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Four Seasons commits to opening hotel on Nicollet Mall

By   – Senior Reporter/Broadcaster : Minneapolis / St. Paul Business Journal : November 14, 2018

The on-again, off-again courtship of Four Seasons Hotels & Resorts by United Properties looks like it’s going to end in a marriage.

The Toronto-based luxury hospitality company has committed to opening a 280-room hotel and restaurant in the 37-story downtown tower that United Properties is planning at the northern end of Nicollet Mall.

“United Properties can confirm that we have a signed term sheet with the Four Seasons at the Gateway,” the company said in an emailed statement. “We plan to make an announcement once the operating agreement is fully executed.”

Rick McKelvey, vice president of development for Minneapolis-based United Properties, announced the commitment at Tuesday night’s Planning Commission meeting, right before commissioners approved the tower.

Four Seasons could not be reached for comment.

If executed, Four Seasons would be the Twin Cities’ only five-star hotel. This is one of the biggest markets in the U.S. without a five-star flag. Four Seasons has about 100 locations worldwide, many in exotic locations, and typically charges a premium over other hotels in its markets in exchange for a high level of personal service.

At 503 feet, it would also be the ninth-tallest building in Minneapolis, just a hair shorter than the larger Fifth Street Towers building and just a tad taller than Ameriprise Financial Center.

United Properties has been working for four years on its Gateway Tower project. There have been several iterations, but the current plan calls for 530,000 square feet of office space, 22 condos and ground-floor retail. The office space is to be anchored by RBC Wealth Management, which signed a 310,000-square-foot lease.

United Properties has said it intends to break ground this spring.