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Today's meeting was an interesting off-site visit to the new Loden S.V. apartment complex in Shoreview. Josh Brandsted from Greco Real Estate Development spoke with us about the history of the project. Discussions began in September of 2017 as the city looked for a way to address the commercial building that had sat there unoccupied for 7 years after Deluxe Corporation had faced downsizing. Greco had not done any business in the Shoreview/Arden Hills area before but was quickly taken with the opportunity, impressed by the plethora of local trails, parks and lakes, as well as the convenience of the location. The first phase, which includes 200 units, opened in July 2018 and is currently 95% leased. The second phase, which will be another 200 units, will be started in the fall. We were all impressed with our tour of the facility and its many amenities. Some were expected - large, lovely communal gathering areas, fitness area, screening room and underground parking. Others were a surprise - a dog washing facility, a bike room which included space and tools for bike repair, a small dog park and a pickleball court! The average age of occupants is 31 and 40% are pet owners. 65% of the units are studio/1 bedroom with the remainder being primarily 2 bedroom units. Rents range from $1,200 to $2,200 plus utilities. It appears this project is a huge success. Terry Schwerm spoke highly of Greco as a business partner and the high occupancy rate speaks to the fact that Loden is delivering what folks are looking for these days.