Stalled plans for a "ballpark village" near Target Field are coming back to life, according to a report by the Star Tribune.
Houston-based developer Hines Interests has submitted plans to the City of Minneapolis to build Dock Street Apartments-a 185-unit apartment building near Target Field downtown, the Minneapolis newspaper reported.
Construction of the apartment building would mark the first step in what could be a major three-phase development that could include offices, more residential buildings, and retail. Hines holds a long-term option to purchase about six acres just north of Target Field from partnerships run by Rich Pogin and Bruce Lambrecht, the Star Tribune reported.
The original plans for the project, once referred to as "Twinsville," were first pitched about a decade ago, according to the Star Tribune. But the project stalled during the economic downturn, when Hines was unable to find a financing partner for the expensive project.
A Hines representative told the Star Tribune that the company hopes to break ground next spring on Dock Street Apartments. The broader development reportedly has no set timeline.
In Cassidy Turley's recently released Retail Market Snapshot report, the commercial real estate services provider pointed out that the ballpark village project and other residential developments will likely contain retail space, representing a great opportunity for growth in the local retail market.
And revitalized plans for a "ballpark village" come when other developments are moving forward near the stadium, like the Ford Center, which is undergoing a $40 million renovation. Bloomington-based United Properties, which is renovating the Ford Center, is also eyeing Shapco Printing's building in the warehouse district, where it may develop a multi-story office building.