The Star Tribune is selling a one-acre parcel in the heart of the Minneapolis Warehouse District to a partnership that plans to build a six-story building with 138 apartments. That partnership includes veteran apartment developer, Curt Gunsbury of Solhem Cos and TE Miller Development.
Terms weren't disclosed, but Steve Yaeger, the Star Tribune's director of marketing and communication, said that the deal is expected to close by the end of the year. The parcel in play is part of a 3.38-acre site that's directly across from the Star Tribune's Heritage printing facility, which is currently being used as employee parking. Long before the Star Tribune acquired the property in 1984, it had been used by the railroad as a staging area for train cars that were being repaired.
The Star Tribune owns several pieces of land, including several parcels that are adjacent to the yet-to-be-built Vikings Stadium.