United Properties and its new project partners, JMI Realty and Greystar, unveiled a new design for the mixed-use Gateway development at Third Street and Nicollet Mall in downtown Minneapolis at a Downtown Minneapolis Neighborhood Association earlier this week.
The project is still in the concept planning stages but will soon move forward to the City of Minneapolis review and approval process, which is expected to take place during the remainder of 2016.
Changes that were unveiled include:
- The tower has expanded to 35 floors, which will result in a total building height of approximately 530 feet, including a new architectural spire.
- The approximately 164 luxury apartments will have an average size of 1,700 sq. ft.
- The top two floors will be comprised of penthouse units.
- JMI, the hotel partner, is targeting a 300-room, five-star hotel that will include meeting space, a 10,000-sq.-ft. state-of-the-art ballroom, luxury amenities and 7,500 sq. ft. for a world-class restaurant.
The Gateway development additionally incorporates street-level retail and three levels of below-grade parking for up to 575 vehicles. It will be connected to the greater Minneapolis skyway system through the Minneapolis Central Library, and is a key link between the Minneapolis Central Business District (CBD) core and the transition to the Warehouse District/North Loop across Hennepin Avenue.
JMI Realty, a national hotel developer, and Greystar, a leader in the investment, development and management of rental housing properties, are well-known firms with successful projects on both U.S. coasts.
The Gateway project team includes: United Properties, the Twin Cities leading developer; Greystar, the nation’s largest operator of apartments; JMI Realty, a national luxury hotel developer; and ESG Architects, principal design firm. The project’s general contractor will be selected in the near future.
