Vibrant Living Possible in Roseville Today
27 Jun 2022
Roseville has long been lauded as a great community in the northern metropolitan area between Minneapolis and St. Paul. Residents enjoy the suburban living with proximity to the downtown areas of each city. Quiet neighborhoods close to retail and commercial centers have been a draw for years. Those seeking rental options in the area have had limited options, however. That is until recently, though, as the first market-rate development in 35 years opened recently in Roseville - The Isaac.
Located less than a mile north of Rosedale Mall amidst the Twin Lakes Area, The Isaac has been met with considerable success, reinforcing the theory the city could support such a project and pointing toward similar future endeavors. The developer, Reuter Walton, has found similar projects take nine to twelve months to fill.
“Occupancy in The Isaac was filled in half that time, which speaks to the demand and that the community has received the project incredibly well,” said Paul Keenan, Vice President of Development with Reuter Walton.
Reuter Walton was confident Roseville would support a market-rate development. Its research before the project indicated the number of Roseville households with income greater than $100,000 increased by more than 40% in the previous twelve years.
“At the time, Roseville had approximately 33,000 residents and was growing, without upsize or multi-family housing options, so we felt it could support a project like The Isaac,” said Nick Walton, Reuter Walton President and CEO.
Project design began in 2019 and incorporated many sustainable features, like a rooftop structure designed for future photovoltaics like solar panels, water-intensive plantings for stormwater management, Energy Star appliances and LED energy-efficient lighting throughout the building. Groundbreaking began in 2020, an extremely uncertain timeline for similar projects due to the COVID-19 pandemic. But The Isaac opened in December 2021, filled to capacity.
“We certainly had a lot of internal conversations about the timing of the project, but we believed very strongly that the community needed and would support it,” said Keenan.
The Isaac was Reuter Walton’s 32nd project, mainly in Minnesota. Its focus on well-designed and well-built projects results in a vibrant Twin Cities lifestyle without urban hassles, highlighted throughout the amenities in the 127-unit property. The Isaac has a pool, grill station, fenced-in dog park and rooftop deck with views of Minneapolis and St. paul. Inside, there is a yoga room, workout facility, reading library and two spas - one for humans and one for pets. The group made design adjustments mid-construction to reflect the pandemic, like adding work-from-home space.
The Isaac is positioned in a perfect location for residents to take advantage of the region’s amenities. The downtown hubs of Minneapolis and St. Paul are easily accessed within minutes via several modes of transportation. At the same time, Rosedale Center and the surrounding retail establishments offer endless shopping, dining and entertainment options. But the nearby outdoor recreation is the highlight for those seeking residency at The Isaac, said Keenan.
“We knew tenants value the local outdoor amenities so much that we contributed financing towards connecting the property to the trail system in the Twin Lakes area,” he said. “It is easy to get out into nature from the property.“
Walton indicated the City’s creativity to help complete the project was extraordinary, from procuring Tax Increment Financing (TIF) for the project to the funding available to help with soil removal and cleanup due to the property’s prior usage as a storage lot for shipping vehicles. Another unique feature of the project was that the property includes a private business, Tareen Dermatology.
“The city recognized the opportunity for needed housing and helping an individual business,” said Walton. “The City worked extremely hard to make it work for all involved.”
City personnel was fantastic to work with as well, said Walton.
“Everyone from the City Council to the individual departments care a lot about growing Roseville and providing for its residents,” he said.
Eye on the future
As it closes in on forty projects, Reuter Walton has a positive outlook for future development in Roseville with the success of The Isaac project.
“We are looking for more opportunities in Roseville and look forward to getting into the market as they present themselves,” said Walton.
The Roseville Economic Development Authority (REDA) coordinates and administers economic development and redevelopment initiatives for the City of Roseville, MN. It serves as a comprehensive resource for businesses seeking to startup and grow in the area. In addition to prioritizing business retention and expansion, the REDA connects area employers with the dedicated and talented workforce they need to succeed and thrive.