The first phase of construction on the Cora Apartments complex officially began on Tuesday morning with the demolition of two houses located on Dakota Street, directly east of Prior Lake City Hall.
The $32 million structure is expected to be completed in 2026 and will include 105 market-rate apartments, a street-front restaurant with rooftop deck, an outdoor deck for tenants and underground parking.
Original project plans were presented and approved by the Prior Lake City Council in 2022 based on an application presented by Prior Lake B Squared Ventures, LLC. Construction never commenced and the developer, The Beard Group, later joined forces with Northland Real Estate Group and TE Miller Development in resurrecting plans for the building.
Several plan amendments were approved by the council at its Nov. 12 meeting, as was use of tax increment financing to assist with funding of the project.
