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Nörsq Companies is proposing a new construction, 170-unit single family rental housing community in the Northwest corner of Inver Grove Heights, MN (Population of 35,801) and less than a half mile to the Eagan, MN (Population 68,885) border. Inver Grove Heights is a city highly regarded for its great schools, park systems, retail, and close proximity to major employers. More specifically, young families are seeking communities like Inver Grove Heights to start families however, America is currently grappling with the widest housing cost gap for owning vs. renting a home on record since the federal government started tracking in 1954. The average house payment for a newly purchased home in Q3 2023 was 57% more expensive than the average monthly rental, the widest cost gap on record. With record high single family home prices in the for-sale market, coupled with low inventory and high mortgage interest rates, this project seeks to provide the same benefits of homeownership, including larger living spaces, personal 2-car garage, and outdoor patio space without the headaches, upkeep and expense of homeownership.
The project will include high-quality construction with an engaging Scandinavian design that compliments the adjacent buildings while creating its own unique identity. The site will include stainless steel appliances and LVT flooring. The townhomes will include 2 BD/2BA and 3 BD/3BA units. Amenities will include a dog park, walking trails throughout the site, pool, fitness center in the clubhouse, and kid's play area in the clubhouse.
The site has excellent access to Interstate Highway 494 providing convenient travel to Minneapolis/St. Paul International airport (6.6 miles), Mall of America (7.4 Miles), and downtown Minneapolis (16 miles). Closer to home, this site is very close to retail, recreation, and employment. Notably, the project is just down the street from the 200 acre Viking Lakes mixed use development (1.5 miles), Target (1.9 miles), Ecolab professional offices, Clifton Larson Allen’s new 40,000 SF office space, and numerous regional retailers less than a two mile radius away.
Property Stats
Property Stats
366,209 Gross Building sq. ft.
170 units + Clubhouse
$63 million
Construction Start - Estimated Spring 2025
Completion - Late fall 2026
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