Minneapolis has finally spoken about who they are recommending as the developer for the former Nicollet Hotel block in Downtown Minneapolis the MSPBJ reported today. From us here at The Development Tracker we would just like to pat Minneapolis on the back (if that is somehow possible) and say wise choice.
If you're unaware of what's going on regarding the Nicollet Hotel block (located at 30 Third South Street) don't worry as we are here to fill you in. Relax in that seat of yours and let your eyes feast on the words below.
Minneapolis put a call out last year for development proposals for the block that use to be home to the grand and iconic Nicollet Hotel. Minneapolis was looking for a new development to be constructed on arguably one of Minneapolis' most development primed sites but there was a catch as Minneapolis didn't want just anything built there. The requirement was for a development that was for sure just not going to be another six story residential project. The new development needed to be grand, iconic, and over 20 stories tall.
Four groups submitted proposals for the site. Doran Companies submitted plans for a 30 story structure that would include apartments, a hotel, offices, and retail while Mortenson proposed a 31 story structure with 273 apartments. Then there was Duval Development who submitted something truly iconic, an 80 story structure that would stand about 100 feet taller than the IDS building which is currently the state's tallest building. However Duval's proposal was taken out of the running when financially backing could not be proven. The winner of them all was the proposal put forward by United Properties.
Called "The Gateway" United Properties proposal includes a 36 story building that will include luxury apartment units, a 183 room Hilton hotel, along with restaurant and retail space on the street level and even the possibility for a charter school along with some office space on the skyway level.
Mortenson worked with Duluth based LHB Corp, StaurtCo which currently is responsible for the development of One Southdale Place in Edina, MN, Aimbridge Hospitality, and FRM associates which is based out of Minneapolis.
More details will emerge today regarding the project. City officials say United Properties proposed a project with the highest development cost along with the highest purchase price which played a large role in its recommendation of the project.
As more details emerge we will be sure have to have them right here at The Development Tracker | Minneapolis.