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City Email Ends Plan For Duval's 80-Story Tower

City Email Ends Plan For Duval's 80-Story Tower

Three other proposals for the Nicollet Hotel block are still under consideration.

A proposal for an 80-story tower in downtown Minneapolis&mdash;which would be taller than the iconic IDS Center&mdash;has generated lots of talk in recent weeks. But on Friday morning, City of Minneapolis planning staff sent an email to Minneapolis-based Duval Development dismissing the plan as &ldquo;deficient&rdquo; and indicating that the plan was &ldquo;no longer in consideration.&rdquo;<br /> &nbsp;<br /> The city drew four responses in December for a request for proposals (RFP) at the Nicollet Hotel Block, located at 30 Third Street South in downtown Minneapolis. The 18-story Nicollet Hotel, which was razed in 1991, once stood on the site. The city has owned the site since 1993, but has struggled to attract redevelopment.<br /> &nbsp;<br /> The site drew proposals from three well-known players in development circles: Bloomington-based Doran Companies, Bloomington-based United Properties, and Golden Valley-based Mortenson Development. Those plans outline all envision mixed-use towers ranging from 30 to 36 stories combining residential units with a hotel.<br /> &nbsp;<br /> <div id="div-gpt-ad-1350495867252-0" style="float: left; margin-right: 14px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1350495867252-0'); }); </script> </div> Duval is a newer company, but its ambitious proposal for a tower at the intersection of Hennepin and Washington Avenues prompted the most attention.<br /> &nbsp;<br /> Among the concerns cited by the city in its email to Duval:<br /> &nbsp;<br /> &bull; It is difficult to determine if Duval Development has the capacity to complete the development.&rdquo;&nbsp;<br /> &nbsp;<br /> &bull; &ldquo;The proposal&rsquo;s market study, financial pro formas and corporate financial information are incomplete to determine the project&rsquo;s financial viability.&rdquo;&nbsp;<br /> &nbsp;<br /> &bull; &ldquo;It is unclear how you will raise the equity shown in the capital pro forma since you did not submit corporate financial statements.&rdquo;&nbsp;<br /> &nbsp;<br /> Erik Hansen, business development principal project coordinator with the city&rsquo;s Community Planning and Economic Development (CPED) department, signed the city&rsquo;s letter.<br /> &nbsp;<br /> On Friday city spokesman Matt Lindstrom told <em>Twin Cities Business</em> that the other three proposals were still under consideration by the city. <em>Twin Cities Business</em> <a href="http://tcbmag.com/News/Recent-News/2014/January/Mpls-Seeks-Pitches-For-Key-Downtown-Property" target="_self"><strong>reported in January 2014</strong></a> that the city was planning to issue a call for development ideas on the site.<br />