The Minneapolis Public Library is expected to take a significant portion of the space in Marquette Plaza, a former Federal Reserve Bank that is being redeveloped by FRM Associates.
The central library will take about 100,000 sf -- 80,000 sf above ground and 20,000 sf below ground for storage -- for several years while its former central library complex is torn down and a new one built, says Tim Ducharme, who works in the Minneapolis office of United Properties. United Properties won the assignment to lease up the Marquette Plaza late last year. Leasing rates were not available.
FRM Associates is in the process of doubling the size of the above ground portion of the former Minneapolis Fed Bank, creating a 534,000-sf office tower. That doesn't include the 90,000-sf underground bunker that has attracted leases from such telecommunications firms as Qwest Communications, Allegiance Telecom and Cable & Wireless, who are looking for a secure site for their equipment.
The $60-million redevelopment project, now called Marquette Plaza, is expected to be ready in early 2002. The 13-story building is located between South 3rd and 4th Streets and Nicollet Mall and Marquette Avenue.
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