February 23, 2018
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.
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