The prime parcel off Nicollet Mall has attracted proposals from four developers with transformative visions that will complete the Nicollet Mall renovation and give new life to the current parking lot across from Marquette Plaza.
A City of Minneapolis review team will recommend to the City Council that United Properties be selected as the developer for the City-owned block at 30 Third Street South, also known as the “Nicollet Hotel Block.” The decision follows a competitive process that sought proposals from developers interested in purchasing and developing the block, which is bounded by Third Street South, Washington Avenue, Hennepin Avenue, and Nicollet Mall. The block is currently a surface parking lot and is used as a bus layover facility.
The City’s request for proposals called for the new development on this property to include an iconic, new structure with high-quality design that contained no fewer than 20 active floors with a mix of commercial, retail, residential, office, and hospitality uses. Additional development goals included active street front retail, and integrated public/green space amenities, among other items. Of the four proposals received, City staff determined that United Properties’ proposal best met the City’s development goals for the property. The Community Development and Regulatory Service’s committee of the City Council will consider the staff recommendation in late March or early April, which will be followed by a formal decision from the full City Council.
In addition to incorporating key plaza design elements, United’s proposal presented the most well-defined sustainability elements and offered the highest density for the site in terms of total combined residential units (300) and hotel rooms (182).
United Properties proposal also offered the highest price for the property and projected the highest total development cost, which will result in the largest tax base increase for the City.