Macy’s Buyer Picks United Properties As Building Redeveloper
601W Companies, the New York-based developer behind the recent $59 million purchase of Macy’s downtown Minneapolis location, announced its development team for the property on Thursday.
United Properties was hired to act as local development manager on the project, which involves redesigning the one-million-square-foot property into a mixed-use space.
The Pohlad-owned real estate developer is currently in the midst of relocating its headquarters from Bloomington to the fourth floor of the Gaviidae Common, a shopping mall and office complex set a stone’s throw away from the Macy’s site.
“Together, this highly qualified, veteran partnership will ensure the redevelopment not only serves, but also enhances the downtown community,” said Bill Katter, president and chief investment officer at United Properties.
Other major developments on United Properties’ plate at the moment include the construction of Prime Therapeutics’ new Eagan headquarters.
The Telos Group LLC, a Chicago-based developer, has also been tapped as redevelopment consultant and office marketing lead of the Macy’s project. Telos is also one of the companies behind the ongoing Fifth Street Towers facelift.
“The Macy’s building redevelopment … will be one of the largest adaptive re-use projects in the region and its importance to the City of Minneapolis is not lost on us,” said Telos president Brian Whiting. “We are not simply redeveloping a building. We are providing unique and progressive environments that draw on the building’s history and combine it with the diverse experiences Minneapolis has to offer.”
Other partners on the project include Houston-based Transwestern as the management agent and San Francisco-based Gensler as lead architect.
Grant Uhlir, a principal with Gensler, indicated that the team would “likely pursue a purposeful renovation of this landmark property with historic tax credits.” That intention follows tactics 601W Companies has taken with Gensler and Telos during redevelopment projects in other cities.