United to partner with Greystar on tower project
By: Hank Long Hank Long December 10, 2015 3:45 pm
Greystar will lead the housing and hotel components of the mixed-use project on the Nicollet Hotel block. United Properties in the spring offered the city $10.4 million for the block to build a tower of up to 36 stories on the vacant site at 30 Third St. S.
United Properties and Greystar are evaluating hotel partners and brands and expect to announce one in early 2016, United Properties President Bill Katter said Thursday in a prepared statement.
“During the first half of 2016, our project team will work to finalize an updated design, to identify a brand for the hotel and to begin the entitlement process with the city of Minneapolis,” Katter said in a prepared statement.
Greystar representatives couldn’t be immediately reached for comment.
United Properties’ decision to bring in Greystar comes after its previous partners for the development – Bloomington-based StuartCo and Texas-based Aimbridge Hospitality – dropped out of the project in June.
The city selected United Properties this spring over three other development teams led by Bloomington-based Doran Cos., Golden Valley-based M.A. Mortenson Co. and Minneapolis-based Duval Development.
In addition to the proposed hotel/apartment tower, the project is to include street-level retail, below-grade parking and skyway-level access to the Hennepin County Library, better known as the Minneapolis Central Library.
Significant green space will be created to align with the adjacent Cancer Survivors Park area and the future Minneapolis trolley car system, the company said.
The site is the former home of the 18-story Nicollet Hotel, demolished in 1991.