Business

Hot Property: Developer plans seven-story tower in downtown Mankato

For the Minnesota Star Tribune

May 11, 2018 at 1:20AM

(The Minnesota Star Tribune)

Address: 115-117 S. 2nd St., Mankato

Type: Mixed use

Size: 73,830 square feet

Height: Seven stories

Developer: Neubau Tower Inc.

Architect: ISG

Details: A proposal for a seven-story building in downtown Mankato is nearing its final hurdle after city officials earlier signed off on its design and the necessary rezonings.

The $21.9 million Eide Bailly Center is being pitched by local developer Neubau Tower Inc. as a transformative project for downtown Mankato. The underutilized site, located two blocks from the Verizon Center sports arena, now holds only a vacant single-story commercial building that would be demolished.

In April, the Mankato City Council approved the building's design by architecture firm ISG. Those plans call for a combination of office/retail/hospitality space on the main floor, offices on floors two through six and an event center on the top floor, along with a new 215-stall parking ramp.

The Eide Bailly accounting firm will be the anchor office tenant with nearly 24,000 square feet for 73 current and 17 more potential future employees. Other office users will include the Gislason & Hunter law firm, Title Resources LLC and Knutson Construction.

The council will meet again Monday for a public hearing on the developer's request for $1.9 million in tax increment financing and a City Center revitalization loan of up to $400,000. If approved, construction is expected to begin shortly thereafter.