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Construction has begun on the next phase of the Cannery Square project in Sherwood.

This phase, which involves building a 101-unit, high-end apartment complex called the Residences at Cannery Square, is the first privately financed aspect of the project. The complex, to be comprised of two buildings, is a joint venture between Premium Property USA, Inc. and Capstone Partners LLC.

Both of the buildings will have a 鈥渂outique hotel鈥� style design and will feature bike storage, a fitness center and a large entertainment room, said Chris Nelson, a principal at Capstone.

The Cannery Square project has been in the works since 2004, when the city of Sherwood purchased an old fruit cannery site downtown to develop into retail, housing and public space. Since then, a 12,000-square-foot plaza has been built.

The complex is expected to be completed in fall 2013 and has been designed to capitalize on the national trend toward town center mixed-use development, Nelson said.

After the complex is built, Capstone plans to develop around 21,000 square feet of commercial space on the site.