Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

First condo building since crash coming to Minneapolis

Posted by: Jim Buchta under Architecture Updated: November 29, 2012 - 2:08 PM

Minneapolis has been a hotbed for rental apartment construction, but the city is about to get its first condo building since the housing crash began. As JustListed reported earlier this year, veteran developer Jim Stanton, will be first in the ground with StoneBridge, a 166-unit high-rise building across from Gold Medal Park in the Mill District.

Sitework preparations underway at StoneBridge condos in Minneapolis, where construction should start next week. The site is near the corner of 2nd St. S. and 11th Avenue. Photo by Jim Buchta

Sitework preparations underway at StoneBridge condos in Minneapolis, where construction should start next week. The site is near the corner of 2nd St. S. and 11th Avenue. Photo by Jim Buchta

Site preparations are now underway; Stanton said that construction is expected to begin within the next 10 days, or so. Stanton said that about 120 people have put their name on a waiting list.

Though not all of those names will turn into purchase agreements, Stanton said that there’s pent-up demand for new units.

The last condo project to start construction was the Phoenix on the River, a high-end tower across the Mississippi river from downtown Minneapolis, but that building is nearly full.

Edina Realty agent, Fritz Kroll, said that the last available unit in that tower is now under contract, and inventory elsewhere is low.  There’s no website yet for StoneBridge – Stanton promises one will be available soon. And we'll post a rendering of the project as soon as it's available.

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