[Urbannizer]

Transitioning from residential to office.

United Properties gets another extension for downtown tower to pursue anchor office tenant

Nov 13, 2017

United Properties’ grand plan for a luxury apartment high-rise is morphing into more of an office tower as it chases a major employer as an anchor tenant.

The developer has been granted another extension from the city of Minneapolis, which awarded United Properties exclusive development rights in February 2015 to what is known as the Nicollet Hotel Block.

Minneapolis-based United Properties originally pitched a 36-story, 300-unit apartment tower with a 182-room hotel. It was a plan that convinced city officials to choose UP over rival proposals by Bloomington-based Doran Cos. and Golden Valley-based M.A. Mortenson Co.

Since then, the Pohlad-owned firm lost its residential development partner and its financing for the project, and subsequently had to ask the city three times for deadline extensions for the 1.7-acre parcel on the far north end of Nicollet Mall.

Now United Properties has shifted its focus and it hopes that it can convince RBC Wealth Management to move all if its 1,400 local employees into the tower. The city has given United Properties until March 1 to possibly negotiate a lease with Toronto-based RBC, according to a staff report.