There's been another big apartment sale in Minneapolis. It's the Walkway, a luxury building in Uptown with a glass-bottom hot tub cantilevered over busy Lake Street.
Minnetonka-based Uptown Gassen sold the 90-unit building at 1320 W. Lake St. and an adjacent space that's the home of Coup d'Etat, an upscale restaurant, to JPMorgan Chase & Co., for $53.75 million, according to public records filed this week.
The apartments, which were designed by the BKV Group and built by Reuter-Walton Commercial, opened in late 2013.
The deal, which followed several record-setting downtown apartment sales to out-of-town investors, closed June 5. It was recorded as two separate transactions, including the $40.25 million apartments and the $13.5 million retail space.
The project is on the same block where CPM Development wants to build more luxury apartments to replace the Cheapo Records building at 1300 W. Lake St.
CPM presented its plans to the Lowry Hill East Neighborhood Association Zoning and Planning Committee Wednesday night.
That project would include a six-story building with 133 apartments, two levels of underground parking, 20,000 square feet of ground-floor commercial space and 5,000 square feet of mezzanine-level office space.
In March, developer Clark Gassen and his partners paid $1.68 million for a parcel at W. 43rd Street and Upton Avenue S. in Linden Hills where they plan to build a small luxury apartment building. Previously, another developer had proposed building upscale condominiums on the site long home to a Famous Dave's restaurant.
Jim Buchta
