Construction on a new 36,000-square-foot hotel and apartment building near the University of Minnesota campus will begin next spring if the Minneapolis Planning Commission approves the developers’ application.
Illinois-based developers CA Ventures and Harlem-Irving Companies hope to construct the building, named Prospect Park Station after the adjacent light rail stop, on a 2.9-acre site between 29th and 30th avenues Southeast along University Avenue Southeast.
The building would include 258 apartment units and 120 hotel rooms over two attached towers, one six stories high and the other 15 stories.
The businesses on the block, including Overflow Espresso CafÃ© and Anytime Fitness, would be demolished to accommodate the new establishment, Harlem-Irving Companies President Rick Filler said.
The building would also house a grocery store, which Filler said is needed in the area, along with a liquor store and a restaurant.
Filler said developers hope to serve young professionals, University professors and graduate students.
“Being on the light rail with very convenient ridership to the downtown core of Minneapolis makes this extremely attractive,” Filler said.
The Commission has 120 days to approve or deny the application after a meeting Thursday, said Hilary Dvorak, Minneapolis principal city planner. Developers hope to demolish the block’s current buildings in January and begin construction the following spring.