Inside the newest downtown Minneapolis high-rise
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Photo: Nick Halter/Axios
The 25-story apartment tower that opened this month in Minneapolis offers nighttime peeks inside U.S. Bank Stadium and an outdoor pool as high as you're likely to find in town.
Why it matters: Completing the 350-unit 4th & Park tower caps off a 10-year Downtown East redevelopment that cost more than $700 million and brought the city a new park, hotel, twin Wells Fargo towers, and 545 housing units.
Zoom in: Most developers use the top floor of a building for penthouses, which fetch the highest rents in a building. But Ryan Cos. and Weidner Apartment Homes decided to use it for a pool and lounge.
- Ryan developer Joe Peris believes it's the highest outdoor pool in Minnesota.
- "We essentially democratized the penthouse, so to speak, where we threw all the amenities up top so even if you're in a studio on the second floor, you still have the access to the penthouse," he said.
What's inside: Ryan designed the building before the pandemic. When it became clear that remote work had permanence, architects swapped out what was going to be storage on the backside of the building and created a co-working space with conference rooms, private offices, and open areas.
State of play: 4th and Park is the second bookend to a pair of new towers built at the same time that is about as close as you can get to a sports stadium. The other is North Loop Green, which overlooks Target Field.
Between the lines: Being near a stadium is good for marketing, said Rick Parmeter, the building's community director. Following Chris Stapleton's April 6 concert at U.S. Bank Stadium, web traffic to the leasing website spiked.
Follow the money: Here's a sampling of some of the advertised rental rates, though some units cost more — or less — depending on location and layout.
- $1,500 for a 500-square-foot studio
- $2,100 for a 1-bedroom, 700-square-foot unit
- $4,1000 for a 2-bedroom, 1,130-square-foot apartment
Hot tip: There's a leasing special for up to six weeks of free rent.
Reality check: 4th & Park is among the last projects of a Minneapolis building boom driven by low interest rates and relaxed regulations. With rates stubbornly high, it could be a while before we see another tower of similar size break ground in the city.
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