May 24, 2022 - Real Estate

Downtown Minneapolis condo project finally moves forward

A rendering of a condo building

A rendering of AECOM's 15-story condo project in Minneapolis. Image: AECOM via City of Minneapolis

A long-planned condo development next to the Guthrie Theater in Minneapolis is finally moving forward.

What's happening: The development team, led by Los Angeles-based AECOM, has a deal in place with the city to buy a chunk of land at 800 Washington Ave. S., where it is planning a 15-story, 284-unit condo project with space for a restaurant on the ground floor.

Why it matters: While development has remained strong in Minneapolis, almost all of the new buildings have been rentals. For-sale condos are much more rare, but provide an opportunity for people to own their property and build wealth.

  • And this project will have 30 moderately priced units — for those earning 70% of the area's median income.

Yes, but: Earlier iterations had a much more grandiose design with "pocket gardens."

Of note: AECOM beat out three other developers for rights to the land, but had trouble financing a project over the past four years.

What to watch: A subcommittee of the Minneapolis Planning Commission will review a $3.2 million land sale to AECOM on Thursday.

  • If approved, the city anticipates selling the land in late summer or early fall, with construction starting in the fall.
  • AECOM and others from the project team could not be reached for comment.

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