LPM Apartments - (376' - 36 Stories)

[stp1980]

Anyone else want to scream "To the sky!, To the sky! Build it to the motherf***in sky!" ?
Sorry, just a little excited about this one

[kregger22]

It's amazing how a tower crane can be so exciting when nothing has been built with any reasonable height for so long.

[kregger22]

Where's the "like" button for stp1980's comment?

[John]

Anyone else want to scream "To the sky!, To the sky! Build it to the motherf***in sky!" ?
Sorry, just a little excited about this one

[beykite]

Got a little stuck waiting for 94 to reopen.

[lordmoke]

There's a sign up on LaSalle indicating that the segment of the street adjacent to this project will be closing on the 16th. It does not specify a re-opening date. Should be interesting to see what this is for, given that the crane is already up.

[Nick]

Yeah I saw that walking home today and was going to take a picture, but a lady was standing in front of the sign. Every time I walk by this site, I'm just shocked at how much construction equipment they have on an active work site. The whole half block is taken up, and the whole half block will be the footprint of the building, so presumably there will be a period in between foundation work and the part where they have all the equipment on the new highest floor? KA must have some great logistics people.

[TWA]

Not sure if anyone else has mentioned this, but I have a gut feeling that by the time this project is complete, with all the other apartments that are coming available around the same time and the lack of new condo development that they dont just turn this into condos right away. I know that the original plan was "condo quality apartments that can be converted at a later date"... but how much easier would it be if that date was just right away?

Just my gut feeling.

[minneapolisguy]

I don't think they would do that right away - but could happen at some point.

I'm not sure what all is involved with changing over an apartment to condos - but would think it is a lengthy process - first you have to let all the leases expire and give people ample time to move out, etc. So I'm guessing that would take at least a year to complete that process - not to mention the legal work that would need to be done, etc. to market the property. It would be a multi-year process - so I think it is unlikely they would pursue anytime in the immediate future.

They will be nice units for sure!

They sure are taking their time with the interior - I know the front lobby is coming alone nicely - they now have a large glass waterfall running - a big sheet of glass with water running down it. But is seems like by late spring they should have people moving in.

[TWA]

I don't think they would do that right away - but could happen at some point.

I'm not sure what all is involved with changing over an apartment to condos - but would think it is a lengthy process - first you have to let all the leases expire and give people ample time to move out, etc. So I'm guessing that would take at least a year to complete that process - not to mention the legal work that would need to be done, etc. to market the property. It would be a multi-year process - so I think it is unlikely they would pursue anytime in the immediate future.

They will be nice units for sure!

They sure are taking their time with the interior - I know the front lobby is coming alone nicely - they now have a large glass waterfall running - a big sheet of glass with water running down it. But is seems like by late spring they should have people moving in.

Another huge obstacle in turning it to condos is the new residents being able to secure financing for their units. After working in management of condo properties, I know how lenders all send out questionnaires asking the total number of units in the building and the number of units that are being rented. Lenders generally don't like to see more than 15 or 20 percent rented versus owner occupied. For large projects, they just break it into a number of different phases (maybe a couple floors at a time) to get by that issue of the buyers getting financing. But would it make sense to build this property then have to go in and touch up or rehab each unit after a couple years of renting? Does that financially make sense? I honestly don't know.

[nasa35]

I don't think they would do that right away - but could happen at some point.

I'm not sure what all is involved with changing over an apartment to condos - but would think it is a lengthy process - first you have to let all the leases expire and give people ample time to move out, etc. So I'm guessing that would take at least a year to complete that process - not to mention the legal work that would need to be done, etc. to market the property. It would be a multi-year process - so I think it is unlikely they would pursue anytime in the immediate future.

They will be nice units for sure!

They sure are taking their time with the interior - I know the front lobby is coming alone nicely - they now have a large glass waterfall running - a big sheet of glass with water running down it. But is seems like by late spring they should have people moving in.

wrong project, this is the 36 floor baby that's just getting started.

[John]

Not sure if anyone else has mentioned this, but I have a gut feeling that by the time this project is complete, with all the other apartments that are coming available around the same time and the lack of new condo development that they dont just turn this into condos right away. I know that the original plan was "condo quality apartments that can be converted at a later date"... but how much easier would it be if that date was just right away?

Just my gut feeling.

I agree. There's something about this project that makes me feel its a future high end condo building going up under the guise of an apartment development. When you look at the floor plans, the units are much larger than your average apartment: even the studio (only one on each floor ) is 625 square feet.

[mnmike]

Not sure if anyone else has mentioned this, but I have a gut feeling that by the time this project is complete, with all the other apartments that are coming available around the same time and the lack of new condo development that they dont just turn this into condos right away. I know that the original plan was "condo quality apartments that can be converted at a later date"... but how much easier would it be if that date was just right away?

Just my gut feeling.

I agree. There's something about this project that makes me feel its a future high end condo building going up under the guise of an apartment development. When you look at the floor plans, the units are much larger than your average apartment: even the studio (only one on each floor ) is 625 square feet.

You keep saying this(or maybe it was other people who have mentioned this)... Why can't it just be an apartment building? A lot of the other high rise apartments downtown that were built as "luxury apartments" in their day remain apartments, or did for many many many years. Could be converted one day, who knows...but personally, I don't think that is really on the developers radar at this time. They will do whatever is most wise financially...but I really don't think they are building it specifically to convert it. That is just me though. What I think they are trying to do is build an apartment project that is unique to the market.

[Nathan]

I agree, I'd rather these stay apartments, and potentially get something else 'The nicollet-esque' built as well.

[John]

What I think they are trying to do is build an apartment project that is unique to the market.

You may be right. I might be a little naive. This is really the first luxury apartment building of this caliber we've seen in Minnesota. I would guess these are more common in Chicago or New York. Anyways, it's quite the beauty and I'm thrilled to see it become part of our skyline!

[kregger22]

Seeing the demand for apartments and condo's on the rise downtown, would a developer ever consider raising the height of a building like this to add more units? Or once the plans and financing in place there is no going back?

[Nathan]

Seeing the demand for apartments and condo's on the rise downtown, would a developer ever consider raising the height of a building like this to add more units? Or once the plans and financing in place there is no going back?

I don't know the specifics to this answer, but the demand was higher when when they were approved and got financing, and they still dropped floors on The Nic...

[mattaudio]

My gut would say it would be (nearly) impossible. I'm assuming egress, systems, parking, etc are equal to what's necessary for the existing plan with little or no buffer to eat into.

[John]

My gut would say it would be (nearly) impossible. I'm assuming egress, systems, parking, etc are equal to what's necessary for the existing plan with little or no buffer to eat into.

When they built Pillsbury Center back in 1980 , the taller tower was originally going to be 36 stories, but they added 4 more after it was well along in construction. Depends on whether the base can support it. As far as Nic on 5th, I suspect it was downsized to 26 stories because they couldn't get the financing to build 6 additional stories. But I'm thinking the base probably can support 33 stories. It looks exactly the same as the original taller proposal.

[twincitizen]