A recent North Loop land swap between United Properties and Greco LLC frees the two developers to pursue individual projects after their joint venture on a Washington Avenue site in Minneapolis failed.
Bloomington-based United and Minneapolis-based Greco had plans to build a 10-story residential tower and ground-floor commercial retail space on the surface parking lots at 729 and 753 Washington Av. N. But neighbors complained about the height of the tower.
United Properties President Bill Katter said the two firms severed their relationship on good terms. Apartment development, however, is outside United’s wheelhouse and the firm’s executives worried about competition with other nearby projects, including one of its own.
“We just felt the North Loop project was maybe too competitive with our Nicollet Hotel Block project,” Katter said.
Instead, United Properties plans to build a 10-story office tower on the east lot, at 729 Washington, next to another of the developer’s properties, the Loose-Wiles Building.
Greco plans to forge ahead with a residential building on the west lot next to Bunkers Music Bar & Grill, Katter said. Greco did not return a call earlier this week.
United’s new vice president of office development, Gordy Stofer, said there is a high demand in the neighborhood for office space. “Based on successes we’ve had with Ford Center and Loose-Wiles, we are planning to do another office building. Call it a sister building to Loose-Wiles,” he said, only taller.
United Properties has been considering an office development near Target Field Station for more than a year, but, “to be frank, we are getting a little bit stronger interest in the Washington Avenue site,” Stofer said.
United Properties is still developing its team and hopes to submit plans for city approvals in June or July. Stofer expects to have some leases signed before construction begins. “There are three to four tenants showing strong interest,” he said.