Finance and Commerce: Doran, Perkins Levin break ground on seven-story project

Doran Cos. and Perkins Levin broke ground Tuesday on a seven-story apartment building in northeast Minneapolis.

The complex will include 209 units ranging between studios, alcoves and one- two- and three-bedroom apartments at 125 Lowry Ave. NE. In line with the city’s inclusionary housing ordinance, about 17 units will be affordable for households at 60% area median income.

The site was previously two parcels of land at 125 Lowry Ave. NE and 2512 Second St. NE, which the developers bought in November for $2.2 million and $1 million, according to certificates of real estate value. The properties were previously valued at $560,000 and $625,000, according to Hennepin County property records last March, when the project was initially proposed. Doran Cos. declined to comment on the cost of the development.