With condo inventory down throughout much of Downtown Minneapolis, an investment group is currently planning to develop a new 8-story hotel and condo building that could potentially include up to 125 luxury hotel rooms and 70 high-end condominium residences.
According to multiple reports, the investment group, which is headed by Howard Bergerud, has already acquired the building site, which is almost entirely used as a surface parking lot and located along First Street North not far from the Federal Reserve Bank of Minneapolis.
Along with the hotel rooms and condo residences, plans also involve three levels of underground parking, as well as restaurant and retail space that would mostly occupy the building’s ground level.
The reported development cost of the new hotel-condo project is approximately $67 million, and developers have already mentioned a hotel operator and restaurant have been selected, although have yet to elaborate.
Additional details about the new downtown condos have also yet to be released.