A Chicago developer proposes to build a $100 million luxury apartment high rise in downtown Minneapolis.
Magellan Development plans to transform the site at 14th Street and LaSalle near Loring Park into a 36-story complex with a 24-hour doorman, outdoor pool, movie theater and business center. Several factors made the Loring Park site attractive for a luxury apartment high rise development, Magellan Vice President Brian Gordon said.
Low vacancy rates for rentals and a strong projected job market in the Twin Cities gave Magellan the idea for an apartment tower aimed at 25 to 35-year-olds.
The site has been owned by Magellan Development for several years. The developer originally planned to build condos site. That was before the condo market declined, Gordon said.
Magellan has secured financing for the development. The developer expects to present finalized plans to the Minneapolis Planning Commission in October.
Construction of the 36-story high rise would take about a year. The apartments would probably rent at the top of the market for the area, Gordon said.
"We've had a lot of success in downtown Chicago. And there's really nothing like what we're proposing in downtown Minneapolis," Gordon said.