The hotel is part of Starwood's Luxury Collection as one of Minneapolis' finest properties.
On two separate occasions, the Minneapolis City Council voted to extend the developer's timeline for receiving financing.
The towers include 92 condominium units and 136 hotel rooms.
All units come with one parking spot, and valet service is provided.
The redevelopment included construction of a new skyway connection to the west across 2nd Avenue to the Marquette Parking Ramp.
The main section north of the existing Ivy Tower is built on a 5.5 ft (1.68 m) mat foundation, while the section to the east is supported by caissons.
This is the first residential-hotel combination in the Twin Cities. Ivy residents have full access to the amenities provided to hotel guests.
The developers received $8.4 million in tax increment financing (TIF) funding.
Marketing of the condominium units began in late September 2004.
The Hotel Ivy + Residence wraps around and incorporates the historic Ivy Tower, previously threatened with demolition.
In response to the high water table issues, the developer moved 1 floor overground and the tower grew from 286 to 302 feet. The Minneapolis Heritage Preservation Commission approved this change in June 2006.
Originally planned to rise over 6 levels of underground parking, the developers discovered that the water table was higher than anticipated during initial excavation.
This is the tallest building completed in Minnesota during 2008.
The Hotel Ivy opened for business on 21 February 2008, even though the exterior was not completed until July 2008.
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