urbanMSP

It's been quiet all June. Every once in awhile there has been a worker or two walking around the site, but that's been it.

Labor shortage?

Official groundbreaking was supposed to be mid-June...so it must have been pushed back for one reason or another.

The apartment market is overbuilt for now, pure and simple. Projects that aren't yet in the ground will be in jeopardy and that includes this one.

Yes. The apartment market is so overbuilt that developers are cutting bait on fully-approved, shovel-ready projects, and also proposing 733 units in four separate projects to the CPC this month.

The last time I was near the site there was still plastic over some areas and it looked like dirt had been "shuffled". That makes me think there is still some abatement going on. In that case they won't start the construction until the full abatement is done.\
As far as the apartment market being oversaturated; hogwash! The last report from downtown was a 7% vacancy rate, still within the perameters for new construction. Even with everything in the hopper I don't see the vacancy rate nearing 10% anytime soon.

At the most recent NorthEast Business Association meeting CM Frey mentioned that the project is 'still moving forward' and that the abatement costs have been 2-3x what Lennar had expected.

He wasn't as bullish on the Mortenson/US Bank site.

The mortenson development seems less likely with the US Bank going forward separately... I know they can still build it but it really is much more expensive in doing this separately...

The mortenson development seems less likely with the US Bank going forward separately... I know they can still build it but it really is much more expensive in doing this separately...

I think the new bank branch has to be completed before the tower development can knock down the old one- the bank didn't want the branch closed for any period of time.

Right. As I understood it, the only reason the bank is moving is to clear the way for the tower.

Oh that makes sense, I forgot they were switching positions on the block.

Yeah, they can't demolish the current US Bank until they move into the new one. I'm curently woking on the transformer design for the new US Bank. As far as I know they will demolsih the current bank as soon as the new one is open for business.

Building permit was issued by the city on 7/8.

They must be really close to getting started...they re-striped the streets on both sides this morning to clear the adjacent lanes.

jersey barriers now as well...

They were building forms along the south part of the property this morning, looks like they're still bringing in a lot of fill.

http://www.journalmpls.com/news/develop ... -now-open/

NordHaus
Lennar Multifamily has moved forward with construction on its project on the Superior Plating site in Northeast Minneapolis. Peter Chmielewski, vice president of development, told The Journal that Lennar has closed on financing and has given its general contractor word to begin work on the 280-unit apartment complex.

An official groundbreaking is being tentatively planned toward the end of August. The developer is building NordHaus, a 20-story tower surrounded by a low-rise podium with more than 22,000 square feet of retail space, which is being marketed by CBRE. Months of soil pollution remediation and site work have prepared the lot along 1st Avenue for development.

Groundbreaking ceremony Thursday 8/25 at 3:30pm

This article includes the new rendering shown on the fence covering. Very slick now.

http://www.journalmpls.com/news/develop ... high-rise/