Real estate roundup // Development at Soo Line building moves ahead

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October 22, 2012 // UPDATED 5:48 pm - December 27, 2012
By: Sarah McKenzie
Sarah McKenzie

The Soo Line building at 5th & Marquette will soon be home to high-end apartments.

Originally built for the First National Bank of Minneapolis in 1915, Michigan-based developer Village Green broke ground Oct. 10 on the Soo Line Building City Apartments — its sixth “city” branded apartment development in the Twin Cities.

The historic 19-story building will have 254 apartments once construction is completed. 

It will also feature a three-story “boutique hotel-style lobby,” a restaurant/bar, specialty market and a rooftop terrace with an indoor/outdoor pool, hot tub, grilling station, fire pit and outdoor movie theater, according to a fact sheet on the project.

Apartments will range from 450 to 1,500 square feet. No price points have been set yet for the apartments, said Jacqueline Trost, a spokeswoman for the development company. 

The apartments are expected to be ready for tenants by next summer, she said. 

“Minneapolis’ urban core is home to more than 36,000 residents, 19 Fortune 500 companies and hosts a workforce of over 160,000 people, which is why we continue to bring our luxury City brand to Minneapolis,” said Village Green CEO Jonathan Holtzman. 

The Canadian Pacific Railway moved its headquarters from the Soo Line Building to neighboring One Financial Plaza earlier this summer to make way for Village Green’s redevelopment project. 

Opus Development is also planning a luxury apartment tower a block from the Soo Line building at 4th & Nicollet near the new headquarters it’s planning to build for Xcel Energy Corp. The Nicollet Residences project will be a 27-story tower with 250 apartments. Construction is expected to be done by the summer of 2014.

Other large-scale apartment projects are underway throughout downtown, including the 222 Hennepin Apartments at Hennepin & Washington — a site formerly home to a Jaguar dealership. 

Ryan Companies and The Excelsior Group are developing the project, which will feature 286 upscale apartments when it opens in 2013. 

The development will also have a Whole Foods Market — the fifth location for the grocery chain in the Twin Cities. 

Farther north on Washington in the North Loop, Greco is converting an old warehouse into the ElseWarehouse. The development at 730 Washington Ave. N. will have 130 apartments and a new restaurant called Bear Cheese on the first floor. It will open later this year. Developers involved in the project hosted a party Oct. 13 to promote the project with live music and food samples from Bear Cheese and other neighborhood restaurants. 

Greco also recently completed work on The Copham — a former factory that has been converted into apartments at 607 Washington Ave. N. 

Another noteworthy project is planned for the river’s east bank. Plymouth-based Dominium Development is transforming the historic Pillsbury A Mill into the A-Mill Artist Lofts — 252 apartments for artists. Nearby, Doran Companies is building Mill & Main, another luxury apartment project. 

In Loring Park, Chicago-based Magellan Development has been planning a 36-story, 355-unit luxury apartment tower at 14th & LaSalle. No date has been set for a groundbreaking yet, said Brian Gordon.