MINNEAPOLIS—Opus Development Corp. said Monday that it will begin development of a 101-unit new apartment building.

Opus has partnered with locally based Sentinel Management Co. on the project, dubbed VELO, to be built at 103 N. Second Street. Sentinel reportedly purchased the land last week for $3.7 million.

The venture said in a statement that the property will include 12,000 sq. ft. of retail on the first level. The name of the facility is the French word for bicycle, and the building is being designed close to the city’s bike path system. Other amenities will include an outdoor plaza, yoga studio, club lounge, outdoor fire pits and grill kitchen, fitness centers and roof top terrace, complete with resident garden boxes.

“We’re excited to offer a unique living experience for those seeking a luxury and lifestyle-rich rental option in the thriving North Loop neighborhood,” said Tom Lund, vice president of real estate development at Opus. “VÉLO will be the ultimate hub for residents seeking a balanced lifestyle in the heart of America’s premier bike city.”

The project will break ground in April 2013 and is slated for completion and occupancy in spring 2014. Opus is the developer, Opus Design-Build, L.L.C. will construct the building and Opus AE Group, Inc. and Elness Swenson Graham Architects, Inc. will collaborate on the design.

This is the second luxury apartment Opus in the downtown. Construction on the 26-story Nic on Fifth has commenced and the first residents will be able to move in at the beginning of summer 2014.