urbanMSP

Greystar’s 617-unit Prospect Park apartment pitch up for environmental review
*UNLOCKED*

An ambitious plan to bring more than 600 apartments and new retail offerings to the Prospect Park Neighborhood in Minneapolis is moving ahead with the launch of an environmental review process.

Greystar Development Central LLC wants to build a 16-story, 617-unit apartment tower at 2630 University Ave. SE, according to an environmental assessment worksheet released by the city this week.

“Witch’s Hat views” outrage to commence.

Awesome. It doesn't mention any relocation of the Profile Center...I've been wondering what is being built out on the 27th Ave-adjacent part of 150 26th Ave SE as it seems like a possible new event space. I guess my curiosity will continue for the time being.

I've been wondering what is being built out on the 27th Ave-adjacent part of 150 26th Ave SE as it seems like a possible new event space. I guess my curiosity will continue for the time being.

I was just thinking the same thing today when driving by. Whatever is going in there just added a bunch of glass and really does kind of look like an event space. But it very well could be some sort of industrial use too? Anyone know?

It's crazy to me that -- at this stage in the development of this area -- a developer would be proposing a building this big that's so clearly targeted at student housing only. Also, in case a 600 bedroom number didn't make your head turn, this has almost 1100 beds. It's a beast.

Yeah, that's disappointing. I remember back in 2014 telling some of my friends that I was graduating with that we should move to Prospect Park, it was going to be the cool neighborhood in a few years. But, we didn't, since there was practically nothing in the neighborhood except student rentals and owner-occupied SFHs. Now, seven years later, it is the cool neighborhood, but except maybe the taller part of the Link, there's still nothing but student rentals and owner-occupied SFHs.

It's almost like one of the 5 largest universities in the country is a couple blocks away.

Yeah, that's disappointing. I remember back in 2014 telling some of my friends that I was graduating with that we should move to Prospect Park, it was going to be the cool neighborhood in a few years. But, we didn't, since there was practically nothing in the neighborhood except student rentals and owner-occupied SFHs. Now, seven years later, it is the cool neighborhood, but except maybe the taller part of the Link, there's still nothing but student rentals and owner-occupied SFHs.

In 2014 there was no: Surly, O'Shaugnessy's, Malcom Yards, Fresh Thyme, Hodges Bend, etc.

Hell, in early 2014 there was no Green Line!

It seems wild to say all of that adds "nothing" to the neighborhood!

Right - it's the cool neighborhood to hang out in because of all those things, but there's still no way to live there if you don't want to live in a student-oriented building, but also can't afford to buy a >$400k SFH.

Right - it's the cool neighborhood to hang out in because of all those things, but there's still no way to live there if you don't want to live in a student-oriented building, but also can't afford to buy a >$400k SFH.

oooooh, I misunderstood you. Mea culpa.

There are a bunch of non-student apartments/condos at the Westgate station, which is technically in St. Paul but for all intents and purposes is Prospect Park.

Obviously the developer has taken a hard look at this, and believes that there's a market for 1100 beds of student housing here. The continuing demand in this sub-market really must have no limit, with three very large student housing projects moving forward in Dinkytown, on top of all of other development that's happened over the last decade plus.

And, to clarify -- I'm not surprised that this is an attractive site for a large apartment building. I'm surprised that they're baking in decisions (lots of 4 bedroom, 4 bath units?) that will give this building little flexibility to switch to a different tenant mix down the road. The comparison I keep making in my mind is to the Hub project at Harvard and Washington which, despite a location much much closer to campus, had a unit mix that was more typical of non-student housing.

Along with most everyone else I'm also surprised a developer is building this monster apartment at the point in the cycle. That said increasing the supply of student housing is a good thing no matter what. So what if the sub-market gets over built? The biggest result of that is rents will be level or even start going down, that's a win for students.

It looks like the plan for this development was approved yesterday.

What are the dorms like at the U? Are they still mainly two beds, two desks, and the bathroom is way down the hall? I get the idea kids nowadays have higher standards than that...

I did a blog about this at some point—I think when people talk about all the new apartments around the U they usually don’t know how expensive the mediocre dorms are. $7,000 a year, not including the mandatory meal plan, and they kick you out over winter and summer breaks. The quality varies from building to building, but there are plenty of barebones painted cinderblock double rooms. Pretty sure the U makes money off the dorms and uses it to cover other stuff—at least I hope that’s what they do.

I think it’s probably healthy for social reasons to do it at least freshman year, but financially, living in an off-campus apartment makes a lot of sense after that.

I did a blog about this at some point—I think when people talk about all the new apartments around the U they usually don’t know how expensive the mediocre dorms are. $7,000 a year, not including the mandatory meal plan, and they kick you out over winter and summer breaks. The quality varies from building to building, but there are plenty of barebones painted cinderblock double rooms. Pretty sure the U makes money off the dorms and uses it to cover other stuff—at least I hope that’s what they do.

I think it’s probably healthy for social reasons to do it at least freshman year, but financially, living in an off-campus apartment makes a lot of sense after that.

When my undergrad dorm forced me to go home for a 4-day weekend at Rosh Hashana (which I don't even celebrate) I resolved to move off-campus for sophomore year. They have a captive market and it really shows in the level of service.

Our local housing Cube still progressing:

https://finance-commerce.com/2023/01/gr ... t-project/

Our local housing Cube still progressing:

https://finance-commerce.com/2023/01/gr ... t-project/

I was just out there today and it looks like some utility work has already began for this project.