- Associated Press - Tuesday, March 20, 2018

MINOT, N.D. (AP) - The developer of two problem-plagued parking structures in downtown Minot said it’ll submit plans to the city for a $20 million residential apartment complex.

Cypress Development announced Monday it’s preparing final plans to seek Minot’s approval of the five-story residential apartment complex, the Minot Daily News reported .

The city recently took over management of the two parking ramps from Cypress Development and is suing the company for millions. The city said the developer owes outstanding rent, construction-related expenses and loan repayments. The ramps opened in 2016 after years of contractor disputes and delays. The parking structures also ended up costing nearly double the original project bid of $10.5 million.

“We are going to work this out in court and we believe we will still be able to move forward with building the apartments after that,” Janine Carnel, Cypress Development’s vice president of marketing and communications, said in an email.

Cypress‘ proposed apartment complex would consist of about 175 units, and sit above the Renaissance parking structure downtown.

Cypress stated in a press release Monday that they’ve been working with the city on a resolution to the parking structure issue that wouldn’t cost residents or the city any money.

“It’s unfortunate that the situation with Cypress Development LLC has reached this point,” said Minot City Manager Tom Barry. “But the City of Minot has taken necessary legal action to protect its interests. Despite claims to the contrary, the City has fulfilled its obligations as required by the agreements with Cypress. This is now a legal dispute that will be settled in a court of law.”


Information from: Minot Daily News, http://www.minotdailynews.com

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