Stadium Village Flats has been in the works for some time but this Minnesota Real Estate Journal article reports Opus will begin leasing the 120 unit apartment and retail project this fall for August 2012. The number of units seems small but the number of beds is 235 – a measure which matters more in student housing. The project is being billed as a “luxury student housing”. The project includes a theater, movie room, game room (with multiple big screen TVs), a Pilates studio and . . . oh yes, study areas. The project already has a facebook page. The retail will include a CVS pharmacy and an additional 4,400 sq. ft. of street front retail. Minneapolis firm ESG Architects did the design work.
This article from The Line says the proposed development at 222 Hennepin (the old Downtown Jaguar site) will include a grocery store. In addition, a StarTribune article says the long delayed Lund’s at 12th and Hennepin is now going forward. This is a huge plus for the growing number of residents in the downtown area. Ironically, both of these sites were supposed to host grocery stores about three years ago but the projects were either cancelled or delayed.
It is nice to see this project get updated. The project has been looking rundown for years – even from a distance. Notwithstanding the historic designation, and the effusive words of Minneapolis’ Mayor Rybak, I really can’t warm to this project because it is so ugly. I am sure that it plays a valuable role in providing housing but couldn’t the renovation have made some attempt to improve this eyesore – even if it resulted in the alteration of the now officially historic structure? Enjoy the celebratory video!
According to an article in the StarTribune The Excelsior Group and Ryan Cos. will be building 200+ luxury apartment units on the site of the old Downtown Jaguar dealership in Minneapolis. The old Jaguar site at 222 Hennepin Ave (at the intersection with Washington Ave.) was once the proposed location of a 35 story condo tower with a Whole Foods supermarket. That deal was sunk, in part, by the housing bust that made downtown condos unattractive to buyers. Since that time the Jaguar dealership has been a visible reminder of the real estate downturn. It is nice to see a proposal for the site and it will be even nicer to see something get built.
Like many people in commercial real estate I notice all the building projects going on around town. I watch the techniques used to build them and the speed with which they are completed. If all goes well I will be able to share some video with you in the coming year. As a practice run I found this video which I will attempt to embed in this post – wish me luck!
The StarTribune reports that Minneapolis will receive $900,000 from the federal government to fund a “final” study of the feasibility of Streetcar service on Nicollet and Central Avenues. The City will match the federal funds with $300,000 of its own. The 1.2 million dollars will be used to study alternatives such as streetcars and buses along Nicollet from 46th Street South all the way up along Central Avenue to Colombia Heights. This is part of a strategy to promote development along existing business corridors in Minneapolis. Ironically the Twin Cities once had an extensive streetcar system which was dismantled in the 1950s. Mayor Rybak is quoted as saying the tax base along streetcar routes increases dramatically. If built, the route would likely be constructed in phases.
Minneapolis Streetcar map circa 1933 by Brett McKean from Transatlantis.net
The only remnant of the system is the Como-Harriet Streetcar which survives as a historical attraction shown below as decorated for the season as the “Holly Trolly”.
This video is well done and cute! I bet mayor R.T. Rybak hates it. Watch and enjoy!
This City Pages Blog tries to give equal time to both sides but it does not have a direct response from the Mayor to the video. It does give his side of the issue though.
Update: Minneapolis passed the increase.
I missed this announcement last week but Greco is going to be building a 216 unit project called “Flux” at 2838 Fremont. This is their second big project Uptown – “Blue” was the first in 2007. There seems to be enough demand and financing to keep the apartment market going. This project was financed by Northmarq Capital, the Pension fund AFLCIO Building Investment Trust and PNC Realty Investors. These are the same parties that financed “Blue” so I don’t think it reflects any new interest by lenders in the Minneapolis market. I loved the fact that the project includes a lawn bowling component – Brits pub may be reviving that sport single handed.
Image is from the linked Business Journal Article.
The Business Journal reports that Target bought a small building, 1013 Nicollet, near its downtown Minneapolis headquarters. The line that caught my attention is that Target already leases 12% of the office space downtown. That eye-popping figure doesn’t include all the additional space rented by Target’s vendors who need to be nearby. It is very good news for downtown Minneapolis that Target has its eye on future expansion along the Nicollet Mall.
Photo of the 1013 Nicollet Building.
Photo from the Fibonacci Blue Blog that documents protests in the Minneapolis Area. This shot was apparently taken June 13, 2010.
Update: Finally got the photo to display!
Apartments continue to be the most active part of the market. It is also one of the few areas where financing is available so it is good news that the demand is there when the projects are built. The Minnesota Real Estate Journal reports on Village Green’s latest success. The Washington Avenue corridor is becoming a great neighborhood. Now if someone would build a grocery store on the old Downtown Jaguar site it would be perfect. (Yes, I know they tried to get a Whole Foods there).