Opus Closes on Financing, Prepares to Break Ground on Luxury High-Rise Apartment Building
By Gabriel Circiog, Associate Editor
Opus Development Corp. recently announced it has closed on financing for a planned luxury high-rise apartment building, The Nic on Fifth. The name of the development reflects the location of the project on Nicollet Mall and Fifth Street in downtown Minneapolis. The financing was provided by SunTrust Bank, and construction is expected to break ground by the end of November.
“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 & general manager.
As previously reported on this page, the project is adjacent to another Opus project, the new Xcel Energy building. The two properties aim to transform the north end of Nicollet Mall.
Opus is joint venturing with private real estate investment firm Founders Properties L.L.C. According to Founders senior vice president Wade Lau: “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.”
The Nic on Fifth is set to become the first new high-rise residential building in downtown Minneapolis in close to 30 years. The 26-story luxury apartment building will feature 253 units, 26 of them penthouses. The building will also be the first high-rise apartment project designed to achieve LEED certification. The construction will feature high-end finishes and amenities including 24/7 concierge service, an outdoor roof terrace with pool and spa, a yoga studio, a fitness center, an outdoor fire pit, guest suites and a dog play area. The first residents are expected to move in at the beginning of summer 2014.
“The Nic on Fifth will bring a new level of luxury apartment living to downtown Minneapolis and establish a new benchmark for those seeking high-end luxury high-rise living. The combination of extensive amenities, a light-rail station, skyway connectivity, restaurants and retail will be very attractive to residents looking for luxury high-rise living,” said Tom Lund, Opus’ vice president of real estate development.
The building will be constructed by Opus Design Build L.L.C., while Opus AE Group Inc. and Elness Swenson Graham Architects Inc. will collaborate on the design.
For more market data on Minneapolis, please click here.
Rendering courtesy of www.ci.minneapolis.mn.us