The Minneapolis/St. Paul Business Journal broke news yesterday of plans for a 159 unit apartment project with first floor retail. The development is to built on a surface parking lot currently sandwiched between the Federal Reserve Building and Ryan Companies' 222 Hennepin apartment project.
Designed by Minneapolis based ESG Architects, the new boutique apartment complex will stand six stories tall. Within the main building there will be 159 market-rate apartments with rents a little over $2 per square foot with retail being located on the first floor of the building at the intersection of each block. In addition to the main building 11 three story town homes will also be construction on the opposite side of the ramp on First Avenue North.
Shorenstein Properties already owns the site parking lot along with the large parking ramp next door. The plan is to capitalize on all the available parking by including resident parking for the within the adjacent ramp. Developers also plan to construction 46 parking stalls on the first level of the project.
If all goes according to plan regarding approval from the city of Minneapolis shovels could hit the ground in Spring 2016 with an opening one year later in Spring 2017.