[munchymunch]

United Properties taps big partner for Nicollet Hotel Block project
Dec 10, 2015, 2:52pm CST

United Properties is partnering with one of the biggest names in multifamily development on its Gateway project on the Nicollet Hotel Block site in downtown Minneapolis.

Charleston, S.C.-based Greystar will lead both the housing and hotel components of the project and is evaluating several hotel partners, according to a statement from Bill Katter, president and chief investment officer at Bloomington-based United Properties.

During the first half of next year, United Properties plans to finish its design for the block, identify a brand for the hotel and start the city approval process, he said.

Greystar describes itself as the largest operator of apartments in the United States, managing about 385,000 units in over 100 markets. It also has more than $1.5 billion in development projects underway.

Katter's statement describes the Nicollet Hotel Block project as a "30+-story, mixed-use project...with a hotel as well as a residential tower." It will have retail and restuarants, below-grade parking and a skyway connection to the Minneapolis Central Library.

United Properties doesn't have any new renderings of the project.

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