It was announced today that Lennar Multifamily has paid $13.74 million for a two-block site at 315 First Avenue NE, which is two blocks from the Mississippi River and across from downtown Minneapolis. The site has endured years of environmental clean-up and several development proposals to transform the former location of Superior Plating.
Lennar is a division of a Florida-based home builder and plans to build more than 250 apartments within a 20-story tower that will include 22,000 square feet of commercial space on the 5.45 acre site. Construction is scheduled to begin this fall according to Peter Chmielewski, Lennar’s Vice President of Development.
The seller, First & University Investors LLC, completed environmental remediation earlier this year. ESG Architects has been working on the plan for the site, which will include an apartment tower atop retail and townhouse-style rentals. The neighborhood group gave an enthusiastic response to the overall plan in May where other proposals were passed on as they didn’t offer the kind of density the group was favoring.