Mayor Betsy Hodges joined 100 local business and community leaders for the grand opening of Minneapolis’s newest high-rise apartment building -- the 36-story LPM Apartments at 1369 Spruce Place, Minneapolis MN 55403.
Mayor Hodges joined representatives from developers Magellan Development Group, LLC and National Real Estate Advisors, LLC for the ribbon cutting of the project, which features 354 luxury apartment homes with unmatched views of downtown and Loring Park.
“We are at the beginning of a period of growth and prosperity for this city,” said Mayor Hodges. “This project will be a big piece of the next generation for the City of Minneapolis.”
The building offers one of the highest views of any residence in downtown and a host of amenities designed for luxury urban living, including an outdoor pool and hot tub, grilling stations and fire pits as well as an indoor lap pool, sauna and steam rooms, a state-of-the-art-fitness center, media and game room, business center, bicycle workshop, private dog run and dog wash, and a resident lounge and kitchen area. The developers donated $15,000 to the Dog Grounds to complete an off-leash dog play area in nearby Loring Park.
“We really believe in creating a kinship among our residents and helping them establish roots within their surrounding communities,” says Robin Tebbe, chief marketing officer for Magellan Development Group, the Chicago-based developer for the LPM Apartment project. “Magellan has a commitment not only to high-quality construction and innovative design, but also to enriching the communities in which we build.”
Mayor Hodges and Council Member Lisa Goodman highlighted the important role the project has as part of the Intersections 2025 Plan which aims to double downtown’s residential population to 70,000.
“This property used to house an empty building and a large surface lot, a blight on our community,” said Council Member Goodman, who represents Ward 7 where the building is located. “Now, with local and national fundraising, a Midwest development partner, and union labor, we have this amazing new residence that will help drive the economic, social and cultural vitality that Minneapolis represents.”
The $100+ million structure was capitalized with funds provided by BMO Harris Bank, Royal Bank of Scotland (RBS), ULLICO and the National Real Estate Advisors, LLC. The project was developed by a partnership of DeBartolo Development and Magellan Development Group. McHugh Construction and Adolfson-Peterson Construction are the general contractors for the project.
Jeffrey Kanne, President and CEO of National Real Estate Advisors, said: “Our investment helps continue the transformation of downtown into a highly attractive and desirable residential community, while providing numerous good jobs for skilled craftsmen and creating a valuable investment for our institutional clients.”
LPM Apartments features many different floor plan options from studio to three bedrooms across a wide range of prices. For leasing inquiries visit rentlpm.com.
About National Real Estate Advisors, LLC
National Real Estate Advisors, LLC has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. An SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund, a $12 billion pension plan sponsor. For more information visit, www.natadvisors.com.
A Magellan Development Snapshot
Since its inception in 1996, Magellan has evolved as one of the most prolific and highly respected developers of large-scale, mixed-use properties in the United States. Magellan’s expertise spans the interrelated fields of real estate design, development, consultation, architecture, leasing, sales, and marketing. This strong combination enables Magellan to manage the entire development process from conception to completion.