Months of hard work from many different people culminated in the ceremonial groundbreaking of 365 Nicollet in downtown Minneapolis on Monday, October 3.
The first efforts on this project began in spring 2014. As we progressed on pre-development, we worked closely with the City of Minneapolis Planning Department, the county and downtown advocates. Through all this, the question for our development team wasn’t if we could construct another multifamily tower on Nicollet Mall but why this site. Nationally the trend toward urban living remains strong and Minneapolis is one of the city's leading the way. The success of The Nic on Fifth and other well-located and well-positioned projects is a reflection of this continued strength. The very strong trends that continue to drive demand paired with the meaningful efforts and impacts of the Downtown Council and groups like it give us the confidence that this is the right project in the right location at the right time.
When finished, the site will be transformed from a surface parking lot into a 30-story tower with 9,500 square feet of retail space split between the Nicollet Mall and Marquette Street frontages. It will feature 370 luxury apartment units with high-end finishes and amenities not yet available in the Twin Cities market. Just as The Carlyle and The Nic on Fifth® set the standard by which all other projects are compared, so too will 365 Nicollet.
I can say we’ll set a new standard because I have the confidence in the team that has guided the design and the team that will execute the construction. Opus AE Group, L.L.C., is the project designer and architect of record, and Opus Design Build, L.L.C., will construct the building. These teams excel at high-rise construction and have brought all of their knowledge and skill to bear on this building.
I’m proud of this accomplishment and excited to continue to see this project take shape!