Sherman Associates Hosts the Grand Opening of Three Apartment Buildings in Fridley

Transit-oriented development includes affordable, market-rate, and active senior housing

{FRIDLEY, MINN, September 20, 2022}—Sherman Associates, Mayor Scott Lund, Councilmember Ann Bolkcom, Fridley city officials, and residents celebrated the grand opening of Altair, Aura, and Ursa; the three apartment buildings in Sherman’s transit-oriented development in Fridley, Minnesota.

Altair is a 95-unit, market-rate apartment building and is the only luxury multifamily housing development without age restrictions in Fridley. Aura is a 107-unit, market-rate, active senior apartment building for people ages 55 and over. Ursa is a 73-unit, income-restricted affordable apartment building with larger units.

“The city is the number one catalyst for us when we do developments like this. We try to find great alignment with the city... Our expertise has landed in being a strategic partner for cities and serving those cities in meaningful ways,” said Chris Sherman, president of Sherman Associates.

Sherman’s development, formerly known as Fridley Station Village, was part of a larger effort by the City of Fridley to redevelop a city-owned parking lot adjacent to the Northstar light rail station. The Fridley Station light rail stop offers residents direct access to downtown Minneapolis.

The development process for Altair, Aura, and Ursa spanned over five years from concept through completion. It required close coordination between Sherman, the City of Fridley, and its Housing and Redevelopment Authority to help implement the City’s vision to add new multifamily housing options to the community. Tax Increment Financing was utilized as a part of the financing package and the increment generated by Altair helped fund the affordable housing provided by Ursa.

As part of Sherman’s commitment to environmental sustainability, energy usage for Altair, Aura, and Ursa is partially offset by energy production from a solar garden located in Washington County.

Frana Companies was the general contractor and Kaas Wilson Architects was the architect for the three apartment buildings.

Sherman hosted a school supply drive at the grand opening to benefit Fridley Public Schools.

ALTAIR

Altair is a $22 million development delivering 95 luxury apartment homes and a vast array of amenities to the Fridley community. The four-story development includes one level of underground parking.

All units are open-concept and include granite countertops, stainless steel appliances, and kitchen tile backsplash. Each residence is fully equipped with IOTAS Smart Home Technology including smart lights, outlets, and thermostats that can be controlled anytime, from anywhere.

Building amenities include outdoor pool, club room, coworking, fitness center with private yoga studio and Fitness on Demand virtual classes, and outdoor dog park.

Altair opened in January 2021. Learn more about Altair here: https://liveataltair.com/.

AURA

Aura is a $28.4 million age-restricted (55+) market-rate development. The four-story development consists of 107 residential units and one level of underground parking.

All units are open-concept and include granite countertops, stainless steel appliances, and in-home washer and dryer.

Building amenities include a club room, game lounge, family room, two outdoor patios, indoor pool, outdoor dog park, community garden, pickleball court, 24-hour fitness center, group fitness/yoga studio, and private resident storage units.

Aura opened in May 2021. Learn more about Aura here: https://liveataura.com/.

URSA

Ursa is a $21.5 million development that delivers 73 income-restricted apartment homes to Fridley. The four-story development has one level of underground parking.

All units are open concept and include large windows with natural light, kitchen island, balcony or patio, and in-home washer and dryer. A variety of floor plans are available in 1-bedroom, 2-bedroom, and 3-bedroom units.

Building amenities include club room with billiards table, fully-equipped kitchen, multiple lounge areas, group dining and flexible workspace, 24-hour fitness center, outdoor patio, outdoor tot lot, outdoor dog park, electronic package concierge, and private resident storage.

Ursa opened in February 2022. Learn more about Ursa here: https://liveatursa.com/.


Backgrounder:

Sherman Associates
Sherman Associates (www.Sherman-Associates.com) is a growing commercial real estate development and management firm based in Minneapolis with properties throughout the Midwest, Colorado, and Florida. Sherman develops, owns, and operates its assets with a long-term vision to build neighborhoods, enrich communities, and empower people.

Sherman Associates has developed over 11,700 multifamily units and currently owns and manages over 6,600 multifamily rental units (affordable and market-rate). Sherman also owns and manages over 640,000 square feet of commercial space, five hotels, three Starbucks locations, and two solar gardens. Stay connected with Sherman on LinkedIn, Twitter, Facebook, and Instagram.