By Camelia Bulea, Associate Editor<\/p>\n
Persistence is paying off for developer Brad Hoyt, who won Minneapolis City Council approval on Aug. 5 to develop a scaled-back version of a condominium\u00a0project he originally proposed in 2004. Hoyt plans to break ground shortly on a seven-story, 124-unit project located on the current site of a parking lot in Loring Park, a senior company executive told local media outlets.<\/p>\n
As reported on the Twin Cities Business <\/em>Web site, the city council\u2019s approval ends a long legal dispute over the parcel. Hoyt\u2019s original plan called for a 21-story tower that was rejected for being too tall for the neighborhood. Hoyt, owner of Continental Property Group Inc., sued the city in 2009, alleging that the council had denied him due process and equal protection in turning down the proposal.<\/p>\n \u00a0As reported by the Star-Tribune, <\/em>the most recent legal milestone came last month, when the state appeals court rejected Hoyt\u2019s claim that due process had been violated and overturned a lower court\u2019s award of more than $500,000 in damages and attorney\u2019s fees. But the appeals court also ordered the city council to re-hear the proposal. Last week, the City Council approved the scaled-back project. \u00a0<\/p>\n \u00a0\u00a0According to the Minneapolis\/St. Paul\u00a0<\/em>Business Journal,<\/em> the developer is working to secure project financing.\u00a0The project’s general contractor is expectd to be Hopkins-based Frana Cos. and BKV Group is the project architect.<\/p>\n","protected":false},"excerpt":{"rendered":" By Camelia Bulea, Associate Editor
\nPersistence is paying off for developer Brad Hoyt, who won Minneapolis City Council approval on Aug. 5 to develop a scaled-back version of a condominium\u00a0project he originally proposed in 2004. Hoyt plans to break ground shortly […]<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[],"class_list":["post-1004052721","post","type-post","status-publish","format-standard","hentry","category-minneapolis-st-paul","category-latest"],"acf":[],"yoast_head":"\n