– MSP Business Journal
Development firm Alatus has unveiled new renderings of the 40-story luxury tower it’s planning at 200 Central Ave. in Minneapolis.
Alatus principal Bob Lux has been working on the tower proposal since the summer of 2014. Initial renderings showed a 40-story tower with 325 units.
Minneapolis-based Alatus paid about $3 million for the development site this summer and has been tweaking the design with Minneapolis-based Elness Swenson Graham Architects since then. Construction is scheduled to start in 2016.
The latest design includes:
- Between 240 and 290 residential units
- More than 6,000 square feet of retail space on the ground floor, possibly for a high-end restaurant, a fitness studio and a cycling studio
- One level of tenant amenities including a pool, small spa, a fitness center and common space
- Three stories of underground parking and two stories of above-ground parking, with a total of 320 stalls
Alatus will decide in the next 30 to 45 days whether the residential units will be condos or apartments, Alatus Senior Develpoment Associate Chris Osmundson said.
“The decision is primarily based on capital markets and their acceptance of a luxury residential tower in Minneapolis,” Osmundson emailed. “Financing for apartment projects is efficient and generally easier to come by these days; financing for luxury condo developments is not as efficient and [more difficult to arrange.] We believe that the market will accept either offering, but we would prefer to do for-sale [condos] in this location.”
The updated renderings were included with documents submitted ahead of the Minneapolis Heritage Preservation Commission’s Oct. 27 meeting (see the agenda here).
Alatus wants permission to raze the single-story Washburn-McReavy funeral home, which was built in 1929 as the St. Anthony Commercial Club. Alatus says it’s not economically feasible to sell, move or repurpose the 8,500-square-foot building.
“The structure is located within a historic district, however the building itself has never been designated as a contributing building,” Elness Swenson Graham Architects said in its summary of the demolition request. “[Alatus] has sought to determine the merit of the building’s historic basis, and it appears that its historic merits are questionable.”
By: Sam Black
Date: Oct 20, 2015 12:12 pm CST
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