MINNEAPOLIS-Opus Development Corp. has announced plans to build a new 33-story apartment tower downtown for $108 million. The$108 million property, temporarily dubbed Nicollet Residences, will be constructed atop a six-story parking garage at a vacant lot at the corner of Nicollet Mall and South Fifth Street.
The company will meet with the city Planning Commission Committee of the Whole at 4:30 p.m. today to discuss the project. Tom Lund, an Opus VP, tells GlobeSt.com that the meeting is a formality. “We’re in good shape as far as zoning,” he says.
He says the property, formerly owned by Opus Northwest, was the site of the Powers Department Store that burned down more than 20 years ago. Opus Northwest had planned an office building on the site, but that plan never materialized, Lund says.
The site is much better for apartments, he says. “The rental market is absolutely on fire downtown,” Lund says. “”We’re seeing some new development, but still the vacancy rate is at historic lows and the rents are at historic highs.”
There are two other apartment towers proposed for downtown, including the Chicago-based Magellan Development Group’s plans for a 36-story, $100 million tower at 1368 LaSalle Ave. and a mixed-use project by Ryan Cos. on Hennepin Ave. Lund says the Nicollet site should see construction start in spring 2012 and be complete by fall 2013.
This Nicollet tower is expected to have amenities such as door and concierge service, outdoor roof terrace with pool and spa, a fitness center, private theater, outdoor fire pit, guest suites, 10-foot ceilings and a dog play area. The site is across from Neiman Marcus and a light rail station. The property will also include 25,000 square feet of retail that will connect to the city’s skyway.
“This will be the first luxury apartment building in the urban core since the 1980s,” Lund says. He has had some success downtown before, including the 39-story Carlyle and 27-Story Grant Park condominium projects.
Opus Design-Build LLC will construct the building. Opus AE Group Inc. and Elness Swenson Graham Architects Inc., also based here, will collaborate on the design.
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