MINNEAPOLIS (June 18, 2019) – As construction begins on one of the most iconic skyscrapers in recent downtown Minneapolis history, nearly 85 percent of the building is already leased – with only three floors remaining.
Interest in leasing RBC Gateway continues to be high, according to Bill Katter, president and chief investment officer, United Properties Development. “This level of leasing is virtually unprecedented with a project of this size and scope,” he said.
RBC Gateway, named for its largest tenant, RBC Wealth Management – U.S., will rise 34 stories (plus three floors of building mechanicals and equipment) over downtown Minneapolis on the site of the old Nicollet Hotel, the landmark corner of Hennepin, Washington and Nicollet Mall. The RBC Gateway development will include the Twin Cities’ first five-star hotel and resort, the Four Seasons Hotel and Resort, as well as its first Four Seasons Private Residences.
Officials at the Pohlad Companies announced today that they will relocate to RBC Gateway in early 2022. The Minneapolis office of United Properties, the Bloomington office of NorthMarq, the Carousel Motor Group corporate team, Pohlad Family Foundation, Pohlad Investment Group, Marquette Companies and CRP Holdings will all move. All told, the Pohlad organization will occupy three floors, for a total of 96,000 sq. ft.
“The RBC Gateway project represents United Properties and our owners’, the Pohlads, latest commitment to enriching the Twin Cities community and leaving a lasting legacy for generations to come,” Katter continued. “We are thrilled to relocate our headquarters, along with our parent company and affiliated firms, to the iconic RBC Gateway site, and we look forward to welcoming other new tenants into this transformative space.”
Known as the “Gateway to Minneapolis,” the site once featured a grand hotel and a park extending to the Mississippi River. More than 25 years ago, the hotel was torn down and the park was replaced by a parking lot. Working with the City of Minneapolis and other partners, United Properties is restoring the splendor of this historical site. The total square footage of the project stands at more than 1 million sq. ft., making it one of the largest developments in recent history.