Roers Companies made headlines with the recent purchase of Fridley shopping center property, Moon Plaza, which will be redeveloped for affordable housing. This exciting project caught the attention of both Finance & Commerce and the Minneapolis/St. Paul Business Journal who covered the closing.

Brian Johnson of Finance & Commerce wrote:

“Less than 15 months after completing a redevelopment of the aging Holly Center strip mall in Fridley, a prolific Twin Cities apartment developer is nearing construction of a similar project elsewhere in the city.

Plymouth-based Roers Cos. closed this week on its $3.5 million acquisition of Moon Plaza, a distressed shopping center property at 6257 University Ave. NE in Fridley, according to a certificate of real estate value made public this week.”

Subscribers can read the full article here.

Caitlin Anderson, reporter for the Minneapolis/St. Paul Business Journal, shared more information about our plans “to construct a 169-unit affordable housing building, which will be called Callisto Commons. Most of the apartment units will be affordable to those making 60% of area median income (AMI), while 3% of the units will be affordable to those making 30% AMI.

Unit sizes will include one, two and three bedrooms. Each unit will have access to one underground parking stall. There will also be 98 surface parking spaces … Building amenities include a club room, fitness center, outdoor patio, grill area and kids play area.”

Subscribers can read the full article here.