Alatus LLC wants to build a slim, high-rise residential tower across from the convention center in downtown Minneapolis.

The firm, which separately is developing a 40-story luxury condo tower just across the Mississippi River from downtown, presented its plans Tuesday night to the Downtown Minneapolis Neighborhood Association's land use committee.

Chris Osmundson, development director for the Twin Cities-based developer, said the firm has signed a purchase agreement to buy the site, which includes a one-story brick building at 228 S. 12th St. that was the longtime home of the Church of Christ, Scientist.

Osmundson said the firm is still early in the planning process, but it would like to replace the building with a tower of at least 20 stories that could include upward of 360 rental apartments or for-sale condos.

If condos, the units would be larger and the unit count could fall; if rentals, the unit count could increase.

The tower would sit atop a wider podium that would include retail, parking and offices, and a portion of it would be wrapped with street-level housing.

Evan Ramstad, Star Tribune
Another view of the Alatus residential project looking northeast from a vantage point near where Grant and 2nd Ave curve in front of the convention center, which is on the right. The existing Hotel Ivy is on the left behind the new building.

"It's one of the few remaining sites in downtown with a direct skyway connection," he said. The goal, he said, is to add more of a "living and working population there."

The 1.2-acre site has been the subject of several redevelopment proposals, including a hotel that would serve the convention center.

The building would also have a key a skyway connection to the convention center and to other major downtown attractions.

The nearby Century Plaza building is being converted into a hotel and housing for seniors.

And a block away, at 1001 3rd Av. S., Sleep Number Corp. will soon move its headquarters into 211,000 square feet of space.

Gina Dingman, president of NAI Everest, a downtown commercial real estate brokerage, said the site is well-located and within easy walking distance to key amenities, including theaters, shopping and restaurants, and has easy access to I-35W.

"Alatus has a terrific track record of identifying solid sites, doing the necessary due diligence to determine the best use of each site and building the appropriate product," she said. "I am confident that whatever they decide to build on the site, it would be well thought-out and the highest and best use of the land."

Dingman added that, based on the performance of other housing in the area, she thinks the site is better suited to rentals than condo.

Osmundson said he hopes to close on the site within the next 45 days.

Across the Mississippi River just north of downtown, Alatus last week began demolition of a former funeral home to make way for a 40-story condo tower.

Some neighbors tried to halt the project, which is in a historic district that places limits on the height of buildings.

Jim Buchta • 612-673-7376