The Opus Group plans to develop the last bit of land on the northern end of Nicollet Mall in Minneapolis where it is finishing its 365 Nicollet apartments.
Opus hasn’t said exactly what it plans to build on the northern half of what is known as the Ritz Block next to its soon-to-open luxury apartment complex and across Nicollet Mall from the Minneapolis Central Library.
“With our latest high-rise mixed use apartment 365 Nicollet slated for completion later this fall, we look forward to building on this success with our next project in the area,” said Matt Rauenhorst, vice president and general manager of Opus Development Co, in a statement. “We’re in the preliminary stages of this development and will share more information as planning progresses.”
Back in 2015, Opus had suggested the second phase of what it wanted to do with the block included a 32-story residential complex or a 20-story office building.
According to a certificate of real estate value available Tuesday, Opus bought the nearly 1.5 acres for $9.5 million from OLAF, L.L.C., an entity with the same address as Opus. Opus declined to clarify the company’s affiliation with OLAF, which is managed by Keith Bednarowski, the former chief executive of Opus.