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.

McGough building Hyatt hotel in Bloomington

Posted by: Janet Moore Updated: June 19, 2014 - 5:29 PM

McGough is launching a $68 million Hyatt Regency hotel project at the Bloomington Central Station mixed-use development site. A groundbreaking will be held this fall, with the new hotel opening in early 2016.

A 302-room full-service hotel will be the centerpiece of the 50-acre transit-oriented "work-live-connect-play" project neat the Metro Transit light-rail station, and positioned between the Mall of America and the Minneapolis-St. Paul International Airport. (It’s now anchored by HealthPartners’ corporate campus.)

The Hyatt hotel will cater primarily to business travelers, and operated by Texas-based Aimbridge Hospitality. The hotel will feature 17,000-square-feet of meeting and "prefunction" sapce, including an 8,250-square-foot ballroom. The hotel will also include a three-meal restaurant, a bar and lounge, an indoor pool, a fitness center, a market and coffee shop, and business center

Greg Munson, executive vice president of St. Paul-based McGough, said the firm “is excited to be able to bring to the market a hotel of the Hyatt Regency brand’s caliber that can offer unique proximity and access to major traveler landmarks, yet provide sanctuary from their hustle and bustle and complement nearby corporate and residential projects.”

Those project include the addition of a multi-family 415 apartment rental project expected to break ground about the same time as the Hyatt. About two million square feet of office space is planned, as well.

McGough is the Hyatt’s owner and builder. Financing is being provided by local trade union pension funds, advised by WhiteStar Advisors LLC, and the Bank of the Ozarks.

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