United Properties, JMI Realty and Greystar Unveil New Design for Gateway Development in Downtown Minneapolis

United Properties and new development partners JMI Realty and Greystar unveil new design for Gateway development in downtown Minneapolis

Iconic five-star hotel involved in project design as discussions continue

MINNEAPOLIS (April 6, 2016) — United Properties and its new project partners, JMI Realty and Greystar, unveiled a new design for the mixed-use Gateway development at Third Street and Nicollet Mall in downtown Minneapolis at a Downtown Minneapolis Neighborhood Association meeting last night.

The project is still in the concept planning stages but will soon move forward to the City of Minneapolis review and approval process, which is expected to take place during the remainder of 2016.

Changes that were unveiled on Tuesday include:
• The tower has expanded to 35 floors, which will result in a total building height of approximately 530 feet, including a new architectural spire.
• The approximately 164 luxury apartments will have an average size of 1,700 sq. ft.
• The top two floors will be comprised of penthouse units.
• JMI, the hotel partner, is targeting a 300-room, five-star hotel that will include meeting space, a 10,000-sq.-ft. state-of-the-art ballroom, luxury amenities and 7,500 sq. ft. for a world-class restaurant.

“Our hotel partner, JMI, is in active discussions with Four Seasons and we believe they would be a great fit for this project,” said Bill Katter, president and chief investment officer for United Properties. “While the discussions are ongoing, we are doing all that we can as a development team to make this the most attractive site for a five-star hotel like Four Seasons to enter the Twin Cities market. This would be a stunning addition to Minneapolis – and one that we believe would be warmly embraced by the community.”

Katter added that the overall project would be “a tremendous addition to the City of Minneapolis and a major leap forward for the north side of Nicollet Mall.”

The Gateway development additionally incorporates street-level retail and three levels of below-grade parking for up to 575 vehicles. It will be connected to the greater Minneapolis skyway system through the Minneapolis Central Library, and is a key link between the Minneapolis Central Business District (CBD) core and the transition to the Warehouse District/North Loop across Hennepin Avenue.

JMI Realty, a national hotel developer, and Greystar, a leader in the investment, development and management of rental housing properties, are well-known firms with successful projects on both U.S. coasts.

“We are very pleased that, along with our new project partners, we have been able to bring this project forward with a stunning new design that can fulfill the iconic vision we shared with the City of Minneapolis when we were selected in 2015,” said Katter. “Our new partners JMI Realty and Greystar have brought forward an outstanding mixed-use project that increases the stature of Minneapolis as a world-class city.”

“We are excited to be a part of this fantastic, skyline-changing, mixed-use development,” said Greg Clay, president of JMI. “A five-star hotel with 'super luxury' residential units will expand an already impressive cultural and culinary scene, and will provide an option that does not exist today. This project has the potential to be a true landmark and THE gateway to downtown.”

“Greystar is excited about the opportunity to collaborate with United Properties and JMI on this best in class iconic mixed-use development in the heart of downtown Minneapolis. Bounded by Hennepin, Washington and Nicollet Mall, this site is a true Gateway location as a connection of the CBD to the warehouse district and riverfront, and enjoys unparalleled access to many of the City's most notable cultural, business, entertainment and recreational assets,” said Gary Wallace, managing director of development for Greystar. “For those seeking the excitement of living in the bustling Minneapolis' CBD, we look forward to pursuing a high-quality residential development complemented by the services and experience of a five-star hotel.”

The Gateway project team includes:
• United Properties, the Twin Cities leading developer;
• Greystar, the nation's largest operator of apartments;
• JMI Realty, a national luxury hotel developer; and
• ESG Architects, principal design firm.

The project's general contractor will be selected in the near future.

About United Properties
Formed in 1916, United Properties acquires, develops, manages, finances and disposes of the company’s real estate investments, which includes nearly 50 office, medical, industrial, mixed-use and retail assets in Minnesota, Wisconsin, Illinois and Colorado. United Properties also provides development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Denver office develops retail, office and industrial buildings. For more information, visit www.uproperties.com or follow on Twitter at @unitedpropertie.

About Greystar
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing approximately 410,000 units in over 130 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $12 billion in gross assets under management including $3.9 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit www.greystar.com.

About ESG
Elness Swenson Graham Architects (ESG) is an award winning design firm with a national practice in urban residential, hospitality, workplace environments, higher education, branding and graphic design. Since the company’s founding over three decades ago, ESG has helped clients create environments for community, business, and leisure by providing holistic, creative solutions to complex problems. The company’s mission is to enrich the built environment beyond architecture and buildings; to deliver the superior, the timeless, the memorable and the unique; and to design environments that capture the human spirit and uplift our lives. Headquartered in Minneapolis where the firm enjoys a leadership position in redevelopment, ESG was recently recognized with the American Institute of Architects Minnesota (AIA-MN) Firm Award for “innovation in urban residential mixed use design.” www.esgarch.com