– MSP Business Journal
The Minnesota Supreme Court has rejected a challenge to a planned condominium tower by Alatus, clearing the way for the developer to begin construction on the 40-story building overlooking the Mississippi River and downtown Minneapolis.
The tower project, at the site of the former Washburn-McReavy Funeral Home at 200 Central Ave., has been in the planning stages for years, but has recently faced repeated legal challenges from neighborhood groups who said Alatus’ project was too tall for the St. Anthony Falls Historic District. A lawsuit aimed at the city’s approval of the tower was previously rejected by a lower court, and the Supreme Court petition was the last option for opponents of the development.
“We are delighted to begin construction on this project,” said Alatus founder Bob Lux in a statement. Alatus will announce the official name of the tower Oct. 4 and likely begin construction next spring.
But some details are known already – The project will cost nearly $170 million and have 214 units ranging from $350,000 for a one-bedroom on the second floor to $4 million for one of the four top-level units.
Parking on the first four floors will be lined with amenities and retail on the first floor, and residential units on the second, third and four floors. A rooftop amenity deck will go above the parking podium.
Since Alatus first began eyeing the Central Avenue site in 2015, several other residential towers have been built or announced in the neighborhood from developers such as Mortenson, Lennar Multifamily and CSM/Doran Cos. But those projects are all for rentals; condominium towers are a lot rarer.
There are some condo projects across the river: Shamrock Development’s 374-unit Legacy in the Mill District, and a recently announced 41-story condo tower from Ryan Cos. US Inc. and Arcadia LLC, called Eleven.
By: Mark Reilly
Date: August 9, 2018
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