Trammell Crow has bought a 1.89-acre parcel and will build a six-story luxury apartment building that will replace Tryg’s Restaurant and an adjacent parking lot in the Uptown neighborhood of Minneapolis.
The 164-unit project is being developed by High Street Residential, a subsidiary of Trammell Crow Co., and has received all necessary entitlements. Construction on the mixed-use building is expected to start this spring and will include a 5,000-square-foot restaurant that will be owned and operated by the current Tryg’s owner. The restaurant concept and name will be different, though.
“The former Tryg’s site provides access to a combination of retail and recreational amenities offering future residents luxury living, coupled with convenience and efficiency, that will cater to multiple rental segments,” said Johnny Carlson, senior vice president of Trammell Crow’s Midwest business unit.
The 3118 W. Lake project, named after its address, is in what’s known as the West Lake Corridor and is next to the Midtown Greenway.
Carlson and his team have several other projects underway in the Twin Cities metro, including the Island Residences at Carlson Center, with 174 luxury apartments planned, in Minnetonka. The company recently completed a sprawling commercial building in Roseville and the Arcata, a 165-unit luxury apartment building in Golden Valley. Late last year, the company completed and sold Junction Flats, a 182-unit luxury apartment project in Minneapolis’ North Loop neighborhood.
The Uptown project was first pitched more than a year ago, and was originally proposed as an 11-story building. Some neighbors objected, saying that it was too tall, out of scale for the neighborhood and would cast shadows on the nearby greenway, a paved recreational trail that runs behind the new building.
It’s also at least the second luxury apartment building in the city to replace a popular restaurant. A developer plans to replace the Nye’s Polonaise Room across the river from downtown Minneapolis with a 30-story apartment tower.
The project comes in the wake of intense rental housing development in the area. Over the past couple years several hundred apartments have been built, creating increasing competition among buildings. Still, the average vacancy rate in southwest Minneapolis, which includes Uptown, was 2 percent at the end of 2014. That was down slightly from the previous year, according to Marquette Advisors.
The 3118 W. Lake project will include studio, alcove, one-bedroom, two-bedroom, two-bedroom plus a den and three-bedroom apartments. ESG Architects is the project architect, and it’s being built by a joint venture between Continuum Construction and Big-D Construction.