The Minnetonka-based developer’s previous incarnation, Opus Corporation, had 35 million square feet of space in planning or under construction at its 2007 peak, and projects included condos in Florida and an upscale mall in Orange County, California. It also took on high levels of debt that led to many of its assets falling under water when real estate values plunged in 2008. Not to mention the messy legal battles with creditors and some former employees that followed.
Opus Corporation has liquidated its troubled subsidiaries and settled most of its lawsuits. The new Opus, called the Opus Group, is building again. Projects include a 33-story apartment tower in downtown Minneapolis, ongoing construction of the headquarters for household-products maker Church & Dwight Company in Ewing, New Jersey, and an almost complete six-story, 120-unit student housing and retail property near the U of M’s East Bank in Minneapolis (pictured above). Additionally, Opus is constructing a two-building corporate campus for CSG International in Omaha, totaling nearly 203,000 square feet and to be completed in July.