Construction on Mortenson’s 4Marq, a 30-story, 262-unit luxury apartment tower, began Monday at 4th & Marquette.
Mortenson, the developer and designer of the project, expects construction to be finished by the first quarter of 2016. The complex will complete the redevelopment of the 4th Street South/Marquette Avenue block in the heart of downtown Minneapolis. The tower’s address is 400 Marquette Ave. S.
Bob Solfelt, vice president and general manager at Mortenson, said the 4Marq project aligns with the Minneapolis Downtown Council’s 2025 Plan.
“Expanding the residential population of downtown to 70,000 has to start block by block,” Solfelt said in a statement Monday. “We’re excited to do our part by helping to develop a neighborhood around the Nicollet Avenue Station.”
The construction site for the tower is located on the light-rail transit line, adjacent to Nicollet Mall Station and near the Central Library.
American International Group, Inc. is a capital partner and owner of the project. New York Life Real Estate Investors, which manages approximately $36 million of real estate debt and equity investments, is providing construction and permanent financing for the project.
“We are excited to work with such well-established sponsors on this project, which allowed us to pair our technical expertise and market knowledge to provide a well-structured, long-term loan,” said John Lippmann of New York Life Real Estate.
4Marq will feature studio, one-, two- and three-bedroom units; an above-ground parking ramp; a pet washing station and dog run; in-unit laundry and commercial-sized laundry services; concierge, lounge space and commercial space; and amenity space on the 30th floor with a party room, media room, yoga studio, business center, outdoor fireplace, gas grills, and viewing deck.