LPM Apartments - (376' - 36 Stories)

[Nathan]

A few of you are in need of this for your avatar...

[Nick]

Haters gonna hate.

[PhilmerPhil]

It's a plant! dumberGuy made up those signs and posted them up just to mess with our heads.

[Lancestar2]

YAHOOO!!!

I don't think I ever been so excited to see something get CLOSED down!

Quick everybody start charging up your batteries now it's gonna be a pictureful Fall/Winter.

[John]

Finally, a new tower for Minneapolis! And it's a beauty!

[mplsjaromir]

It's a plant! dumberGuy made up those signs and posted them up just to mess with our heads.

It would not surprise me.

[Nick]

Just because I see this picture everyday at work, would anyone mind dropping a scaled rendering (or really just scaled something, not necessarily the actual picture) of this project into this picture?

[Avian]

Given that it will be 374' and that 110 Grant is 330', the Loring Apartments should look something like this, and maybe a smidge taller:

[nordeast homer]

Thanks Avian!! Not a stunner from far away, but it fits in nicely and will fill in that area a little more.

[John]

Thanks Avian!! Not a stunner from far away, but it fits in nicely and will fill in that area a little more.

The best far away view of the building is looking at it on the skyline from the west. Maybe Avian could create photo of how that would look. I think it will be quite striking closer in given its elliptical shape. A great filler like you say. In this era, to really impact the Minneapolis skyline, you would have to build a tower of at least 40+ stories. And I think there will be momentum for at least a couple very tall towers to happen if the economy continues to improve.

[MSPtoMKE]

Now that is some good news, I cant wait to see this go up. Seem an odd time of year to start, but oh well.

[min-chi-cbus]

Thanks Avian!! Not a stunner from far away, but it fits in nicely and will fill in that area a little more.

The best far away view of the building is looking at it on the skyline from the west. Maybe Avian could create photo of how that would look. I think it will be quite striking closer in given its elliptical shape. A great filler like you say. In this era, to really impact the Minneapolis skyline, you would have to build a tower of at least 40+ stories. And I think there will be momentum for at least a couple very tall towers to happen if the economy continues to improve.

Before I got to this post I thought the EXACT same thing! The residential highrise village in Loring Park really stands out coming from the West on I-394. This one should not only dominate the existing bunch but also stretch the skyline South from the I-394 vantage point (by just a bit).

Let's say this building beats expectations and fills up in 3 months -- and let's also assume that the demand continues for urban apartment/condo living -- we MAY start to see a small highrise boom in this city! Especially if the surface lots in North Loop, Mills District, etc. start filling up and highrise development can prove to be successful here. Now I'm not saying highrises look more attractive than mid/low rises and/or make a city greater, but they sure do go a long way in leaving an impression on people who DON'T think a city is great. For that reason I'm all for them! For the purposes of making Minneapolis a great city to live IN and an urban wunderland that people could compare to Europe, I could care less........quality and connectiveness over height every time.

[John]

All we need to add are just one 40+, one 50+, and one 70+ story tower (as the tallest to crown the city) and we would have one of the most beautiful skylines in the US.

[woofner]

Just because I see this picture everyday at work, would anyone mind dropping a scaled rendering (or really just scaled something, not necessarily the actual picture) of this project into this picture?

I see that pic a lot too, out of sheer nerdliness. Where do you think it's from, the Walker? Think those tree crowns in the foreground are photoshopped in?

Edit: found it - it's this panorama from wikipedia taken on "the roof of 711 West Lake Street." So roughly Lyn-Lake.

[Avian]

The best far away view of the building is looking at it on the skyline from the west. Maybe Avian could create photo of how that would look. ...

I'd be happy to, but I don't have a shot of the skyline from that angle in my collection.

[John]

Avian , I have a photo here from the Internet. If it is kosher for you to superimpose the apartment tower , great and thanks!!

[spectre000]

Let's say this building beats expectations and fills up in 3 months -- and let's also assume that the demand continues for urban apartment/condo living -- we MAY start to see a small highrise boom in this city! Especially if the surface lots in North Loop, Mills District, etc. start filling up and highrise development can prove to be successful here. Now I'm not saying highrises look more attractive than mid/low rises and/or make a city greater, but they sure do go a long way in leaving an impression on people who DON'T think a city is great. For that reason I'm all for them! For the purposes of making Minneapolis a great city to live IN and an urban wunderland that people could compare to Europe, I could care less........quality and connectiveness over height every time.

Filling up 355 apartments in three months would be a moving-in nightmare. That works out to 4 apartments every day. Though I suppose some people might sign a lease far in advance and move in several months down the road. But I think ideally they'll want about 15-20 units leased a month (and about 15% pre-leased). With full lease up anywhere from 12-18 months after opening. Then probably fully occupied at the end of that 18 month period. I think that would be a more comfortable time frame.

A project of this size doesn't have to fill up overnight to be a success. Most financing packages for projects of this scale have lower payments (i.e. interest only) in the first year or two. That allows the building to gradually fill up and make income without the developer falling into default.

[Lancestar2]

Let's say this building beats expectations and fills up in 3 months -- and let's also assume that the demand continues for urban apartment/condo living -- we MAY start to see a small highrise boom in this city! Especially if the surface lots in North Loop, Mills District, etc. start filling up and highrise development can prove to be successful here. Now I'm not saying highrises look more attractive than mid/low rises and/or make a city greater, but they sure do go a long way in leaving an impression on people who DON'T think a city is great. For that reason I'm all for them! For the purposes of making Minneapolis a great city to live IN and an urban wunderland that people could compare to Europe, I could care less........quality and connectiveness over height every time.

Filling up 355 apartments in three months would be a moving-in nightmare. That works out to 4 apartments every day. Though I suppose some people might sign a lease far in advance and move in several months down the road. But I think ideally they'll want about 15-20 units leased a month (and about 15% pre-leased). With full lease up anywhere from 12-18 months after opening. Then probably fully occupied at the end of that 18 month period. I think that would be a more comfortable time frame.

A project of this size doesn't have to fill up overnight to be a success. Most financing packages for projects of this scale have lower payments (i.e. interest only) in the first year or two. That allows the building to gradually fill up and make income without the developer falling into default.

I used to work as a leasing agent at a property with about 300 apartments in the suburbs. When I first started the place was about 40% occupied because it was run down, and with some new management and myself we turned it around and the most move in's we had per day was 10 although you don't have the limitations in the suburbs you do in the city with a tower. My guess it that in theory you could move in 60 units a month at a realistic pace. Although doing so you would start to have a big problem of leases expiring all at the same time which makes for tons of move outs, new move in's and lease renewals at the same time (unless you move people in with 8,10,12,14,16 mo. leases) No apartment complex in their right mind would fill up in 3 months to only have a year later every single lease have to be renewed, moved out, and new move in! that would not work very well.

Also at my old property a year after we went from about 50 to 100% occupied we starting offering 16 and 14mo. leases and a few 6mo. to help spread out the renewals/move outs. A property can't function very well if the leases are not spaced out. Also keep in mind we space our leases out from March to October because it was really hard to move in people during winter.

[EquipmentImages]

...And you all were doubting. Glad to see progress.

YAHOOO!!!

I don't think I ever been so excited to see something get CLOSED down!

Quick everybody start charging up your batteries now it's gonna be a pictureful Fall/Winter.

Definitely! Just wait until you see the mess that Viet will be digging up out of there.

[Avian]

Here 'ya go. Approximate location and orientation. It'll be pretty dominant as seen from the pair of Summit House Towers.



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