Finance & Commerce –
With property in hand and designs in motion, Minneapolis-based Alatus LLC is contemplating a 2016 construction start for its planned residential tower in the St. Anthony Main area of Minneapolis.
Alatus founder and principal Bob Lux said plans are moving along for the project, which could create up to 325 dwelling units in a new tower overlooking the Mississippi River at 200 Central Ave. SE in the St. Anthony Main area.
“We will be in to the city within the next 60 days. We are working on the design now. … If we can break ground in 2016 — that would be great,” Lux said in an interview last week.
Alatus filed preliminary plans for the residential tower in summer 2014. Initial plans called for up to 280 units in a 30-story building, but were later changed to 325 units and 40 stories.
The number of floors still hasn’t been set in stone.
“That is the double-secret question,” said Don Kohlenberger, an owner’s representative for the project. “We know it’s going to be [at least] 35, but we don’t know if it can go higher.”
The project team is also working on plans related to massing, footprint, project cost and other issues, Kohlenberger said.
Kohlenberger said it hasn’t been determined if the units will be apartments or condominiums. But, he added, “We are trying to make sure we can respond in either direction.”
Alatus acquired two key sites for the project earlier this year. Finance & Commerce previously reported that Alatus closed in July on the Washburn-McReavy Funeral Home at 200 Central Ave. SE and the St. Anthony Athletic Club building at 113 Second Ave. SE.
The developer paid $1.99 million for the Washburn property and $1.02 million for the St. Anthony Club building. The cash transactions closed July 1.
According to city documents, roughly 50 percent of the development site is surface parking, with space for about 45 cars. The development site has a tax assessed value of about $1 million.
Plans for the residential tower are coming together at a busy time for Alatus.
Last week, the developer threw a ceremonial grand opening party for Latitude 45, a 319-unit market rate apartment tower at 301 Washington Ave. S. in downtown Minneapolis.
Latitude 45 is about 30 percent leased, Lux said. Bloomington-based Doran Construction completed the project earlier this month.
Previously in downtown Minneapolis, Alatus had a hand in the 27-story, 331-unit Grant Park condo tower at 500 Grant St. E., and the 39-story, 255-unit Carlyle at 100 Third Ave. S.
At Thursday’s Latitude 45 event, Lux sounded optimistic about his latest residential tower proposal.
“It will be a very specialized deal once again. … I think it will be very well received in the market,” he said.
By: Brian Johnson
Date: Sept 28, 2015 3:23 pm CST
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