Kraus-Anderson helps fill void in tight Twin Cities housing market

The construction firm Kraus-Anderson has been active in the multifamily sector in its home market of Minneapolis-St. Paul, having engaged six such residential projects in the past decade. Its latest completion is The Larking, a $100 million 16-story tower located in Minneapolis’ East Town district.

The 400,714-sf Larking, which ESG Architects designed and Kimley Horn engineered, is a mixed-use development with 341 market-rate apartments and seven penthouses, as well as a one-story Wells Fargo bank branch, 9,100 sf of street-level retail, and three levels of underground parking.

The building is targeting urban professionals with 35 floor plans—from a 402-sf micro apartment leasing for $1,430 per month to a 1,214-sf two-bed two-bath apartment leasing for $3,370, according to its website. Its design features floor-to-ceiling windows, wide-plank flooring, and exposed concrete ceilings and columns. Contributing to its live-work-play environment are a Sky Lounge, pool deck with 360-degree views of downtown, fitness and wellness center, sauna, golf simulator, pet spa, work-from-home suites, conference room, a catwalk library and community table seating, and “creation center.”

Kraus-Anderson provided development and construction services, and is The Larking’s landlord. “We feel The Larking will enhance downtown by bringing new neighbors and commercial offerings to the Elliot Park neighborhood and adding vibrancy to the overall downtown community,” Erica Arne, director of development for Kraus-Anderson, told Twin Cities Business.

Another of Kraus-Anderson’s multifamily projects, MODA at Raymond, a $44 million six-story building in St. Paul with 220 apartments, is scheduled to be completed this summer with 40-plus floor plans available. Ironically, to make way for this construction, a U.S. Bank branch that occupied the property had to come down.