Opus, Greco Break Ground on Minneapolis Mixed-Use Project
- Jul 25, 2016
Minneapolis—The Opus Group and Greco LLC are teaming up on the development of a 144-unit mixed-use community in the historic Minneapolis North Loop Neighborhood. Construction has begun on the apartment and retail development.
Opus bought the former ABC Electronics site, located at 315 Seventh Ave. N. and one of the neighborhood’s last industrial sites, for $3.1 million this past January. The seller was H&E Kuretsky Family LP.
“This development will provide a true live-work-play experience for its residents with its proximity to the North Loop neighborhood as well as major transit hubs including the nearby light rail stop at Target Field Station,” Nick Murnane, senior manager, Opus Development Co. LLC, told MHN. “Recent commitments by office tenants in the area only further solidified the North Loop as one of Minneapolis’ fastest growing neighborhoods.”
Opus also completed the development of VÉLO in the North Loop neighborhood in 2014, which offers 101 apartments and 12,000 square feet of retail.
In addition to the apartments, the project will include 14,000 square feet of ground-level retail, concierge services, a fitness center, dog wash and bike storage. A second-level amenity deck will offer an outdoor pool and bar, grilling areas and a wood-burning fireplace. But that’s not all—the community’s sixth floor will also feature a rooftop terrace with grilling area, outdoor bar, fire pit, pool and views of downtown Minneapolis. Residents will also be within walking distance of breweries, restaurants and entertainment options in the neighborhood.
The project is planned for completion in late summer 2017, with Opus Development Co. LLC and Greco co-developing the projet. Opus Design Build LLC will be the design builder and Opus AE Group LLC will be the architect and structural engineer. ESG Architects will be the design architect and interiors partner. TCF Bank is the lender for the project.
The duo is also collaborating on another project in the Twin Cities market, with plans to develop the Seven Corners Gateway site in Saint Paul. The partnership received approval from the city’s housing authority in late 2014 for its proposal to build high-end apartments, retail shops and a hotel across from the Xcel Energy Center in Saint Paul.
Further details on the project have been minimal, although the city announced last July that Opus and Greco chose Carlson Rezidor Hotel Group to bring a new hotel to the Seven Corners site. Carlson Rezidor plans to bring a 150-room hotel under its new brand, Radisson RED, which is designed to appeal to Millennials, according to the release.
“The Twin Cities host a multitude of natural and built-in amenities that contribute to a very high-quality living experience,”Josh Brandsted, president of Greco Properties LLC, told MHN. “We feel this continues to attract top talent from around the country, which in turn drives a strong jobs market and this continues the need for quality living opportunities.”