Construction to begin on luxury apartment tower in Mpls.


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.

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Luxury apartments in demand in Twin Cities

Looking to rent a place in the urban center, with all the amenities, close to shopping, gyms and a good coffee shop? Get in line. Developers are scrambling to meet demand for high-end apartment complexes in the Twin Cities. In the fourth quarter of 2011, Minneapolis issued permits to build 1,900 residential units in downtown alone, KARE 11 says.

Construction to begin on $39M North Loop project

Minneapolis-based Schafer Richardson is developing the six-story, 204-unit market rate apartment building in the North Loop area of Minneapolis' Warehouse District. The Business Journal reports Minneapolis-based Kraus-Anderson Construction Co. is set to start constructing the $39 million project dubbed "Third North" on Thursday. The apartment complex is scheduled to open in December of next year.

Opus to construct new headquarters for Xcel Energy

The proposed nine-story, 212,000-square-foot office building will be on the corner of Fourth Street and Nicollet Mall in downtown Minneapolis, across the street from Xcel's current headquarters. Minnetonka-based Opus Development Corp. plans to start construction in 2014, with occupancy expected in 2016.