Reflecting the current and future needs of the city’s urban center with more than 35,000 residents and aligning with its 2025 vision, The Nic on Fifth is contributing to the revitalization of the north end of Nicollet Mall and helping shape Minneapolis’ central business district as the city looks to expand the downtown population to 70,000 by 2025.
The project reinforces Opus’ team members’ expertise in developing and building high-quality buildings in downtown, including the University of St. Thomas campus and the American Express (now Ameriprise) and Capella Towers. Additionally, the team has an extensive history in residential, high-rise construction, previously developing The Carlyle and Grant Park in dowtown Minneapolis.
With 253 units, including 26 penthouses, the building brought luxury rental options to people looking to live in an urban setting. All units feature condo-level finishes with granite countertops, stainless steel appliances and floor-to-ceiling windows with floor plans ranging from alcoves to three-bedroom penthouse suites.
The building also includes 30,000 square feet of indoor and outdoor amenity space on the sixth floor. In the summer, residents can take advantage of the outdoor garden roof deck with a pool and spa, fire pits, a kitchen and grilling lounge, dog run and Zen walking path. Indoor amenities include a large clubroom with various seating areas, televisions and a fireplace; a private dining area with a gourmet kitchen; and a fitness and yoga studio. Additionally, the building has 24/7 doorman and concierge services and is designed to meet LEED certification.
In addition to abundant amenities and impressive views, the transit-oriented development provides convenient access to the city’s light rail and bus systems and close proximity to more than 26 million square feet of existing office space in downtown through access to eight miles of skyway. The development has a light rail platform to one side and shares a sidewalk with Nicollet Mall, an eleven block pedestrian and public transit mall, on the other. Its prime location increases foot traffic downtown, bolstering local businesses. The luxury apartment building features 20,000 square feet of retail space on the street and skyway levels.
In September 2014, The Nic on Fifth welcomed its first residents, opening its doors with 40% of the building pre-leased by renters. By early November, it was around 60% leased.
Opus’ joint venture partner was Founders Properties, L.L.C., a private real estate investment firm with more than 100 properties nationwide. SunTrust Bank, a super-regional bank headquartered in Atlanta, financed the project.