Roers Cos. buys Fridley strip mall for affordable housing redevelopment

Roers Cos. has purchased a Fridley strip mall as part of a plan to redevelop the 3.65-acre site for affordable housing.

The Plymouth-based developer, through an LLC, bought the Moon Plaza Shopping Center property, located at 6257 University Ave. NE., last week for $3.5 million, according to an electronic certificate of real estate value filing. The property sold just prior to a Fridley City Council vote Monday approving Roers’ planned project at the site, according to Andy Bollig, development partner at Roers.

The sellers were Plaza Developments LLC and Mary Jo and Timothy Keenan, who manage the LLC.

At the site, Roers 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.

Units 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, Bollig said. Building amenities include a club room, fitness center, outdoor patio, grill area and kids play area.

Roers is also receiving tax-increment financing (TIF) to support the project, getting approval for a $6 million TIF note, Bollig said.

Roers’ sought the redevelopment in part because its other nearby apartment project, a workforce-housing building called Axle Apartments, has been performing well, Bollig said. The site also sits along University Avenue with easy transit access, he added.

Plus, “there is such a need for affordable housing,” Bollig added. “Anywhere you can make it work is great.”

Constructed in the mid-1960s, Moon Plaza has been considered an outdated, run-down strip mall and been a source of criticism in the community, dating back to 1985, according to a city documents. Because of the condition of the property, the site has been identified as a place for redevelopment in the city’s Comprehensive Plan for over two decades, the document says.

Roers began discussions with the sellers in early 2022, city documents said. As assessed in 2023, the property had an estimated market value of $2.4 million, according to Anoka County property records.

Construction is expected to begin this fall, Bollig said.

Max Mantey, of Marcus & Millichap, represented the seller on the sale. Bloomington-based Kaas Wilson Architects is the architect on the project.


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