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Sherman Associates Inc. submitted plans to the city of Minneapolis for the redevelopment of a key property on the east side of downtown near the new Minnesota Vikings stadium.
The project includes rehabbing three buildings and constructing a seven-story apartment building with 181 units and a grocery store on the ground level.
Sherman is only seeking approvals for the new building. Project manager Tony Kuechle said the redevelopment of the other buildings will follow in about two months.
The new building would be on the corner of Washington Avenue and Chicago Avenue South. The Old Spaghetti Factory building next door would be rehabbed and the restaurant will stay, according to the plans. Sherman’s offices are on the second floor.
Two other buildings on the Park Avenue and Third Street corner of the site would be also be rehabbed for a hotel and office space. Kuechle said Sherman is finalizing an agreement with a hotel brand, and that will likely dictate how many rooms the hotel will have — somewhere between 100 and 150.
Sherman previously said the project would include a skyway connection to the parking ramp going up next to the Vikings stadium, but that’s not in the most recent plans. Kuechle said timing of the two project doesn’t match up.
“We ultimately felt that we don’t need the skyway connection, given that the skyway will be available across Third Street,” Kuechle said.
The grocery store has been rumored to be a Trader Joe’s, but the developer would not comment on potential tenants. However, the drawings show a 10,600-square-foot grocery store separated from a 1,750-square-foot beer and wine store, which fits the Trader Joe store model.
The apartments are a mix of studios, one- and two-bedroom units and will rent somewhere in the low $2-per-square foot range, Kuechle said.
“We see demand generators with Wells Fargo moving in and with other people having a desire to live near the new stadium,” he said.
Plans call for 275 underground parking spaces and 80 spaces at street level.
The total cost of the new construction is about $50 million. The pricetag on the rest of the project will vary depending on the hotel brand, Kuechle said.