It’s one thing to put forth an ambitious proposal for a glitzy apartment tower in Downtown Minneapolis. It’s something else to line up financing, especially in this economy.
But in the case of the proposed Nicollet Residences, Opus Development Corp. has done both.
The Minnetonka-based developer confirmed this week that it has lined up necessary debt financing from a “large regional bank” it did not name for the 27-story luxury apartment complex at Nicollet Mall and S. 5th Street. The project is expected to cost about $90 million.
Opus and its affiliates will own the property and provide the equity component of the financing package, according to Dave Menke, senior vice president.
A small building on the site, the former home of Powers Department store, will be demolished within 45 days, he said, with construction beginning “immediately” after that. Construction should wrap up by the summer of 2014.
The building will feature about 250 luxury units, as well as a round-the-clock doorman and concierge service, a rooftop terrace, an outdoor fire pit and grill area, a pool, a spa, a fitness center and a yoga studio, guest suites and a dog-play area.
Janet Moore covers commercial real estate for the Star Tribune.