Developer intends to build large residential project in downtown Minneapolis
Categories: Parking News
Another large mixed-use development could soon take the place of another surface parking lot in downtown Minneapolis.
Sherman Associates intends to redevelop the parking lot that takes up most of the block near the Crooked Pint Ale House on Washington Avenue between 5th and Portland avenues.
The firm wants to build a 22-story apartment tower that would have approximately 250 units and two levels of underground parking and a six-story building containing about 90 units for low-income housing wrapped around a 312-stall parking ramp, said Shane LaFave, director of multifamily development at Sherman.
Also, there would be about 6,000 square feet of space on the corner of Washington and Portland avenues that could be used by a restaurant or other retailers.
The buildings on the corner of Washington and 5th avenues, which contain several retailers including Crooked Pint, Caribou Coffee, and others, won’t be touched. But Fire Station 1, which serves a large swath of downtown Minneapolis, could be replaced by a new, expanded station as part of the redevelopment.
“We are in discussions with the city about the fire station component of the development and are hopeful that we will agree on terms soon,” said Valerie Doleman, a Sherman spokeswoman. “It is an excellent site, and we are excited about the vision of the entire development.”
According to Hennepin County property records, the lot is owned by Allied Parking.