The site of a long-vacant Walmart store in St. Anthony will soon be replaced by nearly 500 rental apartments.

Twin Cities developer Kelly Doran said last week that he has secured a $49 million loan from Bremer Bank to build the project, which will take the place of the now-demolished big-box store he helped develop several years earlier.

“I was involved in developing the building [the Walmart store], and now we’re demolishing it,” said Doran. “That doesn’t happen every day.”

The nearly 11-acre project is at 3800 Silver Lake Road in the first-ring suburb adjacent to Minneapolis. It will include a pair of matching four-story buildings with 492 units that will wrap around a courtyard with an “amenity deck” that will include an outdoor swimming pool and fitness center.