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MINNEAPOLIS-Opus Development Corp. is planning to develop  a six-story, 101-unit residential luxury apartment complex in the downtown area. Sentinel Management Co., a real estate investment firm, will own the complex, which will be called VÉLO, the French word for bike, as the project is near the city’s bicycle path system.

The project at 103 N. 2nd St. in the North Loop Neighborhood, will also offer 12,000 square feet of retail space on the first level. It’s also centrally located for both bicycle commuters and outdoor enthusiasts. The complex will break ground in April 2013 and is slated for completion in the spring of 2014. “VÉLO will be the ultimate hub for residents seeking a balanced lifestyle in the heart of America’s premier bike city, ” Tom Lund, Opus Vice President, says in a press release.  Opus Design-Build LLC will construct the building and Opus AE Group Inc. and Elness Swenson Graham Architects Inc. will collaborate on the design. “We are looking forward to working with Opus on developing this unique and exciting property in the heart of Minneapolis,” Luigi Bernardi, president of  Sentinel Management and Aurora Investments LLC says in the release.

VÉLO is the second luxury apartment development for Opus in the downtown area. Construction has already begun on the 26-story Nic on Fifth, with occupancy expected in the summer of 2014.

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