urbanMSP

I will give you a fun piece of news. Yesterday the defendants (Alatus / City) applied to split NEBL’s $100,000 bond money 50% each between them. When NEBL lost in January that $100,000 went away.

Ha ha! That makes me happy... NIMBY becomes NIMP (Not In my Pocket)

Age old lesson, when you flash your money around trying to get what you want, you might end up separated from it.

I have heard that they are hoping to have the litigation finished up shortly and then they will jump in to drawings. Looking for a construction start to be January/ February 2019. They are still very much eager to get going.

I have heard that they are hoping to have the litigation finished up shortly and then they will jump in to drawings. Looking for a construction start to be January/ February 2019. They are still very much eager to get going.

Drawings for what? This has been approved, and the Business Journal article last year stated that they hoped to break ground in May (this month), assuming litigation was completed as they hoped. If the legal issues are resolved soon - why the need for new drawings and another 6+ month delay on breaking ground? That timing seems strange, given how delayed this already is - but maybe there are changes/forces that are different now.

I didn't go into details but I am guessing that the drawings are currently at a schematic level which is typical for city approvals and once they get cleared of litigation they will fork over the significant amount of money required for full drawings for permit. The fees on a project this size are well over 1 million just for drawings/ engineering so it would make sense that they wait to do that until they are assured they can build it. It also makes sense that it would take 6 months to complete drawings and get a permit (permit alone could take 2-3 months).

I didn't go into details but I am guessing that the drawings are currently at a schematic level which is typical for city approvals and once they get cleared of litigation they will fork over the significant amount of money required for full drawings for permit. The fees on a project this size are well over 1 million just for drawings/ engineering so it would make sense that they wait to do that until they are assured they can build it. It also makes sense that it would take 6 months to complete drawings and get a permit (permit alone could take 2-3 months).

Wow, thanks for that info!

Yup. Every building under construction in this city is actually still in an architects office and being drawn so that nothing goes wrong. Down to the nuts and bolts that hold together the walls (not really, each contractor has a way they do things)

You all are correct.

You all are correct.

So when will you start flashing floorplans and taking deposits?

Let’s scoop the papers. The developer and city have won the appeal. That means that the developer and city have won every opportunity at the district and appeals court level. NEBL has already been turned down for review at the Supreme Court level so it is doubtful this will go any farther.

Take it away Biz Journal and StarTribune.

Awesome news!!!

Remember when someone from NEBL went to a planning meeting on a different NE project and bragged about how they were spending to stop this project and the city should be wary of trying to fight with their money? Bet he won't be doing that again.

I live at Lourdes Square in the shadow of La Rive, Winslow House, Cobalt/Lunds and, soon appeared, the Alatus Tower.

I just talked to a neighbor, a NEBL member and a financial contributor to the lawsuits. He said that the appeal bond was set at $3,000,000+ and they do not have a "sugar daddy" with that kind of free money lying about to risk on such a long shot further appeal -- especially since they have already had to pay $175,000 in a forfeited appeal bond in the prior suit and payment for Alarus/City legal costs.

My neighbor inquired about the start date for construction -- I suppose this is a good sign that the legal process has finally reached its end. I hope so.

Just think -- within sight of the Alatus Tower from now until the end of 2020, there will be simultaneous construction for the Alautus Tower (214 units condo), Expo (335 units rental), Mortenson 333 East Hennepin (282 units rental), Nordhaus Phase 2 (330 units rental), East Hennepin reconstruction (from May to October 2018), major work on many intersections on University (State Hwy 47) and Central (State Hwy 65) Avenues, and the reconstruction for the Central/3rd Ave Bridge (October 2019 with the bridge closed for an extended period (months at least)) -- this on top of Nordhaus Phase 1 (255 Units rental) and New-Nyes M (70 Units Rental) already complete.

The old neighborhood is changing -- for the better IMHO.

Victor

The StarTribune picked up the news:

http://m.startribune.com/proposed-40-st ... n=business

I definitely see NE as one of the most upcoming neighborhoods. It will be a tough couple of years, but then WOW!

Side note: my express bus cuts through NE, from 35w to central/3rd, to Marq2; as do other express buses. I wonder if they will detour or permanently change those routes?

This is a little solemn, but I'm just glad this project is going through most likely before this boom goes bust. I'm starting to believe we've peaked and that we should be thankful for every project which breaks ground. I just hope we also get Eleven and the General Mills tower.

This is a little solemn, but I'm just glad this project is going through most likely before this boom goes bust. I'm starting to believe we've peaked and that we should be thankful for every project which breaks ground. I just hope we also get Eleven and the General Mills tower.

No, I've been feeling the same way.

To me the threat is if the economy at large tanks... experts say there is still major appetite for urban living and apartments and the condo market has been grossly underserved/under-marketed for about a decade. I think what feels different for me with this boom is that the housing prices haven't gotten insane like they did around 2008... But the stock market is so high and there are more experts warning of a "major" correction coming... that is what I think would affect the residential building boom most...

To me the threat is if the economy at large tanks... experts say there is still major appetite for urban living and apartments and the condo market has been grossly underserved/under-marketed for about a decade. I think what feels different for me with this boom is that the housing prices haven't gotten insane like they did around 2008... But the stock market is so high and there are more experts warning of a "major" correction coming... that is what I think would affect the residential building boom most...

Agreed. Minnesota and the Twin Cities job market is very, very healthy - meaning people are still moving here to work, which means they'll need housing. Kelly Doran was just interviewed by the Business Journal (Apartment boom reaches 7th inning, according to guy who would know) and said that most industry experts say there's still demand for another 10,000 units.

I personally think that the large influx of people moving here isn't something a lot of Minnesotans truly comprehend, since it's not really something people think about. But for the metro area to increase by 40,000+ people last year alone speaks volumes about the state of our state and metro! Market corrections will happen, but there are a lot of smart things happening here that by in large aren't happening elsewhere in the midwest. My hunch is that we'll continue to see development and change happening for some time.

Which is why I'm excited that 200 Central seems more real after yesterday's news!