In February of 2012, a joint venture between The Excelsior Group (TEG), Ryan Companies and an affiliate of Invesco acquired the property previously known as “the Jaguar site” at the corner of Hennepin and Washington Avenues in downtown Minneapolis.
The property had been blighted for four years and for nine months the development team worked with the City of Minneapolis and North Loop Neighborhood to conceptualize 222 Hennepin – 286 market-rate, upscale apartments and downtown Minneapolis’ first Whole Foods Market.
The development team spent countless hours strategizing towards achievement of project goals including sustainability, outstanding amenity spaces that foster resident interaction and build community, and functional unit floor plans. The final product is a LEED Silver Certified, fully amenitized building including dramatic skyline and river views. The best place to take in the views is from the rooftop courtyards that serve as the centerpiece for apartment amenities ranging from a rooftop pool and fireplace to a 2,500 SF club room with a wine tasting room, fitness club and yoga studio, dog walk, and Skyline Lounge.
The building was designed around an existing 300-stall parking ramp located in the center of the site, an achievement that saved more than 20 million pounds of concrete and 1 million pounds of rebar, and also put the project on a fast track towards achieving LEED Silver Certification in the LEED for Homes Midrise rating system.
222 successfully opened at 50% leased on August 15, 2013, and was sold in March of 2014 at a then record price of $109 million.
TEG provided acquisition, feasibility analysis, market trends and demographics, building design, marketing, branding and lease-up services as well as property management services for 222 Hennepin.