A new 10-story, 192-unit luxury apartment complex is expected to open in March 2013 in the western Minneapolis suburb. The Star Tribune reports the $40 million project will feature a rooftop terrace, a clubroom and a piazza recreation area.

For the first time since emerging from bankruptcy nearly three years ago, the parent company of the Star Tribune will have a majority owner, the newspaper reports. Wayzata Investment Partners, the largest minority shareholder of the media company, received approval from other shareholders to increase its ownership stake to 58.2 percent from 49.8 percent in a $4.1 million deal.

Minneapolis-based Schafer Richardson is developing the six-story, 204-unit market rate apartment building in the North Loop area of Minneapolis' Warehouse District. The Business Journal reports Minneapolis-based Kraus-Anderson Construction Co. is set to start constructing the $39 million project dubbed "Third North" on Thursday. The apartment complex is scheduled to open in December of next year.