Igor Krivoruchko Says Current Olive Garden Site Will Be Home to 207-Unit Apartments This Fall
Igor Krivoruchko, a multi-family residential developer, says this fall, he anticipates breaking ground on a six-story, 207-unit apartment complex in St. Louis Park.
Currently, an Olive Garden is in the location at 5235 Wayzata Blvd and has been in business for 25 years. The restaurant plans to reopen in Minnetonka.
According to the Minneapolis/St. Paul Business Journal, the apartment complex will be E-shaped and have two courtyards. Work on the apartment complex is slated to continue through 2021, Igor Krivoruchko said. It will boast 207 apartments, including 66 two-bedroom apartments and 12 three-bedroom apartments. Eight of these units will be priced at rates considered affordable to tenants making 60 percent of the area median income.
In addition, a draft ordinance requires electric vehicle charging in the parking lot. Igor Krivoruchko said the multifamily real estate property will also comply with St. Louis Park’s green housing policy, creating an environmentally friendly building. According to Igor Krivoruchko, the apartment complex will also have a rooftop terrace, outdoor decks with pools and a park with a dog run, bringing outdoor communal spaces to the city.
“This apartment complex will be a huge benefit to St. Louis Park,” Igor Krivoruchko said. “It will provide housing that is luxurious and affordable in an area that is in need of additional housing solutions.”
St. Paul is the second-largest city in Minnesota by population, with a population of more than 306,000 people.
Igor Krivoruchko has been involved with real estate ventures since 1999. In 2004, after realizing the trend away from home ownership, he moved his focus solely to multi-family housing in the United States. Igor Krivoruchko targets areas with strong growth and upwardly-mobile populations, like St. Louis Park. His company builds luxury apartment communities in these cities.
Igor Krivoruchko’s company focuses on the concept, development, construction and project management of the income-producing property in the country. Igor Krivoruchko focuses on integrity, cost control and market research to create assets and cash flow for his investments. These investments benefit the communities as well, bringing jobs and housing opportunities to each city.
Igor Krivoruchko has also pioneered a new construction model by forming an in-house general contractor and awarding his team on a performance-based system.