Kraus-Anderson has set its sights on land across the street from its recently developed mixed-use block in downtown Minneapolis for another project.
The developer has proposed to build a 16-story apartment tower with approximately 330 units and a new Wells Fargo bank on half a block where there is currently a bank and parking lot on 8th Street between Portland and Park avenues.
Kraus-Anderson was scheduled to present the project at the Downtown Minneapolis Neighborhood Association meeting on Tuesday night.
Construction is expected to start next year with the building likely to open in 2021. Wells Fargo would remain open during the construction.
“Certainly we love the idea of doing more in this area,” said Jaci Obst Bell, director of development for Kraus-Anderson, in an interview.
Wells Fargo had put out a request for proposals to build out the half block that it currently owns.
In the future, Kraus-Anderson plans to own and operate the apartment complex with retail on the first floor that includes Wells Fargo.
Walkup apartments could be included on the ground floor, Obst Bell said.
Kraus Anderson has proposed three levels of underground parking with 300 stalls.
“They are the most integral component,” Obst Bell said, about Wells Fargo. “They are the current owner, and they want to stay.”
ESG Architects is designing the building with Kraus-Anderson handling the construction.
Kraus-Anderson has been very busy in recent months in the Elliot Park neighborhood with the development of its Kraus-Anderson block, including the developer’s new headquarters building, HQ Apartments, Finnegans brewery and taproom and the Elliot Park Hotel, which is slated to open Sept. 20.
East Town, which incorporates the neighborhoods of Downtown East and Elliot Park, has seen a flurry of development activity in recent years.