Hastings Housing Project Shifts From 500 Rentals to 185 Homes
A major housing development planned in Hastings, Minnesota has changed dramatically after a new developer acquired the project site and redesigned the community.
Instead of building one of the largest rental-focused developments in the region, the new proposal focuses entirely on homes for sale, reflecting changing housing demand across the Twin Cities metro area.
A 500-Unit Rental Project Gets Scrapped
The 71-acre property sits near Highway 316 and Michael Avenue, roughly 25 miles southeast of Minneapolis and St. Paul.
Originally, the site was expected to host a large multifamily development that would have included about 500 rental units spread across apartments, townhomes, and senior housing buildings.
City officials noted that if built, the development would have been one of the largest rental projects of its type in the Twin Cities region.
However, after the land changed hands earlier this month, the plan was completely redesigned.
New Plan: The Walden Community
Developer 310 Designs and Development purchased the property for approximately $5.05 million and introduced a new plan called Walden.
The updated community would include 185 homes for sale, broken down into several housing types:
• 84 single-family homes
• 65 villas
• 36 rowhomes
Early reports suggest price ranges could fall between $500,000 and $700,000, depending on the home size and style.
The shift reflects a broader trend across the Twin Cities housing market, where many developers are reconsidering large rental projects and focusing more on ownership housing.
Why the Plan Changed
According to Hastings officials, the original rental concept likely would have struggled in today’s market conditions.
Rising construction costs, shifting demand, and increasing interest in homeownership opportunities outside the core metro have all influenced development strategies.
Communities like Hastings, Woodbury, Cottage Grove, and Lake Elmo continue to see growth because they offer larger homes, quieter neighborhoods, and relatively manageable commute distances to St. Paul and Minneapolis.
For buyers priced out of closer suburbs like Edina, Minnetonka, or the western metro, outer-ring cities are becoming increasingly attractive.
What Happens Next
The developer plans to submit preliminary designs to the Hastings Planning Commission on April 27, with final approval potentially coming from the City Council on May 18.
If approved, construction on the Walden community could begin later this summer.
For buyers looking at future housing opportunities near the Twin Cities, projects like this show how quickly development plans can change based on market demand.
And for growing communities like Hastings, the shift toward homes people can actually purchase could bring a different kind of long-term neighborhood stability.
If you’re exploring homes or development opportunities around Woodbury, Afton, Stillwater, or the east metro, reach out anytime. I’m always tracking new projects and housing trends across Minnesota.
