I have blogged about this site before because it has been a high profile empty spot in downtown Minneapolis. The Minneapolis/ St. Paul Business Journal is reporting the project has finally broken ground. It will have a Whole Foods Market and 286 luxury apartments. I thought it was with the update since there have been so many false starts on this site.
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.
Artist's Rendering of Stadium Village Flats from Facebook Page
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.
Artists Rendering of Proposed Lund's from StarTribune Article
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.
222 Hennepin from Loopnet.com
Another view from Loopnet.com
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.
1933 Streetcar Map
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”.
Como-Harriet Streetcar
This video is well done and cute! I bet mayor R.T. Rybak hates it. Watch and enjoy!
Minneapolis Property Tax Protest 2
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.
FLUX
Image is from the linked Business Journal Article.
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).
