Rendering from July 2014 of prospective tower by Alatus near St. Anthony Main
Minneapolis-based developer Alatus has closed on the $2 million purchase of land at the corner of Central Ave. and 2nd St. SE, just across the river from downtown Minneapolis, where it plans to build a residential tower with a restaurant and retail at street level.
The firm has presented plans to city officials for a 40-story tower with 325 units, though no final decision has been made on its size, type or when it will begin construction. Alatus has also contemplated a smaller tower of 25 to 30 stories.
Alatus hopes to submit new plans to the city within 60 days, the group's marketing chief, Carla Dunham, said Wednesday. For now, it is leasing back the property to the two businesses now on it -- Washburn-McReavy Funeral Home and the St. Anthony Athletic Club.