By the end of the year, a mixed-use development could replace the former
Jaguar car dealership on Hennepin Avenue South in downtown Minneapolis,
which has been vacant since 2007.
Ryan Cos. is working with the
Excelsior Group, a real estate company, to redevelop the site with market-rate apartments and retail spaces.
Tony
Barranco, a retail development director for Ryan Cos., says the details
are still coming together, including the project's scale, cost, and
design.
He expects a design will be out within a couple months
while the project could break ground by winter. Between now and then,
however, "There's a lot of work to do," he says, adding, "We'll have to
get active quick."
Previously, the North Vancouver, British
Columbia-based Milliken Development Group, had proposed condos for the
site, but, amid the economic downturn, the property was returned to the
bank, according to the
Star Tribune.
Though
the plan is still being fleshed out, the building could have up to 225
units, while the parking ramp on the block could be preserved, the Star
Tribune reports.
Like the plans that came before it, the project will probably include a grocery store, Barranco says.
Ryan
Cos. realizes that this is a prominent downtown intersection that "we
want to treat...with a significant amount of character," he says.
Already,
the company has gotten plenty of positive feedback on the project,
which helps meet a
demand for multifamily housing in the downtown area. These days,
"There's a lot of focus on urban living and being transit-oriented
and...close to entertainment [outlets]," all of which the project will
capitalize on.
Additionally, the development links the area to
the North Loop area and Mississippi riverfront. All in all, "We're
confident and excited to bring vitality back to the block," he says.
Source: Tony Barranco, retail development director, Ryan Cos.
Writer: Anna Pratt