High-Rise Condo to Revitalize Elliot Park

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.

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