Check out the new North Loop tower that overlooks Target Field

The first residents have moved into Minneapolis' newest 34-story apartment tower , and some of them can watch Twins games from their balconies.

Why it matters: The developers of North Loop Green placed a massive bet on the future of Minneapolis, and it appears to be paying off.

Catch up fast: The two-building project includes 450 apartments, 350,000 square feet of office space, and 17,000 square feet of restaurants.

Follow the money: The development team, Houston-based Hines and Chicago-based Marquee Development, broke ground on the project in the fall of 2021 with financing from the AFL-CIO Building Investment Trust.

• They did so despite concerns about civil unrest, the pandemic, and the permanency of remote work.

State of play: Hines managing director Bob Pfefferle said the apartments are 65% leased, the office space is 70% leased , and Brian Ingram is opening two restaurants in the complex: his well-known Hope Breakfast Bar as well as a new Italian concept, Salt & Flour.

• The early success is thanks in part to a North Loop neighborhood that never stopped rocking over the last four years, even while the adjacent downtown suffered.

What they're saying: " We, along with our partners, believed in both the city, the neighborhood, and the specific development," Pfefferle told Axios during an exclusive tour this week.

Zoom in: Urban design buffs will find some unique features in North Loop Green, including the city's tallest skyway that connects the residential tower's 18th floor with the office building's 14th floor.

• The complex also has the city's largest hybrid hotel-apartment. The first six floors and 96 apartments are fully furnished and operated by short-term rental company Sonder.
• People are already booking them on sites like Airbnb.

The big picture: Pfefferle over the past 12 years oversaw the redevelopment of five acres of surface parking lots between the ballpark and Washington Avenue.

• North Loop Green completes the four-building vision, which includes a first-of-its-kind timber office complex finished in 2016.
• The new developments will likely contribute around $5 million in property taxes next year, based on assessment data from Hennepin County.

What we're watching: A third restaurant in North Loop Green, Bassett Hound, will serve food and drinks on a patio that's part of a 1-acre public park.

• That park on Sunday is hosting a kickoff bash for a series of events, including outdoor movie nights on a big screen.

View photos of the building: