The Minneapolis Planning Commission on Tuesday approved revised plans for Mozaic, a mixed-use development planned for Lagoon and Emerson avenues.
The project, spearheaded by local development firm The Ackerberg Group, has changed substantially since it was originally approved in 2005 as a mixed-use condominium project. Sales for the project never took off and as the housing market continued to decline, the development was retooled; in one variation it included a hotel.
The development approved this week includes 158 rental units, 66,660 square feet of office space, 37,000 square feet of commercial, retail and restaurant space and 695 parking spaces. It also incorporates the existing Lagoon Theatre, which developers planned to recreate as a larger theatre in the original design.
The new development will consist of two buildings. A 10-floor structure will incorporate ground-level commercial space, six open-air parking levels and three levels of office space. An eight-floor apartment building will have ground level commercial and restaurant space.
A 13,000-square-foot public plaza is planned between the buildings.
The development’s boundaries are the Midtown Greenway to the north, Lagoon Avenue to the South, Fremont Avenue to the East and Hennepin Avenue to the West.
Stu Ackerberg, president of The Ackerberg Group, is eager to get the project underway.
“We’re excited to start construction and have Mozaic become a reality,” he said.