United Properties closes on $10.4M land sale for Gateway project in Minneapolis
United Properties closes on sale to build RBC Gateway development with on-site work beginning this week.
On-site work begins this week on the project, which will include offices for RBC Wealth Management, a Four Seasons Hotel and Resorts, and condos. An official groundbreaking is scheduled for June 18, and the tower is expected to be completed in 2021.
While the development, located on the southeast corner of Washington and Hennepin avenues, has been dubbed the “Gateway project” for years, United Properties acknowledged for the first time Wednesday that the tower will be named for office tenant RBC. RBC will also have a sign at the top of the building, a feature not normally allowed for Minneapolis skyscrapers.
“We are very excited as we put the finishing touches on all aspects of the RBC Gateway project,” said Bill Katter, president and chief investment officer of United Properties Development, in a statement. “RBC Gateway represents the most complicated and compelling project United Properties has undertaken in our 100-plus year history, and one that we are very proud to begin moving forward. We are grateful to our partners for their support of this project including the City of Minneapolis, RBC Wealth Management and Four Seasons.”
United Properties has said the tower would have approximately 34 habitable floors with an additional mechanical floor, though city staff has declared the building as 37 stories. The RBC Gateway project will be the ninth-tallest Minneapolis building.
The RBC building will include about 531,000 square feet of office space. The Four Seasons Hotel will feature 222 rooms plus just announced 31 fully serviced Four Seasons Private Residences.
While an electronic certificate of real estate value wasn’t immediately available on the sale, city staff confirmed last month the price of the property was set at $10.4 million.