The locally-based
Greco Real Estate Development has a $32 million apartment building in the works for a vacant lot at 29th and Lyndale in Minneapolis.
The 170-unit complex would include 7,500 square feet of commercial space and 220 underground parking spaces, according to
Finance and Commerce.
In the last several years, Greco had explored various development possibilities for the site, including a boutique office building and workforce housing, but those concepts didn’t pan out.
Since then, the plan has been scaled down.
In a recent Finance and Commerce story Greco's Arnie Gregory says that the current design will turn around a piece of land that is “kind of blighted looking.”
Signage for the upcoming project has been put up on the parcel that he describes in the story as the “last big piece of the neighborhood."
It’s an ideal location for apartments because “There’s a very, very high demand in this neighborhood. It’s just kind of the energy spot of town,” he adds.
On the
Minnescraper Forums development discussion website, comments about redeveloping the vacant lot are positive: “That’s kinda nice…an improvement I’d say,” says someone who goes by mnmike.
Another comment, from mplser, reads: “I like it. lots of glass and it actually looks different from all of the recently built apartment buildings.”
Construction at 29th and Lyndale could get started as soon as March 2012, according to Finance and Commerce.
Right now, Greco also has a couple of other apartment projects underway in the area, including the resort-like
Flux in Uptown and the redevelopment of the
Holden Building in the North Loop.
The company was also behind Blue, a 242-unit building nearby that opened its doors in 2008.
Source: Finance and Commerce, Minnescraper Forums
Writer: Anna Pratt