Opus to Build 2nd Luxury Apt. Complex in Downtown Mpls.
Opus Development Corporation said Monday that it plans to develop and construct a new boutique luxury apartment complex in downtown Minneapolis’ North Loop—the latest in a series of moves that have fueled the Twin Cities’ luxury apartment trend.
The complex will be called VÃ©lo—the French word for “bicycle” and a name that pays tribute to Minneapolis’ bike-friendly culture. Minnetonka-based Opus said that Sentinel Management Company, a Twin Cities-based real estate investment company, will own the project.
VÃ©lo, which will offer 101 luxury units, will be located at 103 North Second Street. The first level will include 12,000 square feet of retail space.
Opus said that VÃ©lo, which will be in close proximity to Minneapolis’ often-touted bike path system, will cater to residents with active lifestyles. Its amenities will include an outdoor plaza, a yoga studio, a club lounge, outdoor fire pits, a grill kitchen, fitness centers, and a rooftop terrace containing garden boxes for residents.
Opus has not revealed how much it is investing in VÃ©lo. The company will break ground on the project in April, and the complex is slated for completion and occupancy in spring 2014.
“We’re excited to offer a unique living experience for those seeking a luxury and lifestyle-rich rental option in the thriving North Loop neighborhood,” Tom Lund, Opus’ vice president of real estate development, said in a prepared statement. “VÃ©lo will be the ultimate hub for residents seeking a balanced lifestyle in the heart of America’s premier bike city.”
VÃ©lo represents Opus’ second luxury apartment complex in downtown Minneapolis. It is now constructing The Nic on Fifth, a $100 million, 26-story complex that will be ready for occupancy at the beginning of summer in 2014.
Luxury apartment buildings have been springing up across the Twin Cities in recent months.
In January, Flux Apartments—a $38 million, 216-unit development featuring resort-style residences—opened in Uptown Minneapolis. And a joint venture said in September that it plans to complete construction of a 10-story, 192-unit luxury St. Louis Park apartment building in March. Meanwhile, 286 luxury apartments are part of a planned, $70 million complex called 222 Hennepin, located at the former Jaguar dealership site in downtown Minneapolis; completion is expected in summer 2013.
Luxury complexes have helped to create a building boom in Minneapolis, where the total value of construction projects permitted this year topped $1 billion for the first time since the early 2000s. According to 2012 permit numbers from the City of Minneapolis, the city had issued 12,161 building permits collectively worth about $1.01 billion as of early December.