A city of Minneapolis committee approved sale of the Guthrie Liner Parcel on Washington Avenue S. to Mortenson Development for $3.8 million.
The Golden Valley-based developer is planning a nine-story building anchored by a Hyatt Centric hotel, a new brand from the hospitality chain. The ground floor is slated to have a public restaurant and bar. Mortenson will lease the top floor and outdoor terrace to the American Academy of Neurology, which has offices next door.
The total project is expected to cost $49.4 million. According to the city’s land sale document, the hotel operator will have parking rights in the adjacent Riverfront Ramp, which the city owns, that will be used by restaurant and hotel guests. The terms are not to interfere with prior rights granted to the Guthrie Theater, city documents say.
If the City Council approves the land deal, the sale is expected to close in six months.
Mortenson said the project should take 15 months to construct and expects it to be open before the 2018 Super Bowl in Minneapolis.