Living by the tracks

Living in the greater Minneapolis/St. Paul metropolitan area, I thought it would be appropriate to have my first post be about the area’s new Hiawatha Line light rail train. The Minneapolis Star-Tribune ran a story about new residential developments happening along the popular rail corridor:

Minneapolis-based Klodt Inc. recently began work on a second phase of Hiawatha Flats, an upscale project in Minneapolis along the Hiawatha Line light-rail corridor near 46th Street. The 61-unit building is expected to be completed in summer 2009, according to Vice President Lois Flannery.

The first phase, which has 163 units, was completed last summer and is about 60 percent occupied. The apartments include studios, one- and two-bedroom units and seven townhouses. Rents range from $915 to $1,880 a month, Flannery said.

Apartments in the second phase will be of similar sizes and prices, she said.

The two buildings will share amenities that include an indoor pool, cinema, exercise room and social rooms. The units feature 9-foot ceilings, laundries, ceramic baths, maple cabinets and stainless steel appliances.

Stories such as this serve to drive home the point that rather than lowering property values, rail stations can attract developers and investment to an area. Clearly this particular project is limited to luxury apartments, but hopefully this trend will illustrate that there is demand for development of suburbs and communities along existing (and planned) rail lines.

Filed under: Regional USA Passenger Rail