X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MINNEAPOLIS-After winning city approvals and buying the land this summer, Apex Asset Management of Minneapolis is getting ready to develop Towers on Elliot Park, a 338-unit mixed-use housing and retail project.

The project will cover an entire city block on 10th Street and Portland Avenue in the Elliot Park neighborhood near downtown Minneapolis, a site formerly occupied by Northland Electric.

The $60-million project will include a 27-story high-rise tower with 291 condominium units, and two smaller units, respectively, says Tom Dillon, senior project manager for Apex.

The project will also have 8,000 sf in retail space, which will be oriented to serving the neighborhood with a small bank, coffee shop, or dry cleaner. The condo units will range from $130,000 to $280,000 each.

“It seems like a lot of Midwestern downtowns are growing,” Dillon says. “Young people just out of college and empty nesters, are looking to live Downtown.”

Apex is about to hire a real estate broker to pre-sell the units and is finalizing the details on its financing. The land has been cleared with the help of about $6 million in tax increment financing through the Minneapolis Community Development Agency.

Once an elegant neighborhood filled with Victorian homes, crime and drugs have plagued Elliot Park in recent years. But residents there have worked with the city to turn the area around.

_______________________________________________

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.