February 23, 2018 Comments Off on Developer Plans $60M Hotel Conversion of 26-Story Minneapolis Office Tower Views: 3008 Midwest, Minnesota, National News

Developer Plans $60M Hotel Conversion of 26-Story Minneapolis Office Tower

Maven Real Estate Partners plans to convert the 26-story Rand Tower office building into a boutique hotel in downtown Minneapolis. The developer envisions transforming the historic Art Deco property at 527 Marquette Ave. via a $60-million renovation.

The Minneapolis, MN-based company acquired the 143,000-square-foot building at Marquette Avenue and S. 6th Street for $18.7 million last summer. The plan to shift use to hotel follows repositioning efforts to boost office vacancy from 23%, including offering short-term, flexible workspaces.

City approvals will be required to convert the property to a hotel, and historic preservation advocates are expected to weigh-in on the plan. ESG Architects is designing the new space.

Read more at Star Tribune

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