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  #1  
Old Posted Sep 14, 2011, 2:25 PM
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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.


Source


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.


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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 See posting #17 below - Target Corp has now purchased the site, so the following rendering is outdated, but still gives a sense of the massing:


Source


Low-Rise Proposal for 222 Hennepin (Apartments + Whole Foods):




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

American Academy of Neurology Headquarters



Construction photo by Jeff at Minnescraper.



Lake & Knox Uptown Minneapolis (Photo by Spectre000)



Mozaic Mixed Use Uptown Minneapolis (Photo by Spectre000)

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Last edited by Avian001; Sep 28, 2011 at 5:42 PM.
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  #2  
Old Posted Sep 14, 2011, 5:25 PM
MNMike MNMike is offline
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Where is this 44 story rumor coming from?
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  #3  
Old Posted Sep 14, 2011, 6:49 PM
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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.
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  #4  
Old Posted Sep 14, 2011, 8:22 PM
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PS, the apartment project 2nd from the bottom is the one at Lake and Knox...not the Flux complex.
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  #5  
Old Posted Sep 15, 2011, 7:04 AM
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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.
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  #6  
Old Posted Sep 15, 2011, 3:34 PM
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Quote:
Originally Posted by MNMike View Post
PS, the apartment project 2nd from the bottom is the one at Lake and Knox...not the Flux complex.
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.

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Last edited by Avian001; Sep 15, 2011 at 6:30 PM.
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  #7  
Old Posted Sep 21, 2011, 3:16 AM
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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!
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  #8  
Old Posted Sep 21, 2011, 11:22 AM
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Quote:
Originally Posted by TallBob View Post
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.
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  #9  
Old Posted Sep 21, 2011, 3:24 PM
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Updated to show latest rendering of Nicollet Residences above...
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  #10  
Old Posted Sep 21, 2011, 6:55 PM
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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!
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  #11  
Old Posted Sep 22, 2011, 8:44 PM
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Another project has been approved by the city. 700 Central Avenue apartments + retail:

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  #12  
Old Posted Sep 25, 2011, 4:36 AM
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Updated rendering of 222 Hennepin:



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  #13  
Old Posted Sep 25, 2011, 12:48 PM
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Quote:
Originally Posted by TallBob View Post
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!
So the government is paying them a subsidy so the developers can give it back to them for property taxes? 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?
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  #14  
Old Posted Sep 25, 2011, 7:44 PM
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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!
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  #15  
Old Posted Sep 28, 2011, 3:53 AM
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Article in the Trib today about Target's potential developement. I wonder how long before they actually do something?
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  #16  
Old Posted Sep 28, 2011, 11:32 AM
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Quote:
Originally Posted by TallBob View Post
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!
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?

Last edited by fishrose; Sep 29, 2011 at 2:13 AM.
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  #17  
Old Posted Sep 28, 2011, 5:37 PM
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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
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  #18  
Old Posted Oct 11, 2011, 4:24 AM
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I see 1368 La Salle is listed at 432' (131.7 meters). Can't wait to see this one go up!
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  #19  
Old Posted Oct 11, 2011, 5:19 AM
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Vikings win!
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  #20  
Old Posted Mar 4, 2012, 1:51 AM
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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.
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