The high cost of money and other market pressures have kept multifamily housing starts down in 2024, but Roers Cos. continues to stay busy with apartment projects in the Twin Cities and beyond. And there’s more construction to come, including a massive mixed-use redevelopment of the former Prudential campus in Plymouth.
Roers and Scannell Properties are teaming up on the Prudential campus project, which will bring up to 1,320 apartment units - as well as retail, medical office and a business campus - to the redevelopment site at Interstate 494 and Bass Lake Road. Roers is responsible for the housing piece.
Leaning in part on equity raised from its “friends and family” network of private investors, Roers continues to build apartments at a time when others are being cautious. Since its inception in 2012, Roers has developed roughly 13,000 housings units, company officials say.
The developer’s projects under construction include The Espen Residences in Oakdale (market-rate apartments and townhomes), The Blakeley in Shakopee (market-rate apartments), Callisto Commons in Fridley (affordable apartments), Rowe in Victoria (market-rate apartments) and Oberon in Maplewood (market-rate apartments).
In this interview, company founders Kent and Brian Roers talk about the company’s history, the Prudential redevelopment, and why they’re bullish on multifamily construction, among other topics.