50-story skyscraper planned for downtown Minneapolis

A 50-story mixed-use skyscraper is being planned for downtown Minneapolis in 2016, Franklin Street Properties (FSP) announced Tuesday in their earnings report.  The tower would replace FSP's current 4-story building at 801 Marquette Avenue, recently abandoned by TCF Bank.

Although subject to change, the 50-story tower would include a full-service hotel, residential apartments and office space. But the company said final costing and development agreements have yet to be concluded.

“Under the current plan, FSP would contribute the land and approximately $80 to $90 million in additional capital costs for 100 percent ownership of the office portion of the project, which is tentatively slated to be approximately 260,000 rentable square feet in the middle of the tower stack,” the earnings report stated.

Franklin Street also owns the adjacent 17-story TCF Tower at 121 South 8th Street.  If successful in pre-development work, FSP plans to break ground on the new project sometime during the second half of 2016.