Uptown - LynLake - The Wedge - News & General

[COLSLAW5]

YWCA Uptown closing and selling facilities.

https://www.bizjournals.com/twincities/ ... ntown.html

So, tear down and new apartment on the greenway? Or maybe a renovation for a new Lifetime location?

Lifetime Live maybe??

[uptownbro]

2415 Emerson S
6 stories. 32 units 3k of retail space replacing a single family home.
https://lims.minneapolismn.gov/download ... aff%20Memo

[MNdible]

Interesting that this parcel still has an Emerson Avenue address -- in its current configuration, it certainly feels like a Hennepin Avenue property. That parking access seems problematic -- I wonder if they could get an easement to share the existing curbcut of the building to the north.

[BikesOnFilm]

A lot to like here. I hope we see a lot more buildings that combine height with a smaller footprint on our major transit arteries.

[thespeedmccool]

Awesome looking project

[Silophant]

Seriously. Lots of opportunities open up if someone can crack the code on 4-6 story single-lot developments. I guess this isn't quite a 40' wide standard lot, but it's gotta be easier to assemble a 60' wide site on Hennepin or Central or Nicollet or wherever than a half-block.

[Tyler]

Looks great. Somewhat unrelated, as I was looking at satellite imagery around here, i had the thought--
whats the worst thing you see in this image?

[Tyler]

2415 Emerson S
6 stories. 32 units 3k of retail space replacing a single family home.
https://lims.minneapolismn.gov/download ... aff%20Memo

Also, its not retail-- rather a floor of small offices. And lastly, while im not anti this project in any way it is pretty lol that the vast majority of the first floor is parking for 6 cars.

[twincitizen]

I moved some posts to the Buzza Lofts thread: viewtopic.php?t=927&start=100

[twincitizen]

Weidner is buying all phases of the Elan Apartments from Greystar. Paying $111 million for 590 units, they're getting a massive bargain.

Included in the portfolio are properties at 2836 Dupont Ave. S., 2828 Emerson Ave. S., and 2812 Emerson Ave. S. Those properties, which have a combined 387 units, traded for $72.8 million, or $188,114 per unit. Also included are properties at 2825 and 2837 Dupont Ave. S. Formerly known as Elan Uptown, the three-building, 203-unit complex sold for $38.19 million, which breaks down to $188,128 per unit.

For perspective, Elan’s original development cost was probably about $220,000 to $230,000 per door, and the cost of building similar apartments today would “pretty easily” be $300,000 per door, said Matt Mullins, a residential real estate consultant with Maxfield Research.

https://finance-commerce.com/2023/09/we ... 111m-deal/ (unlocked)
Weider also recently bought Nic on 5th and LPM at big discounts, though not as cheap as Elan on a per-unit basis.

Another recent article suggested a connection the lowered demand for luxury apartments in Uptown to Target not calling employees back downtown. Target Corp employees do not have any org-wide mandate to be in office 2 or 3 days a week, unlike many of the financial institutions and other large downtown employers that do. As downtown's largest employer, that's bound to have an impact on housing demand. It makes sense that lots of young Target Corp folks would live in Uptown, given the ease of getting to Target Plaza by bus, relative to Northeast or other parts of the city. I have to imagine Uptown's retail vacancy problem is also impacting residential demand.

[tedlanda2571]

Weidner is buying all phases of the Elan Apartments from Greystar. Paying $111 million for 590 units, they're getting a massive bargain.

If you are a homeowner it's time to start bracing for big property tax hikes...

[Didier]

Uptown & Downtown YWCA Closing - What Comes Next

https://www.southwestvoices.news/posts/ ... comes-next

[minntransplant]

Weidner is buying all phases of the Elan Apartments from Greystar. Paying $111 million for 590 units, they're getting a massive bargain.

If you are a homeowner it's time to start bracing for big property tax hikes...

Maybe. I got my truth in taxation document for 2024. No change in my property value. Overall taxes down 1.6%. I've heard from others who saw their property values increase - they will be paying more, but not by a crazy amount. The discounted prices that some are paying for apartment buildings will not necessarily drop the assessed value by a lot. And we are still building things, so the overall tax base is still growing.

[tedlanda2571]

Maybe. I got my truth in taxation document for 2024. No change in my property value. Overall taxes down 1.6%. I've heard from others who saw their property values increase - they will be paying more, but not by a crazy amount. The discounted prices that some are paying for apartment buildings will not necessarily drop the assessed value by a lot. And we are still building things, so the overall tax base is still growing.

It’s not going to play out over a single year. But if the levy goes up (even if only at the rate of inflation) and the value of commercial property (esp. office) drops while home prices remain high I have a hard time concluding anything other than that aggregate single family home value will make up a significantly bigger slice of a growing pie of required tax levy dollars. Growing tax base certainly may offset to some extent.

[uptownbro]

Unless the city is able to keep a good pace of new construction. That would help offset this issue as eventually office space even on the county/city books will be devalued. A wild card is what will the value of the office to housing be. Will they require tif

[tedlanda2571]

Unless the city is able to keep a good pace of new construction. That would help offset this issue as eventually office space even on the county/city books will be devalued. A wild card is what will the value of the office to housing be. Will they require tif

Well, the most visible policy debate influencing this is rent control, not to mention 2040 is on its deathbed, so I have my doubts on that front.

[BikesOnFilm]

not to mention 2040 is on its deathbed

- Legislature intends to take up amending the environmental laws that were used in bad faith to challenge 2040
- Minneapolis now has the opportunity to provide an actual legal response/environmental review instead of the lazy one they provided to the lawsuit
- The council elected this November is a hedge against a relitigation of 2040 from a city perspective.
- That same council will likely approve any variances necessary for developers to meet the spirit of the plan, considering that's what they were doing under the 2030 plan and the reason they went bold on the 2040 plan.

Like, I get it was a setback to have the lawsuit go so poorly, but doomer hyperbole accomplishes nothing.

[amiller92]

It is all a silly waste of time, litigating against an imagined future that isn't going to happen and doing next to nothing to stop actual progress.

[Anondson]

2415 Emerson S
6 stories. 32 units 3k of retail space replacing a single family home.
https://lims.minneapolismn.gov/download ... aff%20Memo

An update, slightly lowered height so to not require a variance.

https://www.bizjournals.com/twincities/ ... pment.html

[Emerson Uptowner]

Dunn Bros. at 34th and Hennepin is now closed. It had been there a long time. So sad.