MINNEAPOLIS, Minnesota (October 20, 2020) – As RBC Gateway takes shape and rises above the historic corner of Washington and Hennepin Avenues in downtown Minneapolis, the iconic building — the first such high-rise project in downtown Minneapolis in more than two decades — is making good on its promise to revitalize the landmark location.
When completed in 2022, the 37-story tower will be home to RBC Wealth Management’s U.S. headquarters; Minneapolis’ first five-star hotel, Four Seasons Hotel and Private Residences Minneapolis; as well as a public plaza and street-level dining.
According to Rick McKelvey, senior vice president, United Properties, construction is on schedule, despite the challenges of the global pandemic. He noted that contractors are placing concrete on the 17th floor, and the building is expected to rise an additional five levels by year-end. Contractors also are installing exterior windows on the lower levels of the building, providing a glimpse of what the tower will look like once completed. Skyways connecting RBC Gateway at both Third Street and Nicollet Mall have been installed and will be completed next spring. Landscaping on the public plaza will begin spring 2021.
“As RBC Gateway claims its space in the downtown skyline, we are optimistic about the future of the project and how it will shape Minneapolis for many generations to come,” said McKelvey. “Interest in this transformative project continues to be strong from prospective tenants and residents, and our community, and we anticipate continued positive forward momentum.”
The office portion of RBC Gateway is already 85% preleased, with tenants including RBC Wealth Management, for which the tower is named, and the Pohlad Companies — including United Properties, Carousel Motor Group, Pohlad Family Foundation and Pohlad Investment Group. Approximately 80,000 sq. ft. of office space is still available for leasing. Details are available at www.RBCGatewayMpls.com.
In addition to the Twin Cities’ first five-star hotel, 33 Four Seasons Private Residences will occupy the top six floors of the tower. “We look forward to building a community of residences that will have their own exclusive bird’s-eye view above the beautiful downtown Minneapolis skyline, as well as access to all of the amenities that only Four Seasons can offer,” McKelvey said.
Key benefits to the city of Minneapolis from the project include a new public plaza for all to enjoy, proceeds of $10.4 million from the sale of the land to support affordable housing programs, and significant annual revenue to the city once the project is complete.
“Together with our owners, the Pohlad family, United Properties remains committed to the health and well-being of downtown Minneapolis,” McKelvey said. “We believe strongly that RBC Gateway will enhance downtown as a vibrant place to live, work and play.”
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas.
