25 Washington

21 Washington Avenue North, Minneapolis, MN, 55401, US

Description

JLL Capital Markets is pleased to present a prime development site at 25 Washington, positioned within the North Loop submarket of Minneapolis. This ±0.92-acre infill site (39,591 SF) offers exceptional multifamily development potential in an urban infill location that is currently zoned as Core50/ destination mixed-use requiring street-level retail and a minimum of 10 stories. The site was previously approved for 27 stories, 427 units, and 6,000 square feet of retail.

25 Washington is situated in the heart of the vibrant and walkable North Loop neighborhood. This area is known for its remarkable adaptive reuse projects that have transformed early 20th-century factories and warehouses into nationally acclaimed establishments. Ideally located at the meeting point between the North Loop and the Gateway District, the site is just steps away from award-winning restaurants, fashionable boutiques, bustling taprooms, and professional sports, making it one of the most sought-after locations in the Upper Midwest.

JLL Capital Markets has been appointed as the exclusive investment advisor for the sale of the development site. This opportunity allows developers the flexibility to bring their unique vision and expertise to a prime location, with the potential to create a distinctive residential mixed-use concept that capitalizes on the strong market fundamentals of this established urban neighborhood.

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Attributes

Land area gross

3,678 sm

Media

Investment highlights

Irreplaceable North Loop Address – At the Heart of it All

Prime location within the coveted North Loop neighborhood directly adjacent to the Four Seasons, RBC Gateway, and Whole Foods
Premier live, work, play, and more location with endless entertainment options within walking distance including the Twins, Timberwolves, and Vikings
215,000 downtown employees, and five Fortune 500 company headquarters- Target, U.S. Bancorp, Xcel Energy, Ameriprise, and Thrivent Financial
North Loop’s average household income of $160,000 and an average condo value of $575,000 support a build-to-rent thesis

Attractive Demand and Supply Side Dynamics

No Competing supply expected to deliver in the next 24 months within North Loop
North Loop comp set supports $3.00+ PSF rents for apartment development
Twin Cities 95% occupancy and 68% retention positioning existing and future assets for outsized rent growth thesis
Twin Cities 0.5% expansion rate projected through 2029, well below the peak of 3% in 2021-23, and long-term supply of 1.3%.