By Patrick Rehkamp
Minneapolis / St. Paul Business Journal
A long-awaited apartment complex behind Thrivent Financial’s current headquarters broke ground, and Reuter Walton Cos. joined the project as the contractor.
Yesterday, Thrivent, Interstate Parking and Hempel Cos. started construction on a 122-unit apartment complex at the corner of Seventh Street and Fifth Avenue in downtown Minneapolis. It was also disclosed that Reuter’s construction division will be the general contractor. The final plan has roughly two dozen more units than a previous iteration and dates back about a year.
The final proposal calls for studio, one-bedroom and two-bedroom apartments. Of those, 80 percent of them will be priced between $1,450 and $1,950 per month. The most expensive units will top out around $2,500 per month. The apartments will wrap around a 773-parking-stall ramp, with some interesting amenities above it. An outdoor rooftop pool will be open year round, and heated stone pavers will melt ice and snow. There will also be a grilling station, lounge and gym on top of the parking garage. The skyway level will have 3,100 square feet of retail.
The entire property will be around 85 feet tall, said Reuter Co-founder Nick Walton. “The cost of all of it is right around $50 million.”
The goal is for the project to be completed in fall 2019, according to a news release.
It’s been a good week for Reuter. Recently, the company purchased the old Arby’s building in Minneapolis’ Uptown neighborhood and will build roughly 170 apartments there.