Developer Reportedly Eyeing Parking Lot For New Tower
Even with relatively high vacancy rates for downtown office buildings, a Twin Cities developer is reportedly counting on the vibrancy of the North Loop to attract tenants as he eyes a Washington Avenue parking lot for his next office tower with retail on the ground floor.
According to Axios, the owner of Swervo Development, Ned Abdul, is making plans to build a $50 million tower at 753 Washington Avenue North, on what is currently a surface parking lot next to Bunkers.
At a reported 12 stories, it would be two stories taller than the Nordic Tower which opened in late 2019 on the adjacent lot.
The article quoted notes from a city council committee in stating that there would be three levels of parking, eight levels of office and one level of unspecified retail.
In 2019, Swervo built another office tower in the North Loop, near 5th and Washington with Calabrio as its main tenant. It has since been sold and renamed Steelman Exchange. Swervo also redeveloped a number of historic buildings in the neighborhood, including the one at 411 North Washington that now houses AxeBridge Winery, Edina Realty and others.
By Mike Binkley, North Loop volunteer