Another hotel development is planned for Downtown Minneapolis on the 300 block of Second Avenue South in a historic 110 year old structure. TPI Hospitality released their plans recently for a 120 room Holiday Inn Express and Suites in the 71,000 square foot William E. McGee building.
The Minneapolis / St. Paul Business Journal broke news of the project this past week stating that if all goes according to plan and the building can be acquired in a timely manner that construction could begin as soon as this summer with an opening in targeted for late 2015.
Plans surfaced in 2013 for a renovation of the William E. McGee building in order to renovate it into executive office space and suites. NNH Properties of Minneapolis was behind that project but unfortunately, or fortunately depending on how you look at it, the project never came to fruition.
The 8 story building includes one level of underground space and was constructed in a neo-classicism style of architecture. The renovation will include the entire building and will allow for the creation of a restaurant and bar on the first level. The hotel will feature not banquet rooms however it will feature larger guest rooms than most Holiday Inn Express and Suites hotels and that is a huge plus for Downtown Minneapolis.
Holiday Inn Express and Suites currently has another location in Downtown Minneapolis near the Minneapolis Convention Center. That hotel will remain open while the new hotel on Second Avenue South will simply be an additional location for the downtown market.
This is great news for Downtown Minneapolis, especially for the area surrounding the new hotel. Minneapolis has seen a surge in planned development for new hotel rooms within the past few years and especially in 2014. A new 211 Hampton Inn and Suites will soon open near Hennepin Avenue while a 126 room hotel is planned for the Jackson Building in the North Loop, a 244 room A/C by Marriott is planned for Hennepin Avenue and recently a new Canopy by Hilton hotel is planned as part of a development on the former Nicollet Hotel block. There's also a proposal for a Conrad by Hilton hotel to open in the Plymouth Hotel on Hennepin Avenue and there is still a hotel planned for a new skyscraper near the Vikings Stadium.
So what then makes the Holiday Inn Express and Suites being development on Second Avenue South so great? It'll be one of the first hotel projects in Downtown Minneapolis in quite sometime to offer hotel rooms that are at a more affordable rate. The hotel will not be listed in the luxury category as almost every new hotel development in recent years has been. This will in return offer something new to the market and something much needed in the downtown hospitality market.
Check back to The Development Tracker | Minneapolis for more of the latest in development news.