Re: 16Twenty - (1620 W Lake St)
Posted: February 13th, 2014, 9:17 pm
https://maps.google.com/maps?ie=UTF-8&l ... CCUQxB0wAAWhat is the current density on the site between the three houses?
Architecture, Development, and Infrastructure of the Twin Cities
https://urbanmsp.com/
https://maps.google.com/maps?ie=UTF-8&l ... CCUQxB0wAAWhat is the current density on the site between the three houses?
Actually, I could completely see somebody trying to make that argument. You know the ironic thing is that most neighbors would probably be very happy to see something like a drive-thru Starbucks pop up at a corner near them, yet a retail establishment like that would generate FAR more traffic than just about any residential project would generate. You could build a 500 unit, 50 story skyscraper condo building and it would still have fewer comings and goings than a busy drive-thru retail establishment, or other popular retail destination.Well, at least no one can complain its too tall or contributes to terrible traffic congestion! It still looks good, although I thought the 4 story version had a little more visual impact and gave a better feeling of density along Lake Street.
http://apps.ci.minneapolis.mn.us/AddressPortalApp/https://maps.google.com/maps?ie=UTF-8&l ... CCUQxB0wAAWhat is the current density on the site between the three houses?
Yeah yeah yeah.http://apps.ci.minneapolis.mn.us/AddressPortalApp/https://maps.google.com/maps?ie=UTF-8&l ... CCUQxB0wAAWhat is the current density on the site between the three houses?
This will be a great condo conversion when market conditions are more favorable in the future. I agree there is certainly some demand in the 300k-400k range, but it must be very difficult to get financing. I guess lenders are still haunted by the condo market collapse of 2008.6 - 2BR rental apartments says F&C. The for-sale condo concept is dead. Obviously the four $1MM+ condo idea didn't work out, but I wonder why they didn't even attempt to market the more modestly priced 2BR units for sale. There is next to nothing for sale on MLS right now in the Uptown area. Two 2BR units in Midtown Lofts, listed at 330k and 400k. Those prices just have to support new condo construction in Uptown, at least on a smaller scale (i.e. not 200 unit buildings like Elan, Lime, etc.), right?
I certainly believe that they don't pencil out, but It'd be nice to get a sense of why exactly they don't. I think there are plenty of situations where small scale development would be preferable to a project that takes up a large portion of a block, and if there's some regulation holding these things back (probably parking, but maybe something else), at the very least it would be nice to know that it's happening, rather than just the assumption that developers are all greedy jerks who won't build anything unless it makes them a literal mountain of cash.GCs all say that "little" infill projects "don't pencil out." What this one has going for it is the office components and the fact that you have a merchant builder developing the building AND occupying the leasable space - very atypical.
There is a lot that goes into it obviously. I don't think it is disparaging to say that developers are in the business to make money but it I wonder how accurate the belief is that developers make "boatloads of money" - if it was that simple, there would be more people in the game. Capital is key though. I personally have never been involved in a project that was totally financed by a developer. Typically, the capital for projects comes partially from the developer, but primarily from banks and other investors. I'm no expert on the financing but my understanding is that investors generally are "first out" in terms of payout - they get their money first at closing. Bank loans can have a lot of moving parts, public financing is often in play and developers obviously try to make money also, either by holding a property or selling it.I certainly believe that they don't pencil out, but It'd be nice to get a sense of why exactly they don't. I think there are plenty of situations where small scale development would be preferable to a project that takes up a large portion of a block, and if there's some regulation holding these things back (probably parking, but maybe something else), at the very least it would be nice to know that it's happening, rather than just the assumption that developers are all greedy jerks who won't build anything unless it makes them a literal mountain of cash.GCs all say that "little" infill projects "don't pencil out." What this one has going for it is the office components and the fact that you have a merchant builder developing the building AND occupying the leasable space - very atypical.