United Properties has submitted new concepts of its proposed Nicollet Hotel Block tower.
The renderings, recently released in a city memo, are the latest glimpse of the high-profile project, dubbed The Gateway. The Council’s Community Development and Regulatory Services Committee is taking up a resolution Jan. 5 to approve the $10.4 million sale of the city-owned Nicollet Hotel Block parcel on the north end of Nicollet Mall.
Bloomington-based developer United Properties is proposing a 36-story, mixed-use tower, though it has asked for flexibility in the building’s height, according to the memo. The new concepts show that the Gateway could have three retail spaces on the street level between 3,000-5,000 square feet, along with spaces for a restaurant, bar and hotel lobby. The original plans called for a Canopy by Hilton hotel and a residential portion with up to 300 units.
The developer recently brought on Greystar, a Charleston, S.C.-based international multifamily real estate company, to lead the housing and hotel components. Greystar and United Properties will evaluate hotel partners with a decision expected early this year. United Properties had originally planned to partner with Stuart Co. and Aimbridge Hospitality.
The developer plans to integrate the tower into the skyway system via the Minneapolis Central Library and Opus Group’s proposed project, last called 365 Nicollet, at 315 Nicollet Mall. The Gateway would also include a future streetcar line, a large public plaza and underground parking.
United Properties beat out three other teams to secure exclusive negotiating rights for the 1.7-acre parcel at 3rd & Nicollet last April.
The City Council is expected to approve the land sale this month. Land use applications are expected by January 2017 and a closing is expected the following July. Construction, which is limited to 30 months, would have to begin within three months after closing.
Previous concepts of the proposed tower from United Properties