Reuter Walton paid $6.6 million for Uptown Arby's site

Reuter Walton Development’s purchase of the former Arby’s in Minneapolis’ Uptown neighborhood closed Monday for $6.6 million, according to a certificate of real estate value. The purchase price works out to about $188 a square foot.

The Minneapolis-based developer is planning to construct a six-story, 174-unit apartment building at the site at 1116 W. Lake St. Most of the units will be cost between $1,250 and $1,850 a month.

Arby’s fans and Uptown residents decried — largely ironically —…