Franklin Street Properties Corp., the Massachusetts-based owner of the TCF Bank Building, said Wednesday it has selected a team to redevelop the downtown Minneapolis site.

Minneapolis-based Ryan Cos. US Inc. will be the development manager and design/builder, Perkins+Will will lead the architectural design work, and CBRE Group Inc. will be the leasing agent.

The TCF Bank Building is a four-story office building located in the heart of downtown Minneapolis at the corner of 8th St. and Marquette Av. Last April, TCF Financial Corp. said it plans to move 1,150 employees from downtown Minneapolis to a campus in suburban Plymouth.

This opened the door for the spot to be redeveloped -- possibly into a new office tower.

William Friend, vice president and regional director for Franklin Street Properties said, “When we purchased the building in 2010, we saw significant untapped potential on the site. Now, with the improving downtown office market combined with TCF’s decision to relocate to the suburbs when their lease expires at the end of 2015, we believe it is an opportune time for optimizing the potential of the location. We are excited to move forward with this project and believe we have assembled the best team to bring new life to this strategic corner of downtown Minneapolis.”

Friend said multiple options are being considered for the proposed redevelopment, although a news release did not elaborate on those possibilities.

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