MINNEAPOLIS—Opus Development Corp. said today that it plans to begin construction by the end of the month on its reported $100 million Nic on Fifth property, a 26-story apartment building at the corner of Nicollet Mall and South Fifth Streets.
The firm said in a statement that it has closed on financing for the building, though it did not reveal the amount of the loan. Atlanta-based SunTrust Bank is providing the financing.
Opus' joint venture partner is Founders Properties LLC, a private real estate investment firm with more than 100 properties nationwide. Opus Design Build, L.L.C. will construct the building. Opus AE Group, Inc. and Elness Swenson Graham Architects Inc., based in Minneapolis will collaborate on the design. “Minneapolis is definitely a ‘top –tier’ city for both equity investors and lenders,” said Dave Menke, senior vice president and general manager of Opus Development, in the statement.
The 253-unit tower is being built adjacent to the new Xcel Energy building. The Nic on Fifth will have a 24/7 door attendant / concierge service, outdoor roof terrace with pool and spa, a fitness center, yoga studio, outdoor fire pit and grilling area, guest suites, 9-foot to 10-foot ceilings and a dog play area. First residents will be able to move in at the beginning of summer 2014, Opus said.