May 28, 2026

Developer taps luxury real estate firm to market 50 condos, townhomes in downtown Victoria expansion

Written by: Caitlin Anderson, Minneapolis/St. Paul Business Journal

→ View Original Article from MSP Business Journal

The developer behind a future downtown Victoria expansion have tapped a Minneapolis real estate agency that specializes in luxury properties to market the 50 high-end condominiums and townhomes planned for the project.

Excelsior-based developer Monarch Development Partners confirmed it teamed up with Prudden Co. to start taking reservations for the units, which will be in the first phase of the project, called The Reserve Victoria. The approximately 13-acre mixed-use district, intended to serve as an extension of the city’s existing downtown, will have housing, retail and public green spaces.

The Reserve site is bordered by Highway 5 to the south, County Road 11 to the west, and the 3,700-acre Carver Park Reserve to the north.

The condos and townhomes will span three buildings within the district. Each unit will have two bedrooms, a den and 2.5 bathrooms. The sizes will range from 1,450 square feet to 2,950 square feet, according to a description by Monarch.

The units will boast 10-foot ceilings, oversized windows and private outdoor spaces with overhead heaters. The price point will be reflective of a luxury product, said Peter Prudden, cofounder of Prudden Co. The development team would not disclose the exact price range.

The development team is building an on-site sales gallery for prospective buyers with a model unit. It’ll be implemented with technology to show a client views of what their future unit could look like, Prudden said. The sales gallery is expected to open in July.

Monarch hopes to begin construction on the units this fall, according to cofounder Carl Runck.

Resident amenities will include an indoor-outdoor lounge, golf simulator and wellness offerings, like a sauna, cold plunge and gym.

The condos and townhomes are part of the first phase of The Reserve Project. The rest of this initial phase includes a new walkable Main Street with retail and restaurant buildings, 80% of which are currently committed to yet-unidentified users. The Main Street restaurants and retail spaces are scheduled to open in the spring of 2027.

The phase also includes a 12,000-square-foot public plaza with a turf lawn and shaded pergola, surrounded by restaurant seating and programmed as a gathering place in all seasons.

Subsequent phases of the overall project are expected to have more housing, including condominium and multifamily apartment buildings. Monarch is in the process of pulling into the larger development site a former Dairy Queen at the intersection of Highway 5 and Victoria Drive. The site is slated to have additional public green spaces and pedestrian and bike connections, such as to the Lake Minnetonka Regional Trail.

The city, which has owned the site for decades, chose Monarch last year to lead the transformation. “In addition to the protecting the natural beauty, we sought out a developer that understood our vision to add housing options and businesses that were consistent with the character of Victoria and was willing to work with us to bring it to life,” Mayor Deb McMillan said in an emailed statement. “Monarch Development Partners not only understood the vision, but elevated it.”

Monarch has worked on projects in downtown Excelsior, downtown Waconia and Mound. It’s currently also part of a development team to redevelop Edina’s former public works site.

Monarch’s team also includes co-developer SW Group, based in Wayzata, as well as Civil Site Group, Saint Terre Architects, DJR Architecture, Confluence, The Boundary and The Musicant Group, among others. Old National Bank is serving as the retail construction lender.