urbanMSP

FAA has approved the crane(today) and the tower (some time ago). This should break ground any day now.

Thanks for the information. Seeing the impact Gateway is having on the skyline I realize that seeing renderings is one thing and an actual structure is something entirely different. I believe the impact this building has will be similar.

I wonder if this breaks ground this spring? Hines is clearly getting more invested in this city with the recent purchase of the 9th and Marquette site.

Hopefully this doesn't stall the project. From the STrib

"At North Loop Green, a sprawling mixed-use development that's slated to replace several surface parking lots in the North Loop neighborhood, the developer had already received municipal approval to include nearly 360 traditional rentals and nearly 100 STRs that would have separate lobbies and amenities for those guests.

In a letter to the City Council, Hines project development director, Bob Pfefferle, said that by increasing the number of rentals the company was able to add public amenities including green space, that otherwise would be unaffordable. He also wrote that the new rules would impact the overall viability of the project, imploring the city to include a grandfather clause that would cover that project and others."

https://www.startribune.com/minneapolis ... 600013349/

I think there does need to be a cap on some of these short term rentals and air bnb but I do think if the city approved it which it sounds like they and others should be grandfathered in

Is this still going? All the city docs posted in the thread are to dead ends.

Still on their website! https://www.hines.com/properties/north- ... inneapolis

And still open for leasing available March 2023- https://www.loopnet.com/Listing/350-N-5 ... /19424878/

Is this still going? All the city docs posted in the thread are to dead ends.

The links are dead because the city did a big website overhaul recently and in the process they broke a ton of links.

As to whether or not this project is dead, I don't know. Hines is not a fly-by-night developer. They've gotten every needed approval for this project, they've been holding this land for a decade, and it would be odd if they cancelled it. At the same time, they may be sitting on their approvals until there is more clarity on the future of office space, or they may be waiting for more stability in the construction industry, or a host of other reasons.

Is this still going? All the city docs posted in the thread are to dead ends.

The links are dead because the city did a big website overhaul recently and in the process they broke a ton of links.

As to whether or not this project is dead, I don't know. Hines is not a fly-by-night developer. They've gotten every needed approval for this project, they've been holding this land for a decade, and it would be odd if they cancelled it. At the same time, they may be sitting on their approvals until there is more clarity on the future of office space, or they may be waiting for more stability in the construction industry, or a host of other reasons.

I agree, given the uncertainty with the zoning and an election upcoming and the volatility in construction costs, it seems like just waiting for the fog to clear might be a good bet. I do really hope this gets built however. It's one of my favorite projects that has been proposed.

The Transportation and Public Works Committee has an item on tomorrow's agenda to approve an easement agreement to allow this project to modify the 5th St N bridge to connect to their plaza. I remain endlessly curious about how they'll square the level bridge shown in all their imagery with the notably not-level bridge that exists.

Exciting news. Can’t wait until we this become a reality.

This is probably one of the most exciting projects up and coming, and I live at Junction Flats just down the street, I would seriously consider moving here!

Is the last real tower project currently in the pipeline for Downtown?

Off the top of my head, Alatus and Ryan have approved proposals for 12th / 2nd and 4th / Chicago, respectively, but it's not really looking like either of them are actually going to happen. Same with Opus's project across from the library, if that counts as a tower.

Of those in the pipeline:NLG, 200 central , 365 phase 2 and Ryan’s US bank stadium tower this is the most likely to break ground imo. The rest have been very quiet.

365 Phase 2 is dead from what I've heard, Ryan tower is stalled and Alatus is a wildcard.

I've read that multifamily permits are down significantly as well. Does anyone know the story? Inclusionary zoning? Construction costs?
No more "low hanging fruit"? Investors spooked? End of the boom cycle?

This conversation might be better off in a different thread at this point.

The John Buck Company won the RFQ for the public service block, but there's been no subsequent news about that. They have an extensive portfolio of residential and office towers.

MF approvals and starts are both down this year, although, "down" may be relative to the explosive growth of the 2018-2020 period. So far, 2021 is looking similar to the earlier 2012-2017 period.

The big question is why this is happening. I think you can take your pick from a variety of compelling explanations. COVID and working from home probably slowed down work last summer on the projects that would now be seeing the light of day. Fears about the economy or future residential or office patterns may have made financing harder to come by. Weird bubbles in the price of materials (e.g. lumber) and labor may have caused builders to take a pause until things settle.

I think the jury is still out on IZ. I don't think it can be blamed for the current slowdown, because both approvals and starts have been closely correlated with each other, but not with the implementation of policy changes (January 2020) by the City. That said, Minneapolis in particular has seen the strongest collapse in MF starts of anywhere in the metro through the five five months of 2021. There are many other factors at play (I've heard, for instance, that some builders were afraid of post-verdict riots and arson), but it's something to keep an eye on. I'm not persuaded that it has been a big issue.

In the specific case of North Loop Green, the developers threw a fit about the City's short term rental ordinance, so it's possible that the project underwent changes to respond to that. It's also the case that just about every piece of the project's program has been affected by COVID, especially the office and STR portions. So waiting until a clearer picture emerges would make a lot of sense.

St Olaf is rumored to have a 27 story residential tower in the works. Then there is 17 N Washington also 27 stories. Alatus is not going to happen. Opus is going to wait......which is good.....their current proposal is weak. Ryan....who knows. North Loop will haven eventually.