Property that is slated to become a 30-story, 262-unit residential tower was sold recently to 4Marq Property LLC, an entity associated with Mortenson Development Inc. of Golden Valley. The purchase price was $4.1 million in cash, according to Hennepin County real estate records.
Work on the tower, located at 400 Marquette Ave., will begin in December.
It will be a busy area for construction. Kitty-corner to the 4Marq tower is Opus Group's $100 million, 26-story, 253-unit luxury tower, called Nic on Fifth. And when Opus completes its work on that, it will build a headquarters expansion for Xcel Energy, which is across Nicollet Mall from the tower.
Earlier this month, Opus held a topping-out ceremony for Nic on Fifth, a symbolic gesture that typically signifies the half-way point in a big construction project.
Janet Moore covers commercial real estate for the Star Tribune.