Corner Lot, a Jacksonville-based privately owned real estate development firm, is expanding with its first out-of-state project.
The company is building the Lofts of Novotny in Baxter, Minnesota. The three-story multifamily structure has 64 units and 33 attached and detached garages.
“When Corner Lot began to consider development opportunities outside of Florida, Central Minnesota was one of the first places we looked.” said Andy Allen, Corner Lot CEO, in a news release.
“That part of the country is near and dear to my family, and we spend a large part of our summers in the region. People are drawn to a lifestyle of outdoor activities, and Crow Wing County has so much to offer.”
In 2019 a study found that in the next 15 years the Baxter area will need more than 4,500 residential units to meet the demands of year-round residents.
“The development will not only provide housing to support the existing and growing commercial area, but it will also provide an example for additional residential development that will follow,” said Brad Chapulis, Baxter city administrator, in the release.
The nearly $13 million project includes the construction of a portion of Novotny Road, which fits the city’s long-range transportation plan.
There are studio, one- and two-bedroom apartments. Most will include balconies and patios.
They are furnished with energy efficient appliances, walk-in closets and washers and dryers.
There will be a fitness room, community space and walking trail that connects to local businesses.
The project will include climate-controlled storage and bike locker rooms for those who do not lease garage space.
The project is expected to be completed this year.
First National Bank is financing the project. Miller Architects and Builders is the contractor and architect.
INH properties will manage the development when completed.