Half-block project would allow the firm to redevelop additional parking lots
A developer has released redevelopment plans for Thrivent Financial’s corporate parking lot in downtown Minneapolis.
625 Development is proposing to build a mixed-use building combining a 750-space parking ramp and 87 apartments, according to preliminary plans submitted to the City Planning Commission Committee of the Whole for its Aug. 30 meeting.
The approximately seven-and-a-half-story building would replace the surface parking lot behind Thrivent’s 17-story headquarters on the block bordered by 4th and 5th avenues and 6th and 7th streets.
The building would feature 4,700 square feet of retail space on the corner of 6th & 5th. The units would be comprised of 17 studios, 51 one-bedroom apartments and 19 two-bedroom apartments. Ten street-level units would have walk-up entry.
Residents would have a 4,000-square-foot office and amenity space on the skyway level, a pet exercise area on the fourth floor and an outdoor terrace on the sixth floor.
The project will allow Thrivent to free up its other surface parking lots, including the full-block East Lot — the lot immediately over Fifth Avenue South — and the quarter-block Smith Lot kitty-corner from the site, for redevelopment.
“With the emergence of the East Town district, there are opportunities to fill this large gap in the urban fabric with a mixed-use environment that will expand and benefit from all that Downtown has to offer…” the developer notes in the plans.