The developers behind a new mixed-used development have closed on a long sought after site, the Sons of Norway building and much of the block it occupies in the Uptown neighborhood of Minneapolis.
An entity tied to Minneapolis developer Ryan Cos. US, Inc. and Weidner Apartment Homes of Kirkland, WA paid Sons of Norway $15.5 million in cash for the company’s collection of properties on the block bounded by Holmes Avenue South, Lake Street West, Humboldt Avenue South and 31 Street West. Altogether, the five parcels add up to about 1.3 acres.
The entity also $1.3 million for two lots owned by Wells Fargo, which sit on the middle of the block on the west side and cover about .3-acres in all.
Both deals closed on Wednesday, according to certificates of real estate value made available on Friday.
Ryan and Weidner are planning to demolish the three-story Sons of Norway office and build a 319-unit apartment complex in its place. Plans also call for 16,000 square feet of ground floor office space for the Sons of Norway, a fraternal and financial organization, and 7,000 square feet of retail, ideally for a coffee shop and restaurant.
City officials greenlighted the concept earlier this year. At the time, Ryan had not yet disclosed the purchase price. The Sons of Norway portion works out to $11.9 million an acre, while Wells Fargo’s properties garnered about $4.3 million per acre.
