urbanMSP

On the other hand, if the cap rate is such that they make their money back before the building falls down, we get a productive building in the meantime, and there's a redevelopment opportunity in the future when maybe things are such that we can build a better building. Everyone wins, except the environment of course.

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I don't think there are any real numbers around how long a building like this will last, but there are plenty of three story houses in Minneapolis and Saint Paul that are 80-100 years old. Yes, construction materials have changed significantly since then, but I don't think this building will be torn down for something new in less than 50 years unless there are significant structural issues.

On a different note, I'm surprised that there is no commercial space on the first floor. This neighborhood has a fairly active street life and most of not all storefront space is being used.

I like this project simply for the clever usage of the parking garage next to it. Yes, I understand the whole 6-story thing, generic and repetitive, etc, but it is a good example of how developments can fit on smaller lots when building an expensive two-story underground parking ramp is not required.

Little more info, seems to be scaled back. I don't have a subscription, if anyone does a recap would be great.

http://finance-commerce.com/2014/03/hun ... m=facebook

Is it just me or does that rendering look like 7 or 8 stories?

They had gone from 10 to six a while back. Now it looks like six on a tall base.

They had gone from 10 to six a while back. Now it looks like six on a tall base.

There are 6 visible plus one behind the trees if I'm not mistaken, but I'm no professional I could definitely be wrong here. Just how it looks to me.

Making seven. yes.

That's a nice looking rendering. The variably spaced panels of glass add a lot of interest and prevent it from looking as basic and boxy as it otherwise could.

Are floors 2-7 going to have low ceilings or will this be concrete/steel?

No need for all the speculation, guys. The project plans are in the first post of this thread: http://www.ci.minneapolis.mn.us/www/gro ... 109087.pdf

The F&C headline is a bit misleading. The project isn't getting shrunk again, they're just referring to the earlier shrinkage from the 10-story condo plan.

No need for all the speculation, guys. The project plans are in the first post of this thread: http://www.ci.minneapolis.mn.us/www/gro ... 109087.pdf

The F&C headline is a bit misleading. The project isn't getting shrunk again, they're just referring to the earlier shrinkage from the 10-story condo plan.

The plans show 6 stories, the picture in F and C has 7 stories. so it is different... in some aspects.

It looks like the "7 story" version is not in the last set of city plans. The only way to make that work with the construction type is to have a mezznine level on the top floor. This keeps it in the construction type but adds some SF and height. If they haven't started after a few years it has to be due to project costs. If this is the case then the 7th/mez level was ripe for VE.

This is on the CPC's agenda again next week:

http://www.minneapolismn.gov/www/groups ... 127059.pdf

No need for all the speculation, guys. The project plans are in the first post of this thread: http://www.ci.minneapolis.mn.us/www/gro ... 109087.pdf

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The back to back staircases are unusual. It does allow for four corner apartments though, six of which will have fantastic views of the parking ramp.

With all the potential activity in the neighborhood in the next few years, you'd think this would be well underway by now. It was approved last June. Anyone know what the status is?

I was actually thinking the same thing. Hopefully they are rethinking their proposal since the market seems to be so hot right now. We have three major developments on this side of the river that are more than 10 floors, so why not build something taller and more dense here as well?

^I have to wonder if limitations with parking might come into play with that though. On such a small site, they were hoping to rely on the ramp adjacent to it, correct? If that's the case, it would limit the number of units.

Does anybody know the unit count on this project? The 10-story version originally proposed was for 94 units.

56 units

That ought to somewhat help answer your question. Rather than an issue of not being able to secure the extra ~40 spaces in the parking ramp (which apparently they could at one point), I think the real issue is financial viability. It's just not going to be worth it to do steel/concrete construction for an extra ~38 units. And anything much larger than that and you probably do run out of available parking spaces in the ramp. I'd suspect that a 6-story wood frame building is going to get built here, it's just a matter of when.

Does anybody know the unit count on this project? The 10-story version originally proposed was for 94 units.

56 units

That ought to somewhat help answer your question. Rather than an issue of not being able to secure the extra ~40 spaces in the parking ramp (which apparently they could at one point), I think the real issue is financial viability. It's just not going to be worth it to do steel/concrete construction for an extra ~38 units. And anything much larger than that and you probably do run out of available parking spaces in the ramp. I'd suspect that a 6-story wood frame building is going to get built here, it's just a matter of when.

Nailed it!