Portland Tower - 516 S. 8th St.

[bapster2006]

Prices released. Just judging from a quick glance, the average pricing seems to be about $450K. The units on the top four floors are all still available if anyone is interested.

http://portlandtowerminneapolis.com

[Tyler]

Yeah, its going to be tough sledding on those, I think. Stonebridge sold the many of the "best" and most expensive units first. Here its all lower priced ones. It might be silly to question someone who has had so much success selling condos in this market, but I just can't imagine there is this much demand for $500K+ units at this location.

[nickmgray]

I think this building will do just fine. Due to the location, it'll take some time for the higher prices units to sell, but they will sell. Keep in mind, the Sexton had a dozen or so units priced over half a million. No reason why those would sell and not these.

[mnmike]

I am a Realtor, and was just helping a client look for condos this week....I gotta say, it is amazing how limited the supply is right now. Especially in the 200-300k range, there is hardly anything! You really have to jump when units like that become available. There are only 25 listings total in that range in the downtown area right now, including St. Anthony main area...and of those only 10 have more than one bedroom. Really, you kind of have to exclude the ones in "The Towers" and "The Crossings" complexes, as their association fees are insane (700-900 easily). It's slim pickens...If a developer could do a building with decent units in the 200-300 range and reasonable HOA fees (under 500) it would almost certainly sell out immediately.

[twinkess]

They are indeed pile driving today. Quite the racket as I left home, although I'm excited for the addition to the neighborhood!

[twinkess]

A big hole in the ground!
https://i.imgur.com/oXtlOb9.jpg

[go4guy]

Wow, that didnt take long.

[TroyGBiv]

Nice to see a deep pit! Freaks me out that these new buildings don't have basements or underground parking.

[nordeast homer]

The base for a stationary crane looks to be in place now.

[jw138]

There's no construction cam for this one, is there?

[MinnMonkey]

Crane is being assembled today.

[Wedgeguy]

Damn, they are still digging down for this foundation. But do see some of the foundation walls below ground.

[nordeast homer]

This plot looked so much bigger when it was just an empty lot; with all of the equipment it looks tiny now. It would be nice if Krause would put a building of similar size on its lot, but we know that's a pipe dream.

[Wedgeguy]

This building will have a ton of parking. I count 3 levels underground and another 3-4 above ground. Still pouring retaining walls for the underground parking. But it does look like some structural work is starting to take shape ever so slowly on the lowest floor.

[grant1simons2]

Isn't it because of parking for Sexton is being added as well?

[mattaudio]

Jim Stanton also loves his parking (see Eclipse)

[TommyT]

Yes, Sexton is able to purchase parking at a reduced rate due to their time without parking. Heard from someone who owns a condo there.

[Wedgeguy]

Isn't it because of parking for Sexton is being added as well?

I'm aware of that, but is the underground for the tower only, and the pedestal parking for contract parking from the Sexton or others that would want to contract that have no where else to park?

[FISHMANPET]

It's almost like the free market is able to provide parking without heavy handed intervention from the zoning code!

[mattaudio]

Was that a breach of contract somehow for original Sexton owners? I know that building had lots of "issues" due to the housing crash and developer fraud. But I'm sure there are cheap contracts to be had in the CenterVillage ramp across the street, though there's no climate controlled connection to that ramp.