More Luxury Apartments Planned for Hennepin Avenue

By Ioana Neamt, Associate Editor

100 Hennepin Ave.

Ryan Cos. and San Francisco-based Shorenstein are working together to develop a new luxury apartment building at 100 Hennepin Ave. in downtown Minneapolis, the Star Tribune reports. The six-story residential building would be located right next to 222 Hennepin, a mixed-use project also developed by Ryan that recently sold for a record $109 million to a Seattle-based investor.

Designed by Elness Swenson Graham Architects, Ryan’s new development would include 159 market-rate apartments as well as 11 townhomes, according to Finance & Commerce. Shorenstein already owns a surface lot and a parking ramp on the block, which would be used as parking for residents of the apartment building, according to the Minneapolis/St. Paul Business Journal. Additionally, the development would include retail space at the corners of First and Second avenues.

The two companies have already presented their plan to the North Loop Neighborhood Association’s Planning & Zoning Committee, and plan to begin construction work before the end of 2015. The Star Tribune reports that, pending municipal approval, the project is scheduled for completion in the spring of 2017.

The property is not the only one the Ryan Cos. has underway in the Twin Cities. The company is also developing Vintage in St. Paul and Downtown East – a mixed-use development adjacent to the new Vikings Stadium in Minneapolis.

Image courtesy of Bill Klotz via Finance & Commerce.