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 Kristen Leigh Painter.

Two more Downtown Minneapolis high-rise apartments face city approval

Posted by: Kristen Leigh Painter under Architecture Updated: April 23, 2015 - 5:51 PM

Two more downtown Minnneapolis residential towers will present revised design plans to a planning commission committee next week. 

Opus Group, based in Minnetonka, is proposing a 30-story tower on the surface parking lot currently called the Ritz Block, located on the north end of Nicollet Mall. It would be the first of two towers and completed in separate phases. 

Michigan-based Village Green has changed the exterior materials since the developer's first design renderings. It is proposing an 18-story tower that would salvage the historic Handicraft Guild Building near the corner of Marquette Avenue and 10th Street. 

The Minneapolis Planning Commission Committee of the Whole will discuss both plans at its meeting on April 30. A city staff report mentions several concerns over the number of above-ground parking stalls in Opus' plans. Floors 2 through 5 would be a parking ramp with 369 stalls, which goes against the City of Minneapolis' efforts to minimize the number of downtown parking spaces.

Below are the latest images.

10th and Marquette:

10th and Marquette project renderings (source: Village Green, City of Minneapolis)

10th and Marquette project renderings (source: Village Green, City of Minneapolis)

10th and Marquette project renderings (source: Village Green, City of Minneapolis)

10th and Marquette project renderings (source: Village Green, City of Minneapolis)

360 Nicollet:

360 Nicollet Project renderings (source: Opus Group, City of Minneapolis)

360 Nicollet Project renderings (source: Opus Group, City of Minneapolis)

360 Nicollet Project renderings (source: Opus Group, City of Minneapolis)

360 Nicollet Project renderings (source: Opus Group, City of Minneapolis)

360 Nicollet Project renderings (source: Opus Group, City of Minneapolis)

360 Nicollet Project renderings (source: Opus Group, City of Minneapolis)

Downtown Minneapolis to get another luxury apartment building along Hennepin Avenue

Posted by: Jim Buchta under Architecture Updated: April 23, 2015 - 12:09 PM

Ryan Cos. and Shorenstein are working together to build a boutique apartment building with about 165 units on a surface lot at 100 Hennepin Avenue in downtown Minneapolis.

San Francisco-based Shorenstein, a real estate investment firm, will be the owner and Ryan will provide construction and development services.

This site is sandwiched between the 222 Hennepin Whole Foods/luxury apartment project, which was developed by Ryan and recently sold to a Washington-based investor, and the Federal Reserve Bank.

The project will transform the block, which has a concrete parking garage that sits off center on the block, and a large surface lot. It'll have a low-rise apartment building that will face Hennepin Avenue and be slightly taller than the parking ramp and a narrow strip of land on the opposite side of the parking ramp along First Avenue will get a separate smaller building with several side-by-side walk-up units with tuck-under garages. There will also be retail along Hennepin Avenue at the corners of First and Second Avenues.

Renderings haven't been made public yet, Ryan presented its plans to a neighborhood group and will begin the municipal approval process immediately in hopes of starting construction before end of the year, according to Tony Barranco, Ryan's vice president of development, office and mixed-use in its north central region. Construction is expected to be completed in spring 2017 with average rents in the low $2 per square-foot range.

The Minneapolis and St. Paul Home Tour kicks off this weekend with 50 houses

Posted by: Kristen Leigh Painter under Architecture Updated: April 23, 2015 - 5:52 PM

The sure signs of spring have arrived: birds chirping, grass greening and waves of homebuyers filling up the market.

To satisfy the inquiring minds of hopeful buyers and home-improvement aficionados, the Minneapolis and St. Paul Home Tour will open the doors to more than 50 homes across the two cities this weekend, with an emphasis on historic homes, creative renovations, remodeling and urban landscaping. 

Added this year are two examples of homes rehabbed by the Inspiring Communities program, which was established by the Saint Paul Housing and Redevelopment Authority in 2013. The program focuses on rehabbing clusters of homes located in neighborhoods disproportionately impacted by foreclosure and high vacancy rates.

The two Inspiring Communities homes are located across the street from one another at 689 and 688 East 4th Street.

The tour, now in its 28th year, was started by the City of Minneapolis to encourage people to not flee the city for suburban living. The City of St. Paul joined the cause and the tour the following year.

The home tour hours are 10 a.m. to 5 p.m. on Saturday and 1 p.m. to 5 p.m. on Sunday. 

CBRE arranges financing for purchase of Plymouth Corporate Center, future home of TCF

Posted by: Kristen Leigh Painter Updated: April 20, 2015 - 5:52 PM

CBRE arranged $49.6 million in financing on behalf of Wildamere Properties for the purchase of Plymouth Corporate Center.

The real estate firm leveraged its relationship with GE Real Estate to secure the four-year loan of $45 million from General Electric Capital Corp. The lender will also give Minnetonka-based Wildamere, and its undisclosed joint-venture partner, an additional $4.6 million for capital improvements.

Wayzata-based TCF Financial Corp. is relocating all of its more than 1,100 employees from downtown Minneapolis to the Plymouth Corporate Center on the I-394 corridor following a significant renovation to the two-story surburban office park.

Carlson Real Estate sold the 628,000-square-foot office center for $62.5 million on April 10.

45-unit Laguna Apartments to break ground in south Minneapolis

Posted by: Jim Buchta under Architecture Updated: April 20, 2015 - 5:47 PM

Dougherty Funding has closed on a $10.3 million construction loan to build the six-story, 45-unit Laguna Apartments at the corner of Lagoon Avenue and Irving Avenue in the Uptown neighborhood of Minneapolis. The project is owned by Laguna Property Investors LLC and is being developed by Twin Cities-based CPM Development. Construction will start next month in May and is expected to be completed in a year.

In Minnesota, 34,000 'boomerang' homebuyers are waiting in the wings

Posted by: Jim Buchta under Buying Updated: April 20, 2015 - 2:38 PM

With the housing crash and Great Recession an increasingly distant memory, a growing number of people who lost the home to foreclosure are now trickling back into the market. This week the National Association of Realtors took a close look at these boomerang buyers and found that in addition to the nearly 1 million former homeowners who have likely already purchased a home again, an additional 1.5 million are likely to purchase over the next five years.In Minnesota alone, there have already been an estimated 25,000 return buyers and another 34,000 waiting in the wings. Here's a graphic look at the trend:

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT