Real Estate Recycling Plans Green Office Project in Downtown Minneapolis
- Apr 23, 2012
Minneapolis developer Paul Hyde, a principal with Real Estate Recycling, plans to construct a two-story office building at 1016 Marquette Ave., the Minneapolis / St. Paul Business Journal reports.
Real Estate Recycling acquired the existing 1931 single-story building from local developer Larry Abdo on April 2 for $825,000. The design of the new 10,000-square-foot building planned for the site aims to achieve LEED certification and will feature a green roof.
Larry Abdo at one point planned a 10- to 12-story office tower and afterwards a boutique hotel, but the projects were abandoned due to their size. Paul Hyde said a large tower isn’t feasible for the small site due to the fact that there isn’t much room for cranes or construction staging. Architect Jim Dayton of James Dayton Design was hired by Real Estate Recycling to come up with an affordable design for a hip, green office building.
Dayton came up with a compact design that places the building on a pedestal above a small parking deck. Located adjacent to the historic Handicraft building and with views of Peavey Plaza, the project is estimated to cost around $4 million to develop. Hyde stated he is looking at three general contractors: RJM Construction, Opus Group and Mortenson Construction. While he plans to move the headquarters of Real Estate Recycling into the new building, he also plans to select an office brokerage company to market the remaining office space. If the demand will be high enough, he could add another floor or even two to the design.
Hyde estimates he will submit his plans to the city for approval sometime this summer.