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Mortenson buys building near its Golden Valley offices

M.A. Mortenson Co. has purchased an office building next to its Golden Valley headquarters as it looks to expand its campus.

According to an electronic certificate of real estate value that became available last week, North Wirth Associates, an affiliate of Mortenson, purchased the four-story building at 4050 Olson Memorial Hwy for $8.3 million from real estate development and property management firm Ted Glasrud Associates.  

With the new purchase, Mortenson owns all three buildings at its campus and the parking lots that come with them. Last year, the construction and development company announced it would build a larger parking ramp and new six-story office building for its growing workforce.

“We are outgrowing the current footprint at our Golden Valley campus and have been exploring expansion options at our headquarters,” said spokesman Cam Snyder, in an email. He added later, “The purchase allows for further room to grow as we continue to evaluate the expansion and site improvements previously discussed with the City of Golden Valley.”

Currently, Mortenson has about 600 employees who occupy 185,000 square feet in two buildings at its headquarters.

Ironclad hotel and residential project in Minneapolis given the go-ahead

The Ironclad mixed-use project, which includes a Marriott Moxy hotel on Washington Avenue near U.S. Bank Stadium, was given the green light by the city of Minneapolis this week.

On Tuesday, the Minneapolis planning commission approved the site plan and conditional use permit to allow for the complex. Minneapolis developer Graves Hospitality wants to redevelop the current parking lot on Chicago and Washington avenues into a few buildings.

A 148-room, eight-story hotel would include two levels of underground parking. A 171-room, 14-story apartment building will have retail space on the first floor. During a second phase, four additional stories are scheduled to be added above a two-level parking structure for 20 townhomes. Offices that had first been proposed for the development have been scrapped. There will be about 390 parking stalls in the entire project.

The name “Ironclad” refers to an iron-reinforced grain elevator that used to be on the site at the intersection of Washington and Chicago avenues.

Construction is expected to begin in the spring, said Josh Jansen of St. Paul-based Collage Architects.