Minneapolis staff have recommended a $36 million six-story apartment building proposal from Sherman Associates for a surface lot in the Mill District, according to a city report.
The downtown-based developer had submitted a proposal in June for a 115-unit apartment and townhome building for the city-owned site at 205 Park Ave. S., located just a few blocks from U.S. Bank Stadium. The project would also feature a 4,800-square-foot restaurant and a 1,500-square-foot bakery from well-known restaurateur Kim Bartmann, along with an approximately 500-square-foot police substation.
The city also received a proposal from Grand Real Estate Advisors for a five- or six-story condo building with roughly 50 units, retail space and several amenities. The Downtown Minneapolis Neighborhood Association threw its support behind Grand Real Estate Advisors last month for its owner-occupied units and for its additional parking and green space.
As part of the request for proposals process, staff recommends awarding a developer exclusive negotiating rights to purchase and develop the land for six months.