(MINNEAPOLIS) – Hines, the international real estate firm, along with partners AFL-CIO Building Investment Trust and Marquee Development, announced the start of construction on North Loop Green (www.northloopgreen.com), a new mixed-use development in Minneapolis, Minnesota. The groundbreaking propels the project toward a grand opening in Spring of 2024.
Located in Minneapolis’ bustling live-work-play-stay-shop-dine North Loop neighborhood, the project will feature 350,000 square feet of next-generation office space, 350 residential units, 100 hospitality units, and 17,000 square feet of premier food and retail offerings. A key feature of North Loop Green will be “The Green”, a one-acre, highly activated green space that will be programmed year-round with a wide range of artistic, cultural, and community-based events for locals and visitors to enjoy.
“North Loop Green will be an exciting and dynamic destination for businesses and residents, with advantageous synergies between residential, hospitality, office and retail. Additionally, North Loop Green will add significant dining, recreational and family-friendly entertainment options in the rapidly growing North Loop submarket,” stated Bob Pfefferle, managing director at Hines.
Hines Managing Director Trent Acuff added, “Securing commitments and capitalizing a transformational mixed-use project like North Loop Green during a pandemic reflects Hines’ and our partner’s confidence in the project, the neighborhood, and the City of Minneapolis.”
“North Loop Green is authentic, rich in history, intuitive and inspired. Its design is reflective of its historic and urban context in the fast-growing North Loop. It’s the future of real estate - it’s where people want to live and where business want to locate to attract talent. We are super excited that we will be moving our offices there in spring of 2024,” said Aaron Roseth president of ESG Architects (project architect).
One of the most unique and differentiated elements of the project is The Green – the one-acre green space next to the Cedar Lake Bike Trail. “We are thrilled to create a welcoming, vibrant, authentic mixed-use destination for the North Loop community and the entire City. The Green will be a premier spot for engagement, inspiration and enjoyment for all ages, from outdoor movie nights, to live performances, seasonal festivals, family activities and more. The Green will be a 365-destination for years to come,” stated Eric Nordness, managing principal for Marquee Development.
JLL has been engaged by Hines as leasing agent for the office component of North Loop Green. Brent Robertson, managing director for JLL, will be leading leasing efforts. Kraus Anderson (KA) has been selected by Hines as general contractor for North Loop Green. KA’s work with Hines goes back to 1980 when it constructed Pillsbury Center (now US Bank Plaza) and in 2016, when KA built T3 Minneapolis.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust (the “BIT”) is an open-end commingled core equity fund with approximately $7 billion in Gross Asset Value as of September 30, 2021. The BIT was formed in 1988, and since 2010 the BIT has invested over $2.2 billion for the development of multifamily, commercial, and mixed-use properties across the country. The BIT is managed by PNC Bank, National Association, as Trustee; and PNC Realty Investors, Inc. provides sole investment advisory services. The AFL-CIO Investment Trust Corporation provides marketing, investor relations, and labor relations to the BIT. https://aflcio-bit.com/
About Marquee Development
Marque Development is a real estate development company born out of a professional sports ownership. As neighborhood place makers, they bring a hands-on approach to creating world-class experiences in entertainment, hospitality, and sports. www.marqueedevelopment.com