Published: February 6, 2006
Minneapolis Star Tribune
Edition: METRO
Section: BUSINESS
Rental market improving By Susan Feyder, Star Tribune

Build-out goes on in Waconia

Plowshares Development, a Chanhassen site planning and property development firm, is proceeding with plans for its second large-scale development in Waconia.

InterLaken, a 550-acre, master-planned community, will feature about 300,000 square feet of retail space and 1,100 housing units including senior apartments, conventional apartments, townhouses and single-family houses. Plowshares said that rental rates are not yet established but that some "workforce apartments" will be offered at below-market rates. In total, InterLaken will have nine types of housing, priced from $160,000 to $600,000.

The development will be about 1 mile from Waterford, a Plowshare 523-unit master-planned community under construction. Work on InterLaken is scheduled to begin in June and will take about six years to complete.

InterLaken will encompass a significant amount of sensitive wetlands and heavily wooded areas to complement the residential and commercial development. A linear city park will be incorporated into the master plan, which features seven miles of walking trails, large open park areas for tennis courts, many public picnic areas and a large lakeside park.

Plowshares has eight active developments across the Twin Cities. In addition to InterLaken and Waterford, they include developments in Chanhassen, Burnsville, Victoria, Carver and Buffalo.