Downtown Minneapolis - 3 New Towers + other projects
 

Three new towers - two residential and one office - are proposed for downtown Minneapolis. Current apartment vacancy rates in the city are at record lows (<2%) which is prompting these proposals. These, plus the numerous low-rise projects under construction are creating a Minne-Boom :)


1368 LaSalle

36 stories, luxury rentals. 355 units. 18,000 sq ft of commercial. $100+ million budget. Developer is Magellan Development Group. Privately funded, no subsidies. Spring groundbreaking.

http://img269.imageshack.us/img269/4...loringpark.jpg
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Nicollet Residences 5th & Nicollet Mall.

6-story podium topped by a 27-story apartment tower for a total of 33 floors. 330 units. 9 and 10- foot ceilings in units. 25,000 sq ft of retail on the ground & skyway levels. $100 million budget. A new skyway connection to Neiman Marcus and a reconnection to the 5th Street Office Towers across Marquette. Potential elevator connection to the LRT station from the new Neiman Marcus skyway. Developer is Opus with ESG Architects. Privately funded, no subsidies or variances. Target date for groundbreaking is next April.

http://img98.imageshack.us/img98/461...sidences01.jpg
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1010 Nicollet Mall

EDITED SEPT 28, 2011 - 32-story office tower (although now rumored to be in the 44-story range) at 10th & Nicollet. $125 million budget. See posting #17 below - Target Corp has now purchased the site, so the following rendering is outdated, but still gives a sense of the massing:

http://img718.imageshack.us/img718/3...icolletv01.jpg
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Low-Rise Proposal for 222 Hennepin (Apartments + Whole Foods):

http://img823.imageshack.us/img823/9...ennepinave.jpg


A couple shots of some of the low-rise projects under construction:

American Academy of Neurology Headquarters

http://img14.imageshack.us/img14/913...myofneurol.jpg

Construction photo by Jeff at Minnescraper.
http://img692.imageshack.us/img692/9...myofneurol.jpg


Lake & Knox Uptown Minneapolis (Photo by Spectre000)

http://img59.imageshack.us/img59/392...spectre000.jpg

Mozaic Mixed Use Uptown Minneapolis (Photo by Spectre000)

http://img12.imageshack.us/img12/688...spectre000.jpg

Where is this 44 story rumor coming from?

I'm getting mixed-messages on the office tower. I'm reading that Target is the likely occupant. And I'm reading no office towers for a few years.

PS, the apartment project 2nd from the bottom is the one at Lake and Knox...not the Flux complex.

Good for Minneapolis!! Now if the city council & the mayor can cut & freeze property taxes and overhaul some city regulations, these projects and others will have a great chance of getting off the ground! I'd like to see the office proposal get bumped up to 40-44 floors or more.

Oops, thanks, corrected!

Another just-completed project downtown is the Cowles Center for Dance on Hennepin Avenue. The old Schubert theater on the right was moved into the current position several years ago. It has been gutted and renovated into a 500-seat house and re-named the Goodale Theater. A new building linking it to the Hennepin Center for the Arts on the left was just finished.

http://img839.imageshack.us/img839/8...inavenue04.jpg

I saw something on SSP about Abbot hospital. I hope this guy can get this going. 123 apt. units is nothing to sneaze at. I hope there is some retail in there. Dale you must have faith.... Along with a reduction of city/county property taxes!

Minneapolis isn't exactly languishing in disinvestment, what makes you think it's necessary to reduce property taxes when projects like this are happily being proposed at the current tax rates? You sound like a broken record.

Updated to show latest rendering of Nicollet Residences above...

The developer of the Abbot project is being subsidized with city, state and federal money! One of the reasons that money is available is to offset costs.... Such as propery taxes, along with costs of possible environmental issues, ect. Otherwise some of these typs of developements wouldn't see the light of day. And if I sound like a broken record about taxes.... Well, they are high on assestment rates. These taxes don't have the affect on prjects like this or much larger ones, but it's the small buisness property owner or the home owner that feels it the most!

Another project has been approved by the city. 700 Central Avenue apartments + retail:

http://img855.imageshack.us/img855/2136/700central.jpg

Updated rendering of 222 Hennepin:

http://img62.imageshack.us/img62/404...nepinave02.jpg

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So the government is paying them a subsidy so the developers can give it back to them for property taxes? :haha: Something tells me you don't know what you're talking about. If you're in favor of lower property taxes for homeowners and small businesses that's fine, but how is that relevant in this thread?

If taxes are deferred on a particular project taxes are either at a lower rate or eliminated for a period of time. If the developer defaults on the property because of financing or another problem after it's buit.... then what! The city spends/contributes rescources to a project, so hopefully it is successful. If it goes bad, who's on the hook? I've got no problem with Tif's and other schemes to help a developers get a troubled project going to stimulate growth in an area. But it's like I said, if it doesn't pay off the city or county, ect., has to make up that definciency. And who do they turn to? The taxpayer! What, do think financing falls from the sky? Give me a break!

Article in the Trib today about Target's potential developement. I wonder how long before they actually do something?

The taxpayers are ultimately on the hook for any subsidy that the local/state government gives to a development, but if you reduce/eliminate property taxes across the board the taxpayers are on the hook for even more. The lost property tax revenue has to be made up somewhere, and that's either going to come in the form of reduced public services or increased income taxes, both of which have a negative effect on the average taxpayer. What, do you think the city government's budget falls from the sky?

The rumor that Target Corp was the likely tenant for the proposed 32-story 1010 Nicollet building seems to be confirmed. Target has purchased the site from the original developer. Stories have been circulating for a while that Target intends a downtown expansion, though no word yet on the shape or size of the project.

Full Story Here

I see 1368 La Salle is listed at 432' (131.7 meters). Can't wait to see this one go up!

Vikings win!

Man, this has been a "dead thread" for quite a while! Good to see the Vike's stadium site picked. Lot's of other stuff going up in the rental market. The Old Mill, and a few others.