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Matt Sepic

50-story tower to replace TCF Bank building in downtown Mpls.

TCF Bank building
The TCF Bank building, pictured here on Oct. 27, 2015, will be replaced with a 50-story mixed-use tower.
Matt Sepic | MPR News

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The owner of the TCF Bank building in downtown Minneapolis on Tuesday said it plans to build an approximately 50-story mixed-use tower on the site.

In its quarterly earnings report, Franklin Street Partners said the building at 801 Marquette Ave. would include a hotel, apartments and office space. The Massachusetts-based company said it plans to contribute the land to the project, plus $80 million to $90 million, and would retain full ownership of the office portion.

The company said it has yet to sign development agreements, but hopes to break ground sometime in the second half of next year. However, FSP said the project is "fully subject to change and/or cancellation."

TCF Bank moved out of the building this year and moved its 1,700 employees to an office in Plymouth.

FSP said it's putting "significant thought and design" into the redevelopment project in order to integrate it with the 17-story TCF tower next door.