Third phase of Mill Pond II apartments progresses

With 60 apartment units occupied, developer Ed Kaeding begins final two phases

 

The third phase of the Mill Pond II apartment complex in Forest Lake broke ground in July and could be ready for occupants by late next spring. (Photo by Cliff Buchan)

Cliff Buchan
Staff Writer

Two down and two more to go. That’s where apartment developer Ed Kaeding stands with his Mill Pond II housing project.

Kaeding completed the second building in the first phase of his Mill Pond II project earlier this summer. In July workers began constructing the third 30-unit, three-story apartment building. It is on track for completion late next spring.

Kaeding Properties or Kason, Inc. could begin work on the fourth phase of the complex sometime next year.

It’s been a good two years for Kaeding, a builder in Forest Lake since 1988.

“We were full the day we opened,” Kaeding said of the first 60 units of Mill Pond II. “The demand is definitely here in Forest Lake.”

Mill Pond II is defined as a workforce family housing complex offering affordable rental rates for its two-bedroom and three-bedroom units, said Doug Borglund, the city’s community development director.

Borglund said Mill Pond II fits nicely in the city’s goals for housing. “This project is certainly helping with those goals,” Borglund said.

The project now under construction has market valuation of $2.7 million, Borglund said.

Project Details

The first two building of Mill Pond II are located at 525 SW 4th St. The final phase for buildings three and four is at 685 SW 4th St. The first segment is served by a private drive on a vacated SW 5th Avenue while the final phase will be served by an improved SW 7th Avenue which remains a city street.

Mill Pond II is located east of SW 4th Street and west of the Hardwood Creek Trail bike path. The apartment complex will have easy access to the trail and a small playground available to the public.

All Mill Pond II buildings will have underground parking, a spa, recreation and exercise room, outdoor patio, full laundry and cable and satellite television availability.

The apartment units range in size from 980 square feet to 1200 square feet with the average size. Base rental rates will run between $800 and $900 a month, Kaeding said.

Some 60 percent of the apartment units are classified to serve average income families.

Kaeding, a North Dakota native who moved to Minnesota in 1981 after graduating from North Dakota State University in Fargo, started his commercial building career with single-family houses and duplex units.

Mill Pond II follows the successful Mill Pond I two-building project. The first Mill Pond project is located south of the Forest Lake Fire Station on SW 4th Street and north of SW 11th Avenue with the Hardwood Creek bordering to the east.

The first 18-unit building of Mill Pond I facing SW 4th Street was built in 1998. It was followed by the 30-unit complex situated to the east with a connection via SW 9th Avenue. The second building went up in 2002.

In moving ahead with Mill Pond II, Kaeding acquired multiple properties and combined the land to house the 120 apartment units. The site in the early 1900s was the Benoy family farm property.

  • shari

    are you kidding mr borglund what is wrong with the city council having anyone build more apartments in forest lake like there is not enough of them . why do you think forest lake is called apartment row really there is people leaving your town because of all the apartments, people are very angry that the city council would keep letting mr kaeding build more cheap buildings. have any of the city council members ever went around and counted the number of apartments in your town or is it all about money. and by the way i have lived in mill pond apartments and they are by far not good buildings they are very poor construction.

  • pat

    I wonder who really wrote this story it sounds like it was done by Ed and Mike Kaeding with many details made to sound great. I lived in the 525 building and was never so glad to leave a place like that. Way to many things wrong with the building examples: cheap construction, lack of insulation in halls, floors, and between apartments, very noisy, electrical problems, cheap stove, refrigerators, and dish washers. No background checks on tenants. Many calls to the police department for many different reasons including break-ins, alarms going off for over 20 hours also had to have fire department out to make sure building safe. Borglund must not read the Peach as every week many different apartment buildings have a lot of apartments to rent. What Forest Lake really needs is more lower income apartments for seniors based on income as of right now they have waiting lists. Just look at all the Kaeding apartment buildings most of them have big red banners saying now leasing and adds in the Peach every week

  • steve johnson

    if your going to build more apartments then why not build one’s for senior’s i think there is a need for this kind of housing then more family apartments.

  • mark

    .an someone please explain why we need four more apartment buildings in forest lake , there is so many and yet our City Council continue’s to keep allowing this thanks this has made my the decision for me to move my Faimly out of here.

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