Finance W Minnesota

Opus Development set to build first high-end residential rental building in downtown Minneapolis in three decades

Opus Development Corporation announced in late November that the company's planned luxury high-rise apartment building, The Nic on Fifth, has closed on financing. Construction on the project will begin by the end of the month. The name reflects the development’s location on Nicollet Mall and 5th Street in downtown Minneapolis.

Opus Development Corporation announced in late November that the company's planned luxury high-rise apartment building, The Nic on Fifth, has closed on financing. Construction on the project will begin by the end of the month. The name reflects the development’s location on Nicollet Mall and 5th Street in downtown Minneapolis.

“With the financing secured, Opus is thrilled to begin work on The Nic on Fifth. Minneapolis is definitely a ‘top –tier’ city for both equity investors and lenders,” said Dave Menke, senior vice president and general manager of Opus Development Corporation.

Opus' joint venture partner is Founders Properties, L.L.C., a private real estate investment firm with more than 100 properties nationwide.

“This is a major investment in downtown and we are extremely pleased to be involved in a project that is so instrumental in transforming our central business district,” said Wade Lau, Founders' senior vice president.

The 26-story luxury apartment building will be the first new high-rise residential rental building in downtown Minneapolis in nearly 30 years. Offering 253 units, of which 26 are penthouses, The Nic on Fifth will also be the first high-rise apartment project designed to achieve LEED certification and feature high-end, condo-level finishes and amenities. The Nic on Fifth aligns with the city of Minneapolis’ sustainable vision to offer high-density and transit-oriented development.

The Nic on Fifth will have a 24/7 door attendant/concierge service, outdoor roof  terrace with pool and spa, a fitness center, yoga studio, outdoor fire pit and grilling area, guest suites, 9- to 10-foot ceilings and a dog play area. The building also will offer residents close proximity to downtown employers, shopping, retail, entertainment and light rail transit connections as well as service-based retail on the ground and skyway levels.

First residents will be able to move in at the beginning of summer 2014.

The same executives who are planning The Nic on Fifth led the team that developed the highly successful 39-story Carlyle and 27-story Grant Park condominium projects, the first new high-rise condos in downtown Minneapolis in nearly three decades.

Opus Design Build, L.L.C. will construct the building. Opus AE Group, Inc. and Elness Swenson Graham Architects Inc., based in Minneapolis, will collaborate on the design.

Financing is being provided by SunTrust Bank, a super-regional bank headquartered in Atlanta.