Project M Development Proposed for North Loop

A proposed development project may bring a new hotel, retailers, and an entertainment center to Minneapolis' North Loop neighborhood.

A new development plan dubbed “Project M” may bring a 164-room hotel, a 27,000-square-foot entertainment center, and a 400-stall parking structure to Minneapolis' North Loop neighborhood, according to a recent report by the Downtown Journal.

The development is reportedly being proposed for an industrial section of the North Loop neighborhood north of Olson Memorial Highway-and it could be built by 2013. Plans have been presented to the North Loop Neighborhood Association but have not been formally submitted to the city.

The four-acre site, which is located at 620 Olson Memorial Highway, holds three single-story industrial buildings and is currently leased by courier Velocity Express, according to the Downtown Journal. The developer backing the plans is reportedly in talks with the site's owner to buy the parcel of land.

According to a report by the Star Tribune, the project's proposed “entertainment center” would host concerts and mixed martial arts fighting.

The proposed development is still in the early stages of the planning process, much like the proposed “Ballpark Village” development that could involve a 185-unit apartment building near the Twins stadium.

Other nearby developments are moving forward, 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.