Gateway Project Closes with $10.4 Million Land Sale
A city owned parking lot in downtown Minneapolis, the lot where the Nicollet Hotel once stood, has finally sold to United Properties for $10.4 million. The project, now called the RBC Gateway Project, is set to break ground on June 18, 2019 and be completed in 2021—30 years after the demolition of the Nicollet Hotel. The Gateway project will be the first of its kind in Minneapolis.
The 1.7 acre lot has been up for redevelopment for years, but United Properties finally closed the deal and has concrete plans in the works. United Properties intended for the project to begin three years ago, but has faced troubles creating a feasible development plan and delays due to design and financial setbacks. United Properties came out ahead of three other developers with its proposal for the Gateway Project development and was awarded exclusive negotiating rights in 2015. United Properties recognized for the first time this week that the project would be named for RBC Wealth Management, who will be a tenant in the building and will have a sign on the top of the building. The building will include offices for RBC, condos, and a Four Seasons hotel. The building will be about 1.2 million square feet with around 531,000 square feet of office space.
The Gateway project is named after the surrounding neighborhood, which was once called the Gateway District. The developers hope to bring a new corporate hub for RBC, as well as new variety to the cultural, leisure and arts scene of Minneapolis. The development has been seen as a major venture for the city as Minneapolis becomes a more vibrant and popular area for locals and tourists.