SEdina Senior Housing
Mesaba Capital Development
Mesaba Capital Development and Health Dimension Group + Premier Management plan to develop a 100-unit senior care facility in Edina, Minnesota. The proposed building will be on the property of an existing 264-unit apartment building, undergoing a major renovation of the exterior and interior commons. The senior care facility will include independent living, assisted living, and memory care options. Health Dimensions Group + Premier Management offer industry-leading expertise in consulting and management of senior living properties. HDG + Premier understand the opportunities and challenges inherent with the aging services. Their experienced leaders create customized approaches specific to the unique needs and circumstances of the market, residents and facility. This is delivered with a commitment to their core values of hospitality, stewardship and integrity.
The development team engaged Health Dimensions Group to provide a summation of current senior living providers in the Edina, Minnesota area. The inventory reviewed demonstrated results that there are current high occupancy levels in the area with one property currently in fill up, offering high price points, and experiencing good market acceptance. The project is anticipated to lease up in less than 24 months, however the project has been underwritten to a two-year lease-up period.
Edina is a city in Hennepin County Minnesota and a first-ring suburb situated immediately southwest of downtown Minneapolis. Edina began as a small farming and milling community in the 1860s. The population was 47,941 at the 2010 census. Edina is often regarded as one of the most affluent addresses in the Twin Cities metro by locals.
Many major highways run through or are close to Edina, making it readily accessible to all within the metropolitan area. Minnesota State Highways 62 and 100 divide the City into four sections. Minnesota Highway 169 and Minnesota Highway 100 extend north and south. Interstate Highway 494 and Minnesota Highway 62 extend east and west. Minnesota Highway 7 is within three miles of the City. Interstate Highway 394 is within five miles.
Major employers in the City include Dow Water Process Solutions, Edina Public Schools, Edina Realty, Fairview Southdale Hospital, International Dairy Queen, J.C. Penney Co. — Southdale Center, Jerry’s Enterprises, Macy’s — Southdale Center and The Nash Finch Company. Edina has numerous retail shopping centers, including Southdale Center, the first climate-controlled, fully enclosed mall in the United States. Other shopping centers include Galleria, Yorktown and Centennial Lakes Plaza. The City also boasts a thriving downtown area at 50th Street and France Avenue, known simply as “50th & France.”
Continental Gardens on York is a proposed development to create a senior living campus on the front lot of the Yorktown Continental Apartments at 7151 York Avenue. The Yorktown Continental Apartments is a 12-story building of 264 one bedroom apartments for independent seniors. The site is within walking distance to the Galleria, Southdale Mall, Target, CVS, Walgreens, Cub Foods, Byerly’s, YMCA, entertainment venues, and The Hennepin County Library Government Center. Bus lines are conveniently located in front of the site on York Avenue.
Management & Operations: Health Dimensions Group + Premier Management
Contractor: Welsh Construction
Anticipated Completion: September 2015
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5201 Eden Avenue, Suite #250
Edina, MN 55436