United Properties and Greco are exploring a joint-venture in the North Loop that would create up to 10-stories of apartments, parking, a restaurant, and a public park for the burgeoning neighborhood.
The mixed-used project would be built on two adjacent surface parking lots between The Freehouse and Bunker's Music Bar & Grill. Minneapolis-based Greco LLC currently owns the parking lot at 729 Washington Ave. next to The Freehouse while Bloomington-based United is looking to buy 753 Washington Ave. next to Bunker's. The latter parcel is currently owned by Holden Properties LLC and is valued at $1.04 million, according to Hennepin County property tax records.
"We are presently in the early stages of exploring the idea of a mixed-use project with Greco," said Bill Katter, executive vice president of United, in a statement. "As we presently envision it, the redevelopment plan would include up to 10 stories of space for apartments, a restaurant, parking and a neighborhood park that would connect Washington Avenue to Third Avenue."
United has been involved in a number of recent development projects in the North Loop and adjacent neighborhoods. The developer recently won the City of Minneapolis' competitive process to buy and develop the Nicollet Hotel Block that connects the central business district with the North Loop. United is currently building a $60-million new headquarters for Be The Match, a nonprofit for bone marrow and umbilical-cord blood transplantation, near Target Field. The company also announced last fall that it plans to build a speculative, or tenantless, office building next to Target Field Station.
Greco has been active in the multi-family sector throughout the city. Its North Loop projects include ElseWarehouse, The Copham and Second Street Lofts.