June 20, 2012 by Sarah M
By Jeremy Zoss
Opus Development Corporation has announced it will build a new headquarters for Xcel Energy on the southeast corner of 4th St. and Nicollet Mall. Construction on the nine-story, 212,000 sq. foot office building will begin in 2014, with occupancy in 2016.
The new building is immediately across the street from Xcel Energy’s current headquarters. Xcel Energy will retain its space in its current building and be the sole tenant of the new building.
Ben Fowke, CEO of Xcel Energy, said the new building will improve company efficiency by consolidating employees into a two-building campus. “Downtown Minneapolis is our headquarters, and we plan to remain here for the long-term,” Fowke said. “Leasing space in this new building is a prudent, cost-effective way to consolidate our operations, meet our future space requirements, and create a great environment for our employees. It also underscores our commitment to our partnership with the city and its business and community leaders to revitalize downtown Minneapolis.”
The Xcel Energy development is adjacent to another Opus Development project, the Nicollet Residences. Opus plans to begin construction on the high-rise apartment project later this year.