Three sizable apartment projects in Minneapolis recently marked milestones. Here’s a look:
Builders this week set the highest beam on 365 Nicollet, a 30-story tower being developed by the Opus Group at 3rd Street and Nicollet Mall in downtown Minneapolis. The moment came just a few weeks after completion of the renovation of Nicollet Mall.
Matt Rauenhorst, vice president for Opus Development Group, said construction is on schedule to be finished next summer.
The building will have 369 units, and its ground floor will have 9,500 square feet of commercial space. Rauenhorst said Opus just started pursuing retail and commercial tenants. “We want it to work well with the new mall and be an amenity to residents,” he said. “We’re optimistic about the north end of Nicollet Mall.”
Rauenhorst said the apartments, especially the two-bedroom units, will be a little larger than what’s standard these days. He said the building will also be equipped with some technology that doesn’t yet exist in the Twin Cities apartment market. But he declined to say exactly what that is.
Rents haven’t been set, but he said they’ll be competitive with Nic on Fifth, which fetches $2.70 to $2.90 per square foot and is one of the most expensive apartment buildings downtown.
365 Nicollet is across the street from Nic on Fifth, which Opus completed in 2014 and later sold to another company. Nic on Fifth has been at 95 percent occupancy for two years.
Separately, RJM Construction and Riverdale Ventures topped off the 17-story Legacy Lofts condominium project at 1240 2nd St. in the Mill District on the downtown side of the Mississippi River. With a permit value of $123.4 million, the project is the largest construction by value in Minneapolis this year.
Jim Stanton of Shamrock Cos. of Coon Rapids broke ground on Legacy Lofts in October 2016. But when Stanton died in June, he was seeking a construction loan. Shamrock’s corporate counsel, Lynn Leegard, brought Provident Real Estate Partners on board to provide permanent construction financing.
Luke Kleckner, a sales agent marketing the project, said that occupancy is scheduled for fall 2018 and that more than 100 of the 374 units have been sold.
Finally, Minneapolis-based M.A. Mortenson Co. is ready to start construction on its long-planned 333 Hennepin apartment project in northeast Minneapolis. A bank that once occupied that corner has already been relocated and rebuilt. A groundbreaking ceremony is scheduled for Dec. 15.
The latest update from the company is that the tower will have 26 stories with 283 high-end rental units, and completion is planned for late 2019.
That project is just a block from Nordhaus, a 20-story apartment tower at 315 1st Av. NE that was developed by Lennar Multifamily. The 278-unit building opened in August.