Nov 27, 2023 - Real Estate

North Loop office and retail tower in the works

A parking lot next to Bunkers

An office tower is planned next to Bunker's. Image: Google

A developer wants to build a $50 million office and retail tower in the North Loop.

Details: The project would replace the large surface parking lot next to Bunker's Music Bar & Grill at 753 Washington Ave. N., according to notes on a Minneapolis City Council committee agenda.

  • The building, according to the notes, would stand about 12 stories, with ground-level retail space, three levels of parking, and eight levels of office space, which would be about 144,000 square feet.

Why it matters: If Swervo Development pulls the project off, it would bust what appears to be an upcoming slump for office development in the Twin Cities, fueled by a decline in the need for office space.

Yes, but: The North Loop has become the hottest of spots for companies while downtown tries to regain its mojo. New office space is still a draw, despite vacancies in existing office buildings.

What they're saying: Nothing. Swervo chief executive Ned Abdul rarely talks to the press, even though he's one of the biggest movers and shakers in the industry.

What to watch: The project is in the early stages. A council committee is scheduled to approve the acceptance of a $35,500 Met Council grant for investigating the extent of contamination at the site.

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