Sherman Associates plans to break ground next summer on a mixed-use development on the entire block between 9th and 10th avenues south & Washington Avenue South and 2nd Street South, city documents say.
According to the city memo:
Sherman has not finalized a development proposal. It will include a minimum of 150 condos and 10,000 square feet of commercial space, under the terms of a city agreement.
Initial sketches posted on a city Web site show a tentative footprint with more than 56,000 square feet of commercial space.
Sherman has negotiated an agreement to buy the Precision Powerhouse property, 911 S. 2nd St. The Hennepin County Regional Rail Authority (HCRRA) owns the remainder of the block, known as Parcel F.
HCRRA cannot sell directly to private entities. The City Council's Community Development Committee voted to act as a pass-through for the $2.5 million land sale. The Committee also voted to authorize staff to work on a redevelopment contract with Sherman.
The project will not require public subsidies.
The Council was expected to approve the deal July 22, after Skyway News went to press.
Sherman's Project Manager Brian Gorecki told the Minneapolis-St. Paul Business Journal in May that the development would have 200 condo units and between 24,000 and 70,000 square feet of commercial space, with a likely street-level restaurant and a patchwork of modern facades including corrugated metal. While refusing further comment last week, he said the May figures and details remained "in the ballpark."