By Nick Gilbert
In 2014, Opus Development will begin construction of a nine-story office building spanning 212,000-sq.ft in the southeast corner of Fourth Street at Nicollet Mall.
The corporate headquarters of Xcel Energy is located near to new building site. Xcel Energy will be tenant of the new building from 2016 as the company modifies office space into a two-building downtown campus.
Ben Fowke, President, Chairman and CEO of Xcel Energy stated that the new building site will be constructed to improve the vibrancy of the downtown area and enhance operating efficiency for company employees. About 1,500 employees of Xcel Energy are presently working at the company's 414 Nicollet headquarters and other leased downtown areas. Fowke added that Downtown Minneapolis is their headquarters and they will be staying there for the long-term. He again stated that leasing space in this new building is a cost-effective and prudent way to consolidate their operations, provide better environment for the employees and satisfy space requirements.
Dave Menke, Senior Vice President and General Manager at Opus Development stated that they are happy to work with the City of Minneapolis and Xcel Energy on this project, which will increase vitality of downtown Minneapolis and ensure the redevelopment of the north end of the Nicollet Mall.
Minneapolis Mayor R.T. Rybak stated that the investments in transit and other amenities will aid employers to attract and retain the talent. This results in increasing the economic engine of Minnesota.
The new Xcel Energy office building is located adjacent to the Nicollet Residences, which is a new high-rise apartment developing on the adjacent site by Opus Development.