Chicago Developer Proposes $100 Plus Million Minneapolis Apartment Tower
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Written by Antonia S. Perdomo
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Tuesday, 20 December 2011 |
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The Minneapolis apartment market is already feverish, but is it ready for a Chicago-style high-rise rental project? The Chicago-based Magellan Development Group is proposing a 36-story, 355-unit apartment tower on a site once envisioned for a condo tower.
Brian Gordon, a vice president with Magellan Development, said that the project budget would be “over $100 million.” The site is at 1368 LaSalle Ave. The site is one block east of Loring Park and about two blocks from the Hyatt Regency Minneapolis hotel at the southern edge of downtown Minneapolis. The site is currently a surface parking lot.
During the condo boom, Magellan got city approval for a 39-story, 275-condominium proposal on the site. The project joined a long list of proposed local condo developments that were never built after the condo market evaporated.
“The condo market went to crap,” Gordon said.
Gordon acknowledged that the new proposed apartment project’s scale is big for Minneapolis.
“It would be the first concrete rental building in probably 30 years. It would be high-rise, which is unusual. This will have great views and balconies and amenities,” Gordon said. “There’s a lot of proposals for stick-built apartments up there, but nothing with all the amenities that we’re proposing. We’ll have a pool, we’ll have a 24-hour doorman, fitness center, business center, movie theater and lounge.”
Concrete construction is more expensive than wood frame or “stick” construction.
“It would be a luxury apartment building -- similar to our projects that we’ve done all over Chicago,” Gordon said of the proposed tower, which does not yet have a proposed name.
Asked about monthly rental rates at the building, Gordon said: “I think we’re going to [be] pushing the top of the market.”
Magellan has not yet submitted an application to the city of Minneapolis for the project. As of Thursday evening, the project was up for discussion before the Minneapolis City Planning Commission’s Committee of the Whole. No votes are taken at the meetings, which are informal sessions that offer developers a chance to get feedback from planning commissioners.
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Last Updated ( Tuesday, 20 December 2011 )
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