Another one bites the dust...and we're talking about surface parking lots.
One of the last remaining pieces of land in the Mill District will soon have a new building rise upon it's soil. Two developers have have submitted plans to the City of Minneapolis for mixed-use developments on what is currently a surface parking lot at 205 Park Avenue.
THE FIRST PROPOSAL
Sherman Associates has submitted plans for mixed-use development designed by Minneapolis based ESG Architects.
Estimated to cost $36 million, the six story building would include 115 market rate apartments with 20% being reserved for individuals making 60 percent or less than the median income along with four for-sale townhome units.
The ground floor would include a restaurant with a separate bakery and coffee shop by local restaurant owner Kim Bartmann. The building would also include a police substation and a dog park. Running behind the building would be a pedestrian walkway connecting Washington Avenue and 2nd Street.
THE SECOND PROPOSAL
The city has also received another proposal from Grand Real Estate Advisors. Their proposal is also a six story mixed-use building that would include residential units. The difference is in the type of residential units. GREA is proposing 48-52 condo units that would be priced between $350,000 and $1.3 million.
The development would include a 3,000 square foot space for a restaurant and bakery on the first floor. Like the Sherman Associates proposal, a dog park would be included on site.
One of the major differences between the two projects is the affordable housing aspect which was one of the main requests from the city. Sherman Associates proposal would include affordable housing on site while GREA is currently in discussions with City of Lakes Community Land Trust on a way to include affordable units elsewhere in the city.
The city of Minneapolis will select a proposal and authorize a land sale at the end of the summer.