OPUS TO DEVELOP RETAIL/RESIDENTIAL PROPERTY IN MINNEAPOLIS

MINNEAPOLIS — The Opus Group has purchased three land parcels in the Stadium Village area of Minneapolis for the development of a retail and residential complex. Stadium Village Flats will offer 120 apartments in a mix of studio, one-, two-, three- and four-bedroom floor plans, ground-level retail space and two levels of below-ground parking. Residential amenities will include a fitness room and lounges on each floor. Additionally, a portion of the retail space is pre-leased to CVS/pharmacy. The development site, which is currently occupied by two retail buildings and a parking lot, is bounded by Washington Avenue and Ontario Street. Site preparations for the $30 million property are scheduled to begin in early 2011, with completion expected by August 2012. Minneapolis-based Elness Graham Architects is providing architectural services and Opus AE Group is providing structural engineering services.