Local developer Alatus is in the early stages of a plan to build a new high-rise residential building at the corner of Central Avenue and 2nd Street SE.
According to documents submitted for review by the Historic Planning Commission (HPC), Alatus is considering a project with 25 to 35 stories containing 250 to 300 residential units, a “best in class” restaurant on the ground floor and a small park covering a portion of the 35,000-square-foot site.
Currently the site is home to the St. Anthony Athletic Club, a Washburn-McReavy funeral chapel and approximately 45 units of surface parking. Alatus says it has a purchase agreement in place with both the St. Anthony Athletic Club and Washburn-McReavy and hopes to close on a deal in the fourth quarter of 2014, with construction beginning shortly thereafter.
The preliminary plan submitted to the HPC has three different potential site layouts and a number of different architectural ideas, but those are subject to change after getting feedback from the HPC and surrounding neighborhood associations.
The plans didn’t specify whether the development would contain condos or rental apartments, but it appears Alatus is planning to go upscale, with a pet amenity space, concierge service, LEED certification, rooftop lounge and state-of-the-art fitness center all mentioned in the HPC documents. Representatives from Alatus will meet with the HPC on July 8.
The project needs HPC approval because it’s in the historic St. Anthony Falls District. It will also need a number of variances from the city because the property’s C2 zoning does not allow for high rise construction.
Alatus Principal Bob Lux was part of the development teams behind The Carlyle and Grant Park condo projects. His company recently broke ground on the 13-story Latitude 45 building and is also involved in the ongoing Block E renovation.
Five blocks to the north on Central, Nolan Properties Group is considering redeveloping two long-vacant buildings into 156 apartments with street level retail.