United Properties plans to build a 240,000 square foot office building on the final parcel adjacent to the Target Field light-rail station in Minneapolis' North Loop neighborhood.
The developer announced Wednesday that it is moving forward on the 10-story building without any tenants, a sign of the company's confidence in the rebounding market and its location.
This is another stake in the booming North Loop ground for United, which shares the same owner as the Minnesota Twins team that play next door. Both the Twins and United are Pohlad Family companies.
At the corner of 6th Av. N. and 5th St. N, the project site is next to the light-rail stop that serves the Twins ballpark and is across the street from another high-profile construction project, Be The Match headquarters, that United is currently developing.
United and the Twins began working with Hennepin County in 2012 to develop the land near Target Field Station. The development arm of the Pohlad Family Company built out the Caribou Coffee earlier this year that sits below the light-rail platform and the Ford Center across the street.
This project, while still in the early stages, would bring more premium office space to the neighborhood -- something that, until recently, sorely lacked.
The news comes on the heels of another announcement for a speculative office building in the North Loop. Hines unveiled its plans last week for a seven-story building that will sit just a few blocks from United's new site.
United's project concept is for a transit-oriented building with all the amenitites office seekers are now desiring -- a roof terrace and lounge, bike storage and fitness center. Additionally, this project will have a restaurant and the ground level and offer underground executive parking.
But first, United must purchase the 0.75-acre parcel from Hennepin County. The company intends to go through the city's entitlement process in early 2015. United hopes to break ground next fall with a target completion date of late 2016.
“The development of this new project at Target Field Station builds on United Properties' previous success and ongoing commitment in the North Loop,” said Bill Katter, executive vice president, United Properties, in a statement. “This area continues to be one of the most exciting places for next-generation office space in the Twin Cities.”
Jim Montez of Cushman & Wakefield|NorthMarq, another Pohlad company, will head leasing of the office space.