Opus Development Corp. and Founders Properties, both based in Minnetonka, are making preparations to break ground on the first high-rise rental building in downtown Minneapolis in nearly three decades, the Star Tribune reports. The 253-unit, 26-story Nic on Fifth, located at South Fifth Street and Nicollet Mall, will be complete in the summer of 2014.

The Business Journal notes Opus secured financing for the $100 million project in August. The luxury apartment building was first announced in September 2011.

Opus Development also plans to build a nine-story office building for Xcel Energy on the corner of South Fourth Street and the Nicollet Mall in downtown Minneapolis.