RBC Gateway & Four Seasons - 37 stories - 519'

[Gman12]

Is that sarcasm perhaps? Market rate is the same as all the other apartments going up....and we need to make sure the ones we have going up will fill. Probably the recent report of the 8.8% vacancy rate downtown has scared them. Now, I think a lot of that was just brand new empty units fresh on the market...but I do think now would be a good time to slow down and make sure the ones we have opening are absorbed! I don't really have high hopes for this project being anything special though Unless they can get some really great use in at the base. Probably a good idea to not just have 300 more apartments here though...but what could go here that would make it a bit more special!?

I guess if you want to call $1800 1 bedrooms at Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate because of the inflated downtown prices thats fine, but my point is more affordable units would fill up downtown no problem. I guess developers aren't interested in shrinking their profit margins though. The only one I can think of is the Mill City Quarter and thats being developed by a non-profit.

[min-chi-cbus]

yeah, there really is a lot of demand for downtown condos...but where the demand is really high is in the 200-350k range...and I doubt these would be there:(

Unless, at $3.30 a foot rental, these units are like 500-600 SF.

[kirby96]

United Properties guy put the percent chance this development moves ahead at 75 percent. What do you folks think?

The kiss of death. While they are still actively looking for partners there's no way they come out and publicly say, "I don't know, it's iffy. Probably only a 25-30% chance this thing happens."

75% chance is about as low as you'd go publicly. Appear confident but if it falls through can't be accused of being overconfident. This is code for less than 50% chance.

[David Greene]

United Properties guy put the percent chance this development moves ahead at 75 percent. What do you folks think?

I think the city should re-bid the project and give a longer timeline to get more responses. They still own the land, right?

It is beyond ridiculous that the winner of the bid would even *think* about not doing the project as described in the proposal that won the bid, much less not doing it at all.

[John]

United Properties guy put the percent chance this development moves ahead at 75 percent. What do you folks think?

I think the city should re-bid the project and give a longer timeline to get more responses. They still own the land, right?

It is beyond ridiculous that the winner of the bid would even *think* about not doing the project as described in the proposal that won the bid, much less not doing it at all.

100% agree.

[trigonalmayhem]

Crony capitalism hard at work!

[Nick]

I guess if you want to call $1800 1 bedrooms at Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate because of the inflated downtown prices thats fine, but my point is more affordable units would fill up downtown no problem. I guess developers aren't interested in shrinking their profit margins though. The only one I can think of is the Mill City Quarter and thats being developed by a non-profit.

I guess if you want to call $1800 1 bedrooms at Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate because of the inflated downtown prices thats fine, but my point is more affordable units would fill up downtown no problem. I guess developers aren't interested in shrinking their profit margins though.

I guess if you want to call $1800 1 bedrooms at Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate because of the inflated downtown prices thats fine, but my point is more affordable units would fill up downtown no problem.

I guess if you want to call $1800 1 bedrooms at Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate because of the inflated downtown prices thats fine

I guess if you want to call $1800 1 bedrooms at Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate

Nic on 5th, Soo Line, LPM, 4marq, 222, L45 etc market rate

market rate

[trigonalmayhem]

Seriously they need to put this out to bid in a way that will attract some national developers. The underwhelming home town crew never ceases to disappoint.

[grant1simons2]

Question. Who has heard of StaurtCo before this? I looked at their site and it looks like they deal a lot in suburban apartments. They have 2 in Minneapolis. One is 430 Oak. I just wonder what they were focusing on for "trends" in the downtown market.

[dbaur31]

Question. Who has heard of StaurtCo before this?

Lived in Heritage Landing for a year at 410 N 2nd in the North Loop where StuartCo was the mgmt company. Can't speak to their development savvy, but my experience with them was very good. Heritage is a good building that, style-wise, is dated now but that's the only real knock from my time there.

[John]

Well, I wonder if Mr Duval is watching all of this. If he was ever really serious about his 80 story proposal, this could be his golden opportunity to make a comeback. Sounds crazy but this is the fickle world of development

[bubzki2]

Question. Who has heard of StaurtCo before this? I looked at their site and it looks like they deal a lot in suburban apartments. They have 2 in Minneapolis. One is 430 Oak. I just wonder what they were focusing on for "trends" in the downtown market.

If they're using 430 Oak Grove as a barometer for the Minneapolis market, I can see why their perceptions are skewed to the pessimistic side. That place was really struggling to fill up when I toured it more than a year after it opened.

[TroyGBiv]

John - I was thinking the same thing! I know the word was that Duval was looking for another location closer to the core.

[MN Fats]

John - I was thinking the same thing! I know the word was that Duval was looking for another location closer to the core.

Wasn't that just speculation by people on here? Or was there actual weight to that?

[seanrichardryan]

Most of this thread is speculative.

[urbancycler]

Should have gone with Mortenson. They may be jerks but they deliver. Much better design too.

[TroyGBiv]

A girl can dream

[Architorture]

Stuart Co developed One Southdale Place and Genessee Apartments and Townhomes.

I agree this should go back out for bid. Otherwise it feels like a bait and switch to me.

[VacantLuxuries]

Haven't they already purchased the lot though? I know they put in their bid at least.

[Didier]

Some details have changed, but instead of declaring that the development rights be pulled, shouldn't we all slow down and consider that maybe the bid wasn't contingent on whether or not it was apartments/condos and a Canopy by Hilton?