Developer Doran is selling 5 student housing properties at U of M


Twin Cities-based developer Kelly Doran is selling off the five luxury student housing projects he's built near the Minneapolis campus of the University of Minnesota, the Business Journal reports.

Doran's firm, Doran Cos., has hired Cushman & Wakefield/NorthMarq to sell the five properties. They are:

  • The Bridges (under construction) – 210 units
  • The Knoll (2013) -– 101 units
  • The Edge on Oak (2012) – 65 units
  • 412 Lofts (2011) – 102 units
  • Sydney Hall/Dinkydome (2010) - 141 units

Combined, the properties include 619 units and 1,100 bedrooms.

The listing posted on the Cushman Wakefield/NorthMarq website has more details about each of the properties, but doesn't list an asking price.

Doran was one of the first developers to take advantage of the market for luxury student housing when he began construction of Sydney Hall in 2009, the Minnesota Daily reports. And he's built at least one new luxury housing property on campus every year since then.

But Doran has occasionally butted heads with city officials and neighborhood activists. His original plan for Sydney Hall called for a 16-story building, but after some Dinkytown advocates complained about the height, he scaled it back to 6 stories, according to the Daily.

In February, Doran scrapped a plan to build a new hotel in Dinkytown, after the Minneapolis City Council denied the permit to raze a one-story building because it may have some historic significance, the Business Journal reported. The city has ordered a study to determine whether buildings in the area are worth a historical designation.

The Minnesota Daily reports that Doran told the paper last year he intended to slow down development near the university after the Bridges project opens this September.

In its listing, Cushman & Wakefield said the demand for student housing near the U of M far outpaces supply, "as all new buildings have achieved 100 percent occupancy in recent years."

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