Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

N.Y. firm buys downtown Mpls. site for 30-story apartment tower

Posted by: Janet Moore Updated: June 5, 2014 - 5:05 PM

A New York firm has purchased a site off Marquette Av. S. in downtown Minneapolis that is slated for a 30-story apartment tower, according to Hennepin County property records.

The LLC, called 400 Marquette Property Owner, purchased the site for $4.1 million, according to a certificate of real estate value filed Thursday afternoon. The seller was 4Marq Property LLC, an entity associated with Golden Valley-based Mortenson Development, which plans to develop a tower on the site.

Located at the corner of Marquette and 4th St., Mortenson plans to build a 262-unit residential tower.

The remaining portion of the block will also be home to the $100 million 253-unit Nic on Fifth apartment tower, which will open later this summer, as well as an expansion of Xcel Energy's Nicollet Mall headquarters. These two projects are being developed by Minnetonka-based Opus Group.


 

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