storage and nearly 360 heated, underground parking spaces.
Paravel will be built in the Castle Ridge redevelopment area. This area includes the recently completed Flagstone, a senior living community by Presbyterian Homes. Construction is also set to begin on a 40,000 square foot grocery anchor, national bank and a new restaurant.
The project will be located in a thriving area of the Twin Cities, in close proximity to the Minneapolis/ St. Paul International Airport, the Mall of America and many shopping, dining and entertainment options. Several large employers in the banking, healthcare, telecommunications and medtech industries line the Interstate 494 corridor.
“This is special project for Timberland Partners, both in terms of its size and location. It’s our second new ground-up apartment project within Eden Prairie and will provide a unique brand of luxury to it residents based on its finish levels, spacious units, and unparalleled amenity package. The site is also unique, as there are no height limitations, which will allow for amazing panoramic views from the upper floors,” said Ryan Sailer, Vice President of Real Estate Development at Timberland Partners. “Timberland’s success is predicated upon successful partnerships, and Paravel is no exception. We’re privileged to enjoy a great working relationship with the City of Eden Prairie, and to collaborate on yet another project with the design team at Tushie Montgomery Architects and the construction team at Frana Companies. We look forward to welcoming our first residents in 2023.”
About Timberland Partners Minneapolis-based Timberland Partners now owns and manages a portfolio of 85 communities in 17 states for a total of more 18,500 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartners.com.
