United Properties is planning to demolish the Shapco Printing building near Target Field to make way for a new $57 million eight-story office building, according to a report presented to the City Council's Community Development Committee on Tuesday.
The developer is negotiating with the Northeast-based National Marrow Donor Program to build a new home for the organization, said Brandon Champeau, an assistant vice president at United Properties, at the North Loop Neighborhood Association's Planning and Zoning Committee on Wednesday.
The project is in the early stages and the developer plans to have additional meetings with neighborhoods leaders to discuss design ideas, he said. It plans to submit a formal application to the city in July.
The current plan calls for a 250,000-square-foot office building for the National Marrow Donor Program's roughly 1,000 employees.
It would have limited parking — around 100 stalls, Champeau said. There are several parking ramps in the area and its proximity to the light-rail station is another commuting option for employees.
While a design hasn't been finalized, the goal is to create a building that would serve as "an exclamation" point for an area going through a major transformation. The developer is planning to add green space along 5th Street North and have the building be lit at street level during the evening.
The Shapco building at 524 5th St. N. is in the middle of an area seeing major redevelopment. It's across the street from Hennepin County's Interchange project — a new multimodal transit hub and community gathering space under construction next to the ballpark. It's also near Fulton Brewery, which will soon have a new 182-unit apartment building called Junction Flats as a neighbor. Another office building called the Brickford has also been proposed a block away.
United Properties has made significant investments in the North Loop with Target Field, the Ford Center redevelopment and the 701 Washington Ave. building that will soon be home to a Blue Plate restaurant/brew pub.