The prolific real estate companies are already planning a nearly 20-story residential tower
Doran Cos. and CSM Corp. announced Monday that they’ve purchased the General Mills Riverside Technical Center for $15.8 million with a plan to soon develop the nearby parking lot.
Doran, a prolific developer of student and high-end housing in the area near the University of Minnesota, and CSM, a real estate firm and the owner of the Renaissance Minneapolis Hotel, are planning a multi-family housing on less than a third of the 8.7-acre site.
General Mills will lease the Riverside Technical Center to allow them to continue using the building. The site is located along University Avenue, stretching between Fifth Ave Southeast to the west and Second Street Southeast to the east in the Marcy-Holmes neighborhood.
Principal Kelly Doran said they envision the upscale, market-rate housing project to include a tower of 18-20 stories, though it would include a combination of heights. The building could feature direct-entry townhome units and some wood-frame housing, he added.
Doran expects to submit plans to the city in the next 60 days with the possibility of breaking ground sometime later this year or early next year.
Doran is behind several other properties in the area, having developed Mill & Main, a 338-unit luxury apartment complex closer to the riverfront, and the 210-unit The Bridges at University & 10th.