Sela pitches 243 more St. Louis Park apartments.

Byline: Matt M. Johnson

An encore Sela Investments is proposing to its new Parkway 25 apartments in St. Louis Park could bring the city an 11-story rental tower, affordable townhomes and a rehab of existing affordable housing.

St. Louis Park-based Sela wants to build four new apartment buildings totaling 223 units in the 4000 block of 31st Street West on properties the developer has purchased over the past three years. The project, named Parkway Residences would also include the rehab of three existing apartment buildings containing 24 units.

The multiphase project would rise on about 3.5 acres of property behind the 112-unit Parkway 25, which was completed last year south of the Minnetonka Boulevard and Highway 7 intersection at a cost of $32 million.

The concept for a second phase of Parkway 25 has been on the city's radar since 2015, said Jennifer Monson, a St. Louis Park city planner. City planning staff members have been in discussions with Sela since the start of this year about the specifics of the Parkway Residences plan, she said in a Monday interview.

The city will host a public neighborhood meeting about the project on Oct. 29 ahead of consideration by the Planning Commission and City Council in December or January. Construction could start next spring, Monson said.

Neither Sela, nor project architect DJR Architecture, responded immediately on Monday to requests for comment on the project. With Parkway 25 fully leased and the Southwest Light Rail line under construction nearby, the new apartments should draw tenants, according to a project description Sela submitted for one of the approvals needed for the project.

"It is expected that market demand will be supported by the project being within a half mile of both the Beltline Station and the West Lake Station on the Southwest Light Rail corridor and the success of Parkway 25," it says.

Sela's plan calls for the demolition of 12 existing buildings, including several small apartment blocks, single family homes and commercial space, according to the project description. Sela paid $6.7 million for the property, according to Hennepin County property records.

The Parkway Residences would be developed in five pieces, which are:

The 11-story tower would contain 84 apartments and would be built at the northwest corner of the site, which is generally bound by Highway 7, Inglewood Avenue, Glenhurst Avenue and 31st Street West.

A four-story, 95-unit building with two levels of underground...

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