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.

Minneapolis posts most residential development in a decade

Posted by: Jim Buchta under Architecture Updated: March 12, 2013 - 6:15 PM

Barely out of the Great Recession, Minneapolis posted its best quarter for residential development in a decade. That's according to the Minneapolis Trends report released Tuesday, which showed that more than 1,500 residential units were permitted in the city during the fourth quarter 2012. That was the second consecutive quarter during which permits were the highest in a decade.

Those gains are largely being led by apartment construction, but also includes conversion of existing buildings into rental apartments. With a rental vacancy rate of 1.8 percent, the city permitted 31 percent more multi-family units than the previous quarter and 360 percent more than the fourth quarter 2012.

The largest single project permitted during the quarter was the Loring Park Apartments, a 36-story tower with more than 350 units.

You can see the full report by clicking this link.

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