First look inside the new tower overlooking Target Field
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Photos: Nick Halter/Axios
The first residents have moved into Minneapolis' newest 34-story apartment tower, and some of them can watch Twins games from their balconies.
Why it matters: The developers of North Loop Green placed a massive bet on the future of Minneapolis, and it appears to be paying off.
Catch up fast: The two-building project includes 450 apartments, 350,000 square feet of office space, and 17,000 square feet of restaurants.
Follow the money: The development team, Houston-based Hines and Chicago-based Marquee Development, broke ground on the project in the fall of 2021 with financing from the AFL-CIO Building Investment Trust.
- They did so despite concerns about civil unrest, the pandemic, and the permanency of remote work.
State of play: Hines managing director Bob Pfefferle said the apartments are 65% leased, the office space is 70% leased, and Brian Ingram is opening two restaurants in the complex: his well-known Hope Breakfast Bar as well as a new Italian concept, Salt & Flour.
- The early success is thanks in part to a North Loop neighborhood that never stopped rocking over the last four years, even while the adjacent downtown suffered.
What they're saying: "We, along with our partners, believed in both the city, the neighborhood, and the specific development," Pfefferle told Axios during an exclusive tour this week.
Zoom in: Urban design buffs will find some unique features in North Loop Green, including the city's tallest skyway that connects the residential tower's 18th floor with the office building's 14th floor.
- The complex also has the city's largest hybrid hotel-apartment. The first six floors and 96 apartments are fully furnished and operated by short-term rental company Sonder.
- People are already booking them on sites like Airbnb.
The big picture: Pfefferle over the past 12 years oversaw the redevelopment of five acres of surface parking lots between the ballpark and Washington Avenue.
- North Loop Green completes the four-building vision, which includes a first-of-its-kind timber office complex finished in 2016.
- The new developments will likely contribute around $5 million in property taxes next year, based on assessment data from Hennepin County.
What we're watching: A third restaurant in North Loop Green, Bassett Hound, will serve food and drinks on a patio that's part of a 1-acre public park.
- That park on Sunday is hosting a kickoff bash for a series of events, including outdoor movie nights on a big screen.
View photos of the building:
