An Uptown-based development company is planning to build a six-story, 174-unit apartment building at the site of the former Arby’s restaurant on Lake Street.
Reuter Walton Development plans on demolishing the former fast-food restaurant, which closed this past January, and constructing the building on the site. It plans on starting construction in January 2019 and completing the project sometime in the summer of 2020, pending City of Minneapolis approval, said Kyle Brasser, a developer for the company.
“This parcel kind of juts out and divides Lake and Lagoon,” he said. “It really will provide that entrance-to- Uptown feel.”
If approved, the building would have nearly 4,000 feet of street-level commercial space and 156 parking stalls for residents within two levels of underground parking. It would also have nine enclosed street-level parking spots to be used either by residents or retail customers.
The building would include a game room, a fitness room, a small rooftop patio and a second-floor club room with an outdoor terrace and a spa. It would include a mixture mainly of “junior” one-bedroom apartments and traditional one-bedroom apartments, along with some studio and two-bedroom units.
About 75 percent of units will have rents between $1,250 and $1,850, Brasser said, while the larger units will be priced between $1,900 and $2,500 per month. The building will include a handful of walk-up units along Lake Street. It will technically be eight stories tall since the elevator overrun exceeds 14 feet.
The total development costs for the project will be around $45 million, Brasser said. He said his company recently signed a purchase agreement to buy the property from Supervalu.
The site is zoned C3A Commercial Activity Center District, which has a by-right maximum height of four stories or 56 feet. It is also part of a Pedestrian Oriented Overlay District, though that zoning designation has no maximum height at this site.
Reuter Walton will need a conditional-use permit to increase the building height and a variance to build at its preferred square footage. It will also need a variance to increase the maximum building setback along Lake Street.
The public announcement of the project comes several months after Reuter Walton announced plans to build a six-story, 230-unit apartment building on the site where Market Bar-B-Que currently sits along Eat Street. The 72-year-old restaurant plans on opening a new location in North- east Minneapolis in late 2018.
Reuter Walton Development has surpassed $640 million in completed developments since 2005, including multi-family, mixed-used and student-housing projects. The company has developed projects in the Uptown area that include the 1800 Lake apartment building, Revel Apartments and Tilt Pinball Bar.
The Lowry Hill East Neighborhood Association was scheduled to hold a meeting about the proposal on June 13, after this issue went to press.