On the shores of the Mississippi River, well, almost on the shores of the Mississippi, a new 40 story residential building will begin to rise come this fall.
Developer Bob Lux, found of Alatus, confirmed Tuesday that after months of speculations of what his new project at the former Washburn McReavy site would include that it will in fact house condos.
Located at 200 Central Avenue, the 40 story tall project (essentially the height of The Carlyle across the bridge) will include 207 new condominium units. The ground floor will feature building amenities along with a new restaurant by Ryan Burnet.
Construction on the project will begin in the fall with completion expected in late fall 2017 or early 2018. Prices for units in the building will begin at $300,000 and go up to several million dollars for top floor units (which we might add have the ability to have outdoor swimming pools). Sotheby's is handeling the selling of the units which will be offered in both a modern and traditional style. The big draw will be the floor to ceiling windows with gorgeous view of Downtown Minneapolis.
A certain number of pre-sold units will not be required for construction to begin. It's a sign that developers believe the market for condominium units is strong.
And there's a lot of truth to that thought. Lux's development will only be the third condo development since the recession in 2008. Recently a few other proposals have been put forth such as a new condo development in Uptown by Graves Hospitality and also Jim Stanton's The Portland Tower in Downtown Minneapolis.