Vincent Real Estate Breaks Ground on New 192 Unit Apartment Development in Richfield, MN

EDEN PRAIRIE, Minn., Feb. 7, 2020 /PRNewswire-PRWeb/ -- Vincent Real Estate, a division of Eden Prairie-based Vincent Companies, has announced that pre-construction dirt work has begun on the NOVO Apartments development along the border of Edina and Richfield, MN. The NOVO Apartments will include 192 market-rate multi-family apartment units in a single five-story building sitting atop a two-level, 228 stall underground parking garage. Located at 2400 West 66th Street in Richfield - approximately a half-mile from the Southdale Center shopping mall - the residential development covers nearly 2.3 acres and will include 202,276 sq. ft. of living space. Vincent Real Estate's partners on the project are Trident Development and Broadway Investors.

The project received final city approval from the City of Richfield in late 2018. Demolition and site grading work began in December 2019, with heavy construction activity to follow in the coming months. Construction is expected to take approximately 18 months, with completion targeted for the summer of 2021. A formal groundbreaking ceremony is planned for the NOVO Apartments in the spring of 2020.

This building will be designed with a contemporary, urban look with sophisticated eye-catching characteristics and spacious floor plans. NOVO Apartments will offer a full range of studio, one-bedroom, and two-bedroom options – most with a balcony - with several unit designs which also include dens. All units come standard-equipped with washers, dryers and granite countertops.

Designed to promote a feeling of community, the NOVO Apartments building will surround a central courtyard which includes a pool, hot tub, pergola, and outdoor grills. Indoor common areas feature a community room, theater, fitness center, bike storage, and more.

"I'm as excited about this project as anything I've done over the last 26 years in this industry," said Dale Creed Francis, co-founder and Managing Partner of Vincent Real Estate and Vincent Companies. "Not only does the Richfield/Edina community need this, they deserve it. The city officials and community members have been incredible to work with. They deserve the credit for bringing this to an area that is already desirable, but about to become irresistible. Is it rewarding? Yes. Is it fun? Yes. Is it easy? No. But that's exactly why the entire team at Vincent Companies is so passionate about making NOVO Apartments something special."

"We have co-developed and partnered on over 1,000 units locally in the Twin Cities in recent years," said Ryan Litfin, co-founder and Managing Partner of Vincent Real Estate and Vincent Companies. "The NOVO Apartments is one of my favorites. The architectural thought and design that went into this building are astounding! The building creates views for the upper stories and it flows from five stories down to three. Fitting 192 units on this site while maintaining a cohesive living environment that blends with the surroundings was a challenge. Facing challenges and effectively working with the team to overcome those challenges is one of the things I love the most about what we do. We do it with passion or we don't do at all. The NOVO Apartments is a great example of overcoming challenges and bringing this dynamic apartment to life."

The NOVO Apartments marks several milestones for Vincent Real Estate. The company is proud to be taking on its second-largest apartment building in terms of units to date, and their first 5-story building. It will also be the second the company has developed with an outdoor pool. This is the first time Vincent Real Estate has built a development in the city of Richfield.

For more information on NOVO Apartments, an investor prospectus, and other key information, visit Vincent Real Estate at VincentRE.com.

SOURCE Vincent Companies