MINNEAPOLIS—When the Opus Group began making plans several years ago to build a giant new luxury apartment building in this city's downtown core, company officials knew it was a risk. “It required very forward thinking because we had to achieve rents that had not yet been achieved,” Dave Menke, president of the locally-based Opus Development Co., LLC, tells GlobeSt.com.
As reported in GlobeSt.com, the company just completed The Nic on Fifth, a 26-story, 253-unit luxury high-rise apartment complex, the first of its kind to be built in the downtown core in decades.
Menke says that tenants are paying at least $1350 per month for the smaller apartments and up to $8000 per month for the 26 penthouse units. The first occupants moved in on September 12, and the building, located on the corner of Fifth St. and Nicollet Mall, is already 60% leased.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
