Enclave Companies, a real estate development firm, has acquired a 7.06-acre land site at 6701 W. 78th St in Bloomington, Minnesota for $4.5 million with the representation of Colliers Senior Vice President Andy Heieie.
The off-market transaction was completed strategically from LTF Real Estate Company and will be transformed into a mixed-use development by Enclave Companies.
Previously home to a Lifetime Fitness facility that was demolished in 2006, the site will now feature an apartment building with five stories and 208 units as well as an independent daycare facility spanning over 11,000 square feet.
During demolition of the fitness structure, asbestos-laden debris from tennis courts had contaminated the soil. To address this environmental issue, Enclave Companies secured grants totaling $1.1 million from sources such as Minnesota Department of Employment and Economic Development for cleanup efforts.
Construction is expected to begin in August of next year after ground-breaking and remediation processes are completed within a period of approximately two years until completion.
Photo: Kaas Wilson Architects
This acquisition marks another successful venture for Enclave Companies under Colliers’ guidance and demonstrates their commitment to developing sustainable properties while addressing environmental concerns through strategic planning and partnerships with government agencies like DEED.
