Lennar Multifamily has purchased the high-profile Superior Plating site, paying $13.74 million to owners 315 1st Ave. NE.
The developer is currently planning an initial one-block development that would consist of an approximately 21-story high-rise with 278 units and 22,000 square feet of commercial space in the Nicollet Island/East Bank neighborhood. The two-block site in Northeast Minneapolis could host a second phase in the future.
“The Northeast Minneapolis neighborhood is one of the most vibrant and sought after locations for restaurants, retail and apartment living,” said Gina Dingman, president of NAI Everest, which brockered the sale. “It is terrific that Lennar was able to acquire this site to meet the demand for further development in one of Minneapolis’s most dynamic communities.”
The purchase equals about $2.5 million per acre of the 5.45-acre site.
Construction of the first phase of development is expected to begin this fall and end in the fall of 2017.