MINNEAPOLIS-With financing in hand, Opus Development Corp. and JV partner Founders Properties LLC have announced the intent to break ground on a 253-unit, high-end multifamily property. Dubbed The Nic on Fifth, the project will begin offering units to the public by mid-2014.

The Nic on Fifth is located at the corner of Nicollet Mall and 5^th Street in downtown Minneapolis. The luxury development will be also adjacent to the recently announced new Xcel Energy building. The 26-story luxury apartment building will be the first new high-rise residential rental building in downtown Minneapolis in nearly 30 years and will be the first high-rise apartment project designed to achieve LEED certification and feature high-end, condo level finishes and amenities.

“The Nic on Fifth will bring a new level of luxury apartment living to downtown Minneapolis and establish a new benchmark for those seeking high-end luxury high-rise living," said Tom Lund, vice president, real estate development at Opus Development Corp. in a press release. "The combination of extensive amenities, a light rail station, skyway connectivity, restaurants and retail will be very attractive to residents looking for luxury high-rise living.”

Opus Design Build LLC will construct the multifamily property. Opus AE Group Inc. and Elness Swenson Graham Architects Inc., based in Minneapolis, will collaborate on the design. SunTrust Bank, headquartered in Atlanta, GA, is providing financing.