4601 Minnehaha Ave S

[seanrichardryan]

120 market-rate units over commercial at the corner of Minnehaha & 46th St. To replace Geller Automotive and two houses.

Hall Sweeney Properties is proposing a six-story apartment building at the intersection of East 46th Street and Minnehaha Avenue South in south Minneapolis.

Plans for the mixed-use building at 4601 Minnehaha Ave. S. call for 120 market-rate apartments above ground-level commercial space, including a fitness studio, co-working office and art gallery. The project occupies three parcels and would require the demolition of a gas station and two single-family homes.

https://www.bizjournals.com/twincities/ ... ce=twitter

[seanrichardryan]

COW submission for Nov 5.

https://lims.minneapolismn.gov/download ... haha%20Ave

[Anondson]

What’s the 2040 zoning for here say?

[alexschief]

Attractive design, decent parking ratio. Well-connected location right next to the aBRT stop and a few blocks from the Blue Line LRT.

Good project.

[twincitizen]

Tick tock for Falls Liquor and Falls Dentistry on the SW and NW corners of Minnehaha-46th. Either would be wise to think about moving into this project or the available commercial space in LoWa or MN46 (NE corner). Of course they could plan to return to commercial space in development of their own sites, but that would mean being closed for 18 months or more. I could see the liquor store taking a break like that, but that doesn’t work for a dentist office (a relatively new one at that). Hopefully Dr. Jakubas is paying attention, I believe she owns the property there

[seanrichardryan]

Aren't liquor stores generally difficult to move (or convince?) due to the weird Twin Cities zoning rules and licensing?

[MNdible]

It's difficult to find a location for a *new* liquor store, and this is due partly to a need to find the right zoning, but primarily due to spacing relative to other existing liquor stores. It should be relatively easy to relocate an existing liquor store to another spot that's close to their current location, as that existing location already should meet the spacing standards.

[Mdcastle]

Do they not own their own property? (Both those properties have owners matching the address on Hennepin County GIS). If so why would they trade an economical building they own for astronomical rent they probably can't afford in a building they don't own.

[mattaudio]

So they can cash out on a development

[twincitizen]

To Monte's point, even if they make a nice chunk of change on the property sale, assuming it's a family-owned/run business and they aren't independently wealthy, this scenario probably only happens if/when they're ready to retire or get out of the business. Retirement probably is the case for the car mechanic property.

Let's look at the owner-occupied dentist office property for a scenario. They paid $340k in 2013, now assessed at $518k. Let's say next year a developer pays $1MM for the 0.38 acre property (>$2MM per acre...pretty generous). Sure, the owner nets a ~$700k profit in 8 years but now has to buy another property nearby (say a cheaper location a few blocks up Minnehaha) and then remodel, etc. And pay capital gains tax on the difference between the sale and purchase price of a new property. And if they don't buy another property and move the business into a leased property, capital gains tax will be due on the whole profit, right? Is that all gonna be worth it? It does kinda seem more likely that they'd just stick around until ready to retire, or until property values / land demand increases even further.