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Sherman Associates, a Twin Cities developer, plans to demolish a vacant office building in downtown Minneapolis and replace it with three towers of mostly apartments.
The $400 million project, expected to be completed in 2026, aims to help solve two metro-area real estate problems: too many offices and not enough housing.
"We are very excited and optimistic about the direction Minneapolis is heading," said Sherman Associates President Chris Sherman. "We believe downtown Minneapolis will have a whole new level of vibrancy and livability for the people who live, work and enjoy downtown."
The firm recently paid $6.4 million for the block along Washington Avenue that's home to the now-vacant Wells Fargo operations center. It plans to replace that building with a 10-story, mixed-income midrise apartment building, a 20-plus-story, market-rate high-rise apartment tower and a 25-plus-story, mixed-use tower that could be a hotel, housing and/or offices.
The proposal is the Minneapolis-based developer's fifth and largest project now underway in the Central Business District, which has struggled to bounce back from the loss of office workers in the pandemic.
The Wells Fargo operations center, which had three levels of underground space, will be demolished. Sherman plans to reuse the...