(MINNEAPOLIS) – Hines, the global real estate investment manager, along with partners AFL-CIO Building Investment Trust and Marquee Development, today celebrated the completion of North Loop Green, a dynamic mixed-use development located at the heart of Minneapolis’ North Loop neighborhood directly adjacent to Target Field. The project includes 350,000 square feet of creative office space, 350 luxury market-rate and 100 short-term rental residences, 10,000 square feet of food and beverage offerings, and a one-acre public green space called the Green.
Today’s ribbon-cutting ceremony featured remarks from City Mayor Jacob Frey; City Council Member Michael Rainville; Steve Luthman, CEO of Hines’ Midwest & Southeast Regions and Canada; Tom Ricketts, Marquee Development Chairman; and Bob Pfefferle, Hines Managing Director in Minneapolis.
“North Loop Green represents Hines’ continued commitment to the great City of Minneapolis and supports the continued strong demand for dynamic mixed-use environments that converge residential, hospitality, office and retail,” said Bob Pfefferle, managing director at Hines. “This project leverages our expertise in creating placemaking destinations and provides the Minneapolis community with new ways to live, work and enjoy all that the city has to offer, acting as a hub of engagement, inspiration and enjoyment. We look forward to North Loop Green remaining part of the fabric of our city for many years to come.”
Today’s announcement also includes the completion of North Loop Green 360 (“NLG360”), Minneapolis’ newest residential tower that is part of the broader North Loop Green development and features modern residences, breathtaking views and a wide variety of both indoor and outdoor amenities. NLG360 contains a mix of studio, one-, two- and three-bedroom units and boasts magnificent views of the downtown skyline, the North Loop, Target Field and the Mississippi River from its apartments and rooftop Sky Lounge. Building amenities include spacious outdoor terraces, a Sky Lounge with chef’s kitchen and dining area, a state-of-the-art fitness center, a social lounge overlooking Target Field and the city skyline, and more. Residents began occupying in February and the residences are currently 60% leased.
Another key element of North Loop Green is the Green, an outdoor space which opened earlier this month and has been carefully transformed from a former railroad changing yard into a central hub for art, music and social gatherings and events. Summer events kicked off at the beginning of June, and throughout the season, the Green will host a curated schedule of over 100 outdoor community events including movie nights, fitness classes, seasonal activities, local markets and more.
“Our vision for the Green is for it to become a year-round destination and gathering place for neighbors and visitors alike. We’re thrilled to officially introduce the community to North Loop Green and to provide a welcoming space for everyone to enjoy, in collaboration with our partners at Hines,” said Eric Nordness, managing principal for Marquee Development.
North Loop Green’s office space is 70% leased and is home to a variety of institutional-quality tenants, including Piper Sandler, ESG Architecture & Design, KPMG and Värde Partners. In addition to modern amenities, wellness programs and easy access to the outdoors, the property’s offices prioritize sustainability, wellness and employee engagement, offering an idyllic atmosphere, thoughtful floor plans and meeting spaces that support multiple work and collaboration styles.
North Loop Green also features more than 10,000 square feet of premier on-site food and beverage storefronts, recently welcoming three concepts to the development including Bassett Hound, a new bar and patio with a variety of beer taps and small bites, now open; Salt & Flour Kitchen, a modern Italian restaurant re-imagining the region’s classic dishes from renowned Minneapolis chef Brian Ingram; and Hope Breakfast Bar, Ingram’s all-day breakfast eatery featuring breakfast-food staples and brunch cocktails. Hope Breakfast Bar and Salt & Flour are slated to open their doors this fall.
Hines and Marquee Development’s specialization in placemaking and sports-adjacent destinations was a critical factor in North Loop Green’s development, helping ensure the property is deeply rooted in the North Loop neighborhood, offering activations that engage not only tenants and residents, but the larger community. Sitting directly next to Target Field, North Loop Green provides residents, tenants and visitors distinctive exposure to sports and events taking place at the city’s premier stadium. Within the direct vicinity of the property, the neighborhood’s world-class eateries, national retailers and outdoor attractions such as the Cedar Lake Bike Trail provide optionality for a wide array of residents.
The development of North Loop Green was partially funded through Hines U.S. Direct Investments (HUSDI). HUSDI is a private placement program that connects financial professionals and their high-net-worth clients with one-off development opportunities. More information on North Loop Green can be found at www.northloopgreen.com.
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2023.
About Marquee Development
Marquee Development is a mixed-use real estate developer and event company that specializes in building and operating entertainment districts adjacent to sports and cultural venues. Their expertise spans all phases of development, operations, hospitality, and ongoing event programming supported by marketing and media. Born of sports team ownership, Marquee is known for thinking like owners and creating as operators. Their destinations and guest experiences drive long-term value creation—inspiring neighbors and visitors to return again and again, year round. Discover more at www.marqueedevelopment.com.
