It appears the sale includes the 21st Century Bank building at 17 N Washington Ave, which would remain in place alongside the new development, so that does help explain the extremely high sale price.[CA Ventures] is currently developing an 18- to 20-story, mixed-use apartment at 240 and 258 Hennepin Ave. The developer paid $18.4 million for that half-block site, according to certificates of real estate value made public on Thursday.
The seller was 21st Century Bank. The deal, which closed Aug. 13, works out to about $14.3 million per acre. Chicago-based Harlem Irving Cos. is a co-developer on the project.
Note: This transaction does not appear to include the parking lot at 258 Hennepin, which is also part of the development site. That lot is owned by Dolphin staffing, which is a tenant at the 21st Century Bank building. I assume CA Ventures will be buying that lot in a separate transaction (and possibly building underground parking for Dolphin in the new building?)