Insights from Experts: Nick Murnane on Downtown Minneapolis Residential Development

Nick Murnane, Director, Real Estate Development

Years with Opus: 6 years

Project Credits:
365 Nicollet Luxury Multifamily
Oxbō Luxury Mixed-Use Development
Variant Luxury Mixed-Use Development
The Nic on Fifth®
VÉLO®

Event: MREJ’s Downtown Development Summit: Residential & Hotel Boom Panel

Key Points from the Panel

• Nick started by sharing details about our work in downtown Minneapolis. 365 Nicollet, a 369-unit luxury multifamily, mixed-use development, is currently under construction on Nicollet Mall in downtown Minneapolis. It’s a continuation of work we’ve done in downtown, and particularly on Nicollet Mall with The Nic on Fifth® and Xcel Energy @ 401 Nicollet.

• We’ve found throughout all of our work that amenities are key in these projects, and we’ve continuously improved amenities from project to project. 365 Nicollet will introduce a new level of amenities, finishes and in-unit technology.

• Nicollet Mall isn’t the only location we’re working in downtown. We’re currently finishing one project in the North Loop—Variant—with two more projects currently in the entitlement phase.

• Nick shared insights into the boom in residential development, saying that there’s still a long runway for development. The move to urban living is the trend across the country, so there’s space for well-executed and well-located projects.

• While we’re not currently developing projects with condos, we do have a history of developing them downtown with The Carlyle and Grant Park. Recent legislation in Minnesota will help spur development, and we’ll continue to evaluate each project we develop to determine if it’s right for condos. However, we’re not currently developing condo projects.