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Property: Vacant downtown land ripe for development
Buyer: Minneapolis Ventures LLC (Buyer owns balance of the block)
Seller: Orpheum LLC
Source: Buyer and Seller
Sale Date: October 25, 2007
Sale Price $10,140,480
Unit Price: $139.29 (Does not include demolition costs or remediation)
Zoning: B4S-1 Downtown Service District
Utilities: All available
Topography and Soil: Level and Sound
Visibility and Access: Good
Land Size: 72,802 square feet
Remarks: The buyer is currently using the site for interim parking. The proposed project would include either a hotel or over 300 units of multi-family rental units with the developer in talks with a grocery store for the first floor and Best Buy for the second floor. There is also an outside possibility of the project being developed as an office building with a major downtown tenant. The former gas station building was demolished and there is residual (slight) pollution.
