Alatus has been chosen as the developer of a $200 million mixed-use redevelopment project in the Minneapolis suburb of Brooklyn Center, Minn.
The firm plans to redevelop 33 acres that once housed a shopping center and Ford dealership.
Alatus pitched a preliminary vision that would add 575 to 775 housing units, 200,000 to 265,000 square feet of office space, a movie theater, a 200- to 250-room hotel, several restaurants and a park. The project, done in phases, would overhaul mainly vacant buildings and surface parking lots near the Interstate 694/Highway 100 interchange.
The first phase, according to the city, would include an apartment building, grocery store and movie theater.
The preliminary development agreement lasts for a year while Alatus and the city negotiate purchase price and redevelopment agreement.
According to U.S. News and World Report’s annual “Best States” rankings, Minnesota is the second-best state in the nation, behind only Iowa, reports JLL. U.S. News’ rankings factor in metrics on health care, education, economy, infrastructure and other topics that impact residents’ satisfaction.
