Shoreview’s long-idle Rice Street Crossing site is finally getting a reset. Fargo-based developer Enclave has closed on the property and plans Krew, a roughly $80 million, 293-unit mixed-income community at 3377 Rice Street near I-694. The four-story project will combine one, two and three bedroom homes with ground-floor commercial space, and Enclave says it will phase construction so some residents can move in before the full buildout is finished.
According to ConnectCRE, Enclave Construction is set to break ground on the community, with the sale pegged at about $79.9 million. The outlet reports that the developer expects full completion in June 2028 and will stage work to allow early occupancy. Amenities listed in that coverage include a pool, outdoor dog run, fitness and yoga spaces and a rooftop patio.
Project details
City records fill in more of the picture. The City of Shoreview EDA packet outlines roughly 293 apartments, including eight live/work units, along with about 5,200 square feet of end-cap retail space. It also states that 20 percent of the units, about 59 homes, will be reserved for households at 50 percent of area median income, which staff describe as one of the deepest affordable set asides the city has financially supported. City staff further report that zoning entitlements and a purchase agreement with Enclave are in place while cleanup and closing steps move forward.
Financing and cleanup
ConnectCRE also reports that Shoreview is supporting the project with a long-term tax-increment financing package, described in that coverage as a 25-year TIF. Developers and city officials have lined up state cleanup aid and other grants to remediate the brownfield parcel. City documents previously note a DEED contamination-cleanup award and discussions with the developer about adjusting grant levels to avoid prevailing-wage thresholds that would increase project costs.
Site background and timeline
The Rice Street parcel has been parked on Shoreview’s redevelopment priority list for years. The city issued a formal request for qualifications in 2022 for the 10.99-acre Rice Street Crossing site as it searched for a development partner, according to a posting on the City of Shoreview website. Regional pipeline trackers later highlighted the property as a major prospective multifamily site in 2024 to 2025, underscoring both the long lead-up to the deal and the broader redevelopment push along the I-694 corridor, according to the MMG Real Estate Advisors pipeline report.
What comes next
City materials say entitlements are authorized and the purchase agreement between Shoreview and Enclave has been executed, with steps under way to close on the land and coordinate remediation, according to the City of Shoreview EDA packet. The packet notes that sale proceeds will help the city repay an outstanding Metropolitan Council loan tied to the site, while Enclave will be responsible for cleanup costs beyond available grant funds. Enclave Construction is expected to stage work so portions of the building can open to tenants before the full project is complete.
For Shoreview, the deal trades a long-idle brownfield at a high-visibility interchange for new housing and a small slice of retail, pairing market-rate units with one of the city’s deepest affordable set asides to date. Local officials and the developer say the mix is intended to grow the tax base along the corridor while offering housing choices that range from deeply affordable to market rate.
