26 story apartment tower planned near the University of Minnesota

A new hi-rise could soon sprout near the heart of the University of Minnesota with housing aimed at professionals, not just students.

Harbor Bay Real Estate Advisors have finally debuted their plans for a new 431 unit, 26 story apartment tower on the corner of Washington Avenue and Harvard Street. It's a notable site as sits directly next to the East Bank light rail station and of course the University of Minnesota's current tallest structure, Moos Tower.

The idea behind the project is to create a building with residential units that will appeal to everyone, not simply the students that typically call the area home for eight months out of the year.

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Harbor Bar is working with Chicago based Core Spaces to develop the project. HPA Architects, which is also based out of Chicago, is responsible for the design. Preliminary renderings show a five story podium with ground floor retail, topped by 21 stories of apartments. The sixth floor of the project looks to have an outdoor terrace and green space.

Overall the new building would make a major impact in the area that is composed of a number of 6 story apartment projects that were built within the last five years. In fact over 27 projects were built within the last five years adding 3,100 apartments to the University of Minnesota's surrounding neighborhoods.

While no new housing is planned to be introduced to the University of Minnesota market in 2016, 2017 will see the introduction of at least four new projects, all of which are six stories or under. Most, if not all of these new buildings, are geared towards University students which is one of the reasons Harbor Bay sees their project being such a success.

Plans for this project will be finalized over the next few months and be presented to the city this coming summer. A variance in height will need to be approved by the city as currently a structure of this size and height is not allowed on site.