MINNEAPOLIS—The Twin Cities' skyline is about to get yet another change, as the luxury apartment market continues to expand. The Opus Group is set to begin a 30-story multifamily and retail development in the heart of downtown Minneapolis, located at 365 Nicollet Ave.

City officials say the project supports their goal to double the downtown population by 2025, driving business vitality and cultural renewal in the area, particularly the north end of Nicollet Mall. Opus has played a significant role in the evolution of this area, having recently completed two major projects on adjacent blocks – The Nic on Fifth^® and Xcel Energy's headquarters at 401 Nicollet. The Minneapolis-based company will begin construction on the new high-rise in early October.

“This project sets a new standard for luxury living in downtown, and we're thrilled to add yet another Opus structure to the iconic Minneapolis skyline,” says Matt Rauenhorst, vice president, real estate development, Opus Development Co., LLC. “Opus is proud to continue playing a significant role in the transformation of the north end of Nicollet Mall. We're committed to Minneapolis' vision for growth, and our redevelopment of this site is further demonstration of our commitment and the strength of the market.”

As reported in GlobeSt.com, the company has been active in the neighborhoods adjacent to downtown and across the region. It recently finished VÉLO, a luxury apartment building in the North Loop area. And Opus just started construction on a six-story, U-shaped apartment and retail development on W. Seventh St. in downtown St. Paul that will feature 191 units.

Developers have added more than 13,000 multifamily units to the Twin Cities region since 2013, according to a report published late last year by Minneapolis-based NAI Everest. Vacancy rates in the Twin Cities averaged just 2.3%, the researchers found. The non-downtown St. Paul submarket had, at 1.4%, the lowest rate in the region. Downtown Minneapolis vacancy rates averaged 6.4% and downtown St. Paul rates averaged 2.8%.

Located between S. Third St. and S. Fourth St., the new Opus high-rise will feature 9,500 square feet of retail space on the ground level and 369 apartment units. Floor plans will range from alcove units to three-bedroom options, including 36 penthouse suites.

The building will include indoor and outdoor spaces featuring a bike lounge with repair station and seating areas, sauna and steam room, and a sixth floor amenity deck including a yoga room, hot tub, pool and outdoor cabanas, among other offerings. Additionally, the building will be designed to meet LEED certification.

Situated directly across the street from the Minneapolis Central Library, the building will share a sidewalk with Nicollet Mall. The development will also be connected to downtown Minneapolis' public skyway system.

Opus Development Co., LLC and Opus Design Build, LLC will be the project's developer and design-builder, respectively. Opus AE Group, LLC is the architect and structural engineer of record. Opus plans to complete the project in summer 2018.

Instant Insights /

Twin Cities Getting New Luxury High-Rise and Retail

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