Apartments with hot tub above Uptown sidewalk sell for $54M

TC House to HomeSam Black
Minneapolis / St. Paul Business Journal
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The complex includes a unique amenity for tenants: a second-floor hot tub that hangs over the sidewalk on Lake Street.
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REUTER-WALTON CONSTRUCTION INC

The complex includes a unique amenity for tenants: a second-floor hot tub that hangs over… more

The developer of the 92-unit Uptown Minneapolis apartment best known for the glass-bottom hot tub that juts out over Lake Street has sold the property.
The Walkway, at 1312 Lake St. W., sold June 5 to JPMorgan Chase & Co. for $53.75 million, according to Hennepin County documents.

Developer Clark Gassen, of Minnetonka-based Uptown Gassen, sold the property in two different transactions: $40.25 million for the apartments, plus $13.5 million for the retail space that is the home of restaurant Coup D’etat. Gassen spent $21.5 million to develop the site.

The project was a finalist for the 2013 Best in Real Estate Award from the Minneapolis-St. Paul Business Journal. It lost in the mixed-use urban category to 222 Hennepin, a Whole Foods anchored complex in downtown Minneapolis that sold earlier this year for $109 million.

The project broke ground in December 2012 and opened in the fall of 2013. Financing for the development was provided by Oak Grove Capital, the U.S. Department of Housing & Urban Development and Franklin Bank.

BKV Group, based in Minneapolis, was the architect. The contractor for the Walkway was Reuter-Walton Commercial, based in Minneapolis.

Reuter-Walton is affiliated with CPM Development, which is planning to redevelop the Cheapo site (1300 Lake St.) next to The Walkway into a 130-apartment building with 20,000 square feet of first-floor retail space.

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