Hines Breaks Ground on New For-Rent Multifamily Complex

By Gabriel Circiog, Associate Editor Houston-based developer Hines has broken ground on the Dock Street residences, a new for-rent multifamily complex in the North Loop neighborhood of Minneapolis, close to Target Field, home of the Minnesota Twins pro baseball team. Developed by Hines and financed by the AFL-CIO Building Investment Trust, the six-story complex will [...]

Houston-based developer Hines has broken ground on the Dock Street residences, a new for-rent multifamily complex in the North Loop neighborhood of Minneapolis, close to Target Field, home of the Minnesota Twins pro baseball team.

Developed by Hines and financed by the AFL-CIO Building Investment Trust, the six-story complex will feature 185 market-rate rental units, 3,000 square feet of retail space, as well as a two-level parking garage. The project is part of the North Loop Green, a larger development plan for the area that will include other for-rent residences, office and retail spaces.

Representatives of AFL-CIO Building Investment Trust and Hines, as well as Mayor R.T. Rybak and members of the Minneapolis Building and Construction Trades attended the groundbreaking ceremony. Kevin McCarthy, president of PNC Realty Investiors Inc., investment advisor to the BIT, said: “We believe Dock Street will prove to be a sound investment for our investors.”

Located at 333 Washington Ave. N., the property is situated in the center of the Washington Avenue entertainment corridor and at the junction of Minneapolis’ public transit system. Slated as the first ground-up private development in the transit-oriented Interchange/Ballpark District, the Dock Street residences “will be very pedestrian, bicycle and transit friendly and it will add to the vibrancy of the North Loop Neighborhood,” according to Bob Pfefferle, Hines’ local director of development.

The on-site construction will be carried out by union workers affiliated with the local building and construction trade unions. The Dock Street project is the second recent BIT investment in Minneapolis, following the $38 million Flux Apartment complex, which was completed in April. The Flux Apartment project is already fully leased.

The Dock Street residences are expected to be completed in the fall of 2013.

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Rendering Courtesy of: www.dockstreetresidences.com