Deal: Sample site: Larkspur Flats

Sample site: Larkspur Flats

Sample

Northeast Minneapolis, arts district. Former light industrial. The price works only if the cap on remediation holds.

A sample deal in the live format. Notes, documents and changes are sample records.

Stage: Sourcing; Rezone
Gate due: Dec 2026; Phase one environmental back, Counsel
Days in stage: 31; Stale, updated Oct 22
Units: 210; Ground-up
Total cost · estimated: $58.0M

Timeline

Rezone, 23 months from site control to close. Current phase: Site control.

3

2

2

6

1

4

3

2

1. Site control3 mo
Current phase
Gate
Purchase agreement executed with entitlement contingency
Owner
Counsel
2. Feasibility2 mo
Ahead
Gate
Untrended yield on cost clears the screen at the proposed count
Owner
Sponsor
3. Neighborhood and city pre-application2 mo
Ahead
Gate
Staff report favorable
Owner
Sponsor
4. Rezoning and site plan6 mo
Ahead
Gate
Council approval recorded
Owner
City
5. Appeal period1 mo
Ahead
Gate
Expired without challenge
Owner
Counsel
6. Design to permit set4 mo
Ahead
Gate
Building permit application filed
Owner
Architect
7. Permitting3 mo
Ahead
Gate
Building permit issued
Owner
City
8. Financing and closing2 mo
Ahead
Gate
Loan and equity close the same day as land
Owner
Sponsor

Today's zoning does not carry the count. The public path governs the clock. Months are the phase's illustrative default.

Tasks for Sourcing

5 of 5 closed. Stage entered Oct 7. Sample team.

Site visitDue Oct 14
Development lead
Status
Assignee
Broker callDue Oct 14
Development lead
Status
Assignee
Zoning checkDue Oct 21
AnalystGates the stage
Status
Assignee
Run the screenDue Oct 28
AnalystGates the stage
Status
Assignee
Letter of intentDue Nov 6
Legal
Status
Assignee

Name: Sample site: Larkspur Flats
Stage: Sourcing
Units: 210
Strategy: Ground-up
Zoning path: Rezone
Estimated total development cost: $58,000,000
Waiting on: Phase one environmental back
Gate due: Dec 2026
Gate owner: Counsel
Days in stage: 31
Note: Former light industrial. The price works only if the cap on remediation holds.
Working surface: None yet
Location: Northeast Minneapolis, arts district (neighborhood centroid 45.004, -93.259)