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Downtown Project to Occupy City Block, Combine Whole Foods, Luxury Condos
SEATTLE, Nov. 11 /PRNewswire/ -- Milliken Development Group today
announced it has purchased the property to develop a $180 million mixed-use
project in the heart of downtown Minneapolis featuring a 76,000-square-foot
Whole Foods Market, 250 luxury condos and 6,500 square feet of retail space.
The project, tentatively named The Marketplace Tower, is modeled after the
2200 Westlake project that Milliken created with partner Vulcan Inc. in the
South Lake Union neighborhood.
2200 Westlake is a 550,000-square-foot mixed-use urban community that
includes a Whole Foods Market, a 160-room Pan Pacific Hotel and 261
condominiums throughout three towers.
Milliken sold his interest in 2200 Westlake to Vulcan six weeks ago.
"We were understandably very happy with the success of 2200; we shattered
all sorts of records including the prices we achieved for the condos, and the
speed in which we sold them," Milliken said. "I was eager to recreate the
successes of 2200, and The Marketplace Tower opportunity looks to be a perfect
way to do just that."
Groundbreaking will begin in spring 2007 with construction projected to
take approximately two years. Completion is expected by spring 2009.
"Like 2200 Westlake, The Marketplace Tower will bring a sense of community
and accessibility to a growing, centralized area downtown," Milliken added.
The development will be anchored by a Whole Foods Market, an upscale
retailer of organic foods. Above the Whole Foods will be a 35-story tower
alongside two low-rise towers that will be between four and eight stories
each. Parking will be provided underground with separate parking for shoppers
and condo owners.
Milliken said he is looking forward to meeting with Minneapolis city
officials to lay out plans for the development. "We are excited to talk with
the city to make sure the project fits with the city's vision of the
neighborhood's development."
Renderings for the project are not yet available as architecture teams are
still formulating plans. Design details for The Marketplace Tower include an
array of architectural details and a one-acre piazza.
The Whole Foods store will be one of the nation's largest, about twice the
size of most grocery stores. In addition to a variety of organic food and
produce, the store will feature a wide selection of restaurant-style food for
home consumption or for in-store dining.
The site is currently occupied by Downtown Jaguar, which will remain open
through 2006.
According to Milliken, depending on market conditions and other variables,
condo pre-sales for The Marketplace Tower may begin as early as next autumn.
He added that they are considering developing a full-scale sales center to
give prospective buyers a detailed view of the development, and how it will
positively affect the neighborhood.
"We are absolutely convinced that we've found the perfect nexus between
neighborhood and development," Milliken added. "The demographics of the area
tell us that Whole Foods will be a perfect fit. Couple that with tastefully
designed condos and the former auto lot will become the hottest property in
Minneapolis."
The project is funded by three investors including Milliken Development.
Milliken has selected RSP Architects to design the structure, and has not
announced the contractor.
2200 Westlake recently won 17 awards in The Nationals, the nation's
largest competition for new home sales and marketing professionals. The
project won honors for Best Logo Design, Best Graphic Continuity, Best
Brochure for a Community, Best Color Ad, Best Special Promotion, Best Sales
Office Urban, Best Signage Program, Best Landscape Design for an Attached
Project, Best Interior Merchandising of a Model $400,000-$650,000, and Best
Attached Home Plan Printed Over $400,000. Silver awards were given for Best
Graphic Continuity, Best Website for a Community, Best Sales Office Urban,
Best Signage Program, Best Interior Merchandising of a Model, Best Attached
Home Plan, and Attached Community of the Year.
About Milliken Development
Seattle-based, Milliken Development Group plans inclusive, progressive
communities that revitalize metropolitan neighborhoods. Since its inception in
1990, the organization's focus has been to plan and develop mixed-use
communities that have a strong retail component at their core. Seattle-area
projects include The Marketplace at Queen Anne, The Harvard Market, and
TriBeCa, a mixed-use project in Seattle's Queen Anne neighborhood featuring 51
high-end condominium homes.
Milliken Development Group projects are unique in offering residents of
close-in neighborhoods comprehensive solutions to their neighborhood shopping
needs, and provide retailers high-quality, urban environments with well-
managed pedestrian and vehicular circulation. The company strives to create
active and engaging shopping, living and working environments that energize
their immediate neighborhoods and add value to the properties that surround
them. For more information about Milliken please visit
http://www.millikendevelopments.com.
CONTACT:
Mark Firmani
Firmani + Associates Inc.
P - 206.443.9357 / C - 206.919.9357