Skyscraper

40 story condo tower planned for NorthEast

Rendering of the ground floor of the new tower | ESG Architects

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.  

Image of the exterior of the tower | ESG Architects

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.

Minneapolis selects United Properties for redevelopment of Nicollet Hotel block

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.

Nicollet Hotel   (Image provided by the Hennepin County Library)

Nicollet Hotel (Image provided by the Hennepin County Library)

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. 

"The Gateway"   Image property of United Properties

"The Gateway" Image property of United Properties

"The Gateway" as viewed from Hennepin Avenue.    Image property of United Properties

"The Gateway" as viewed from Hennepin Avenue. Image property of 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.