A new 10 story, $70 million building complete with apartments, a restaurant, parking and even a public park on site could soon be developed in the North Loop. United Properties and Greco are in the process of planning a new development for what is currently a parking lot at 729 Washington Avenue.
This project would be another win for the North Loop district that is beginning to see a surge in development including the first condos proposed for the area in nearly a decade. Ridding the area of a parking lot would also be on track with Downtown Minneapolis' proposal to push the population to 70,000 by 2025. The way to succeeding in that goal starts with those parking lots.
Plans for the project include a 10 story residential building that would include 150 residential units. What's unique about these units is that some would be large enough to house an entire family which currently is something hard to find within the downtown area. The project would also include an 8,000 square foot restaurant on the first floor complete with a 2,000 square foot patio. It also appears that the restaurant space has been spoken for by a restauranteur but unfortunately just what is planned for the space cannot be said yet.
Designed by ESG Architects, the building is truly "warehouse" in it's aesthetics. Almost entirely clad in brick units will feature large warehouse styled windows with recessed balconies. Plans for the project include the development of a park connecting Washington Avenue and 3rd Avenue. The project also would involve the creation of a parking ramp that would be developed first with the building and park soon following.
If you're not familiar with United Properties we think you might in fact know them but just don't realize it. United Properties are the developers responsible for the new 36 story residential project that would be developed on the site of the Nicollet Hotel block that recently made quite a bit of news. They also are responsible for numerous office projects within the area along with various retail developments.
Greco Properties already has their foot in the door when it comes to the North Loop. Their projects in the area are all wildly successful and include ElseWarehouse and The Copham, along with Heritage Landing which was co-developed with Stuart Co. in 2000. If you haven't checked out their projects just click on the projects highlighted above because they are quite the stunners.
Plans for United Properties and Greco's redevelopment of 729 Washington Avenue will begin to go before the city starting next week and if all goes according to plan to project could be finished by 2017. Check back often to The Development Tracker | Minneapolis for more information on this exciting development and more.