Saturday January 5, 2013
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.
Posts about Architecture
Twin Cities builders: 2012 was a turnaround year
Posted by: Jim Buchta Updated: January 3, 2013 - 9:45 AM
An apartment boom helped make 2012 the best year since the downturn began for Twin Cities builders and contractors with a nearly 100 percent increase in the number of new units planned for the metro. That's according to a year-end report from the Builders Association of the Twin Cities, which said that 4,058 single-family homes and 4,977 multifamily units were permitted during the year compared 2,818 houses and 1,708 multi-family units during 2011.
The bulk of those units are being built in Minneapolis where a rental boom is underway, but home builders are also seeing a dramatic resurgence in demand for new houses, especially in inner-ring suburbs where supplies of existing houses have fallen to the lowest level in more than a decade.
While 2012 was clearly a turn-around year for the industry, construction activity is still well below normal levels. We'll have a complete story in the Friday paper; you can see the full release here.
First condo building since crash coming to Minneapolis
Posted by: Jim Buchta Updated: November 29, 2012 - 2:08 PMMinneapolis 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
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.
Meet the latest Minnesota Real Estate Hall of Fame inductees
Posted by: Jim Buchta Updated: November 1, 2012 - 3:26 PMFour new members will be inducted into the Minnesota Real Estate Hall of Fame, established two years ago by the Shenehon Center for Real Estate at the University of St. Thomas.
The four — chosen for their “outstanding business performance, high standards of ethics and sense of community” — will be inducted Thursday at the university’s downtown Minneapolis campus. They are:
- David Bell (1841-1930): As one of the early pioneers of the Minneapolis business community, Bell contributed to the growth of the city through many business ventures, including the David C. Bell Investment Co., Minnesota Linseed Oil Co. and many civic groups.
- Robert Boblett Sr. (1917-1987): A 41-year real estate veteran, Boblett was admired for his work ethic and dedication to inspire others. Each year, the Robert P. Boblett Award is given out by the Society of Industrial and Office Realtors in his memory.
- Philip Smaby (1918-2008): Smaby’s motto was “always a move ahead.” During his long career, Smaby co-founded the former Bermel-Smaby Realty Co. and led several real estate trade associations, including the National Association of Realtors.
- Boyd Stofer (1949-2011): Stofer left his mark across the commercial real estate landscape in many ways and through the companies he led, including United Properties, NorthMarq Real Estate Services, NorthMarq Capital and RJM Construction.
Gonyea Homes and Remodeling named builder of the year
Posted by: Jim Buchta Updated: October 31, 2012 - 2:09 PM
New construction by Gonyea Homes and Remodeling
The Builders Association of the Twin Cities (BATC), the biggest local trade group for metro area home builders, said that Gonyea Homes and Remodeling is its 2012 Builder of the Year. The company is based in Golden Valley and builds houses in Baytown Township, Eden Prairie, Lake Elmo, Maple Grove, Minnetonka and Plymouth.
Times are still tough for the industry, but like other builders Gonyea is seeing a turnaround. Revenues increased 112 percent over the past year, 400 percent since 2009. And the company has doubled the size of its staff and is on track for similar growth in the coming year.
The award is chosen by BATC members who fill out a blind survey that ranks nominees based on a variety of criteria, including trust, communication, loyalty and ethics. The company will pick up that award on Oct. 13 on BATC's annual Awards of Excellence Gala.
Sales of new houses up 27 percent from last year
Posted by: Jim Buchta Updated: October 24, 2012 - 9:38 AMAnother positive report for the housing market. The U.S. Census Bureau said that sales of new houses across the country during September were 27 percent higher than last year and 5.7 percent higher than August for a seasonally adjusted annual rate of 389,000.
The report (click here to see all the details) doesn't include local data, but the Builders Association of the Twin Cities said that while construction activity in the Twin Cities is still near historic lows, it's been increasing double-digits.
Will Feng shui woo renters to these new Minneapolis apartments?
Posted by: Jim Buchta Updated: October 22, 2012 - 11:52 AM
A night-time rendering of 7West. Source: Tushie Montgomery Architects
Gone is Grandma's Saloon and Grill, a venerable eatery/bar at the "7 Corners" intersection on the West Bank of the University of Minneapolis. The building, once a popular hang out (and watering hole) for U of M students, is being replaced by a 213-unit apartment building with a handful of innovative features that will help the buiding stand out even as thousands of new rental apartments are coming online in Minneapolis.
A partnership between Twin Cities-based Solhem Companies and TE Miller Development said that 7west will feature a wide range of unusual design elements for an apartment building, including organic composting and recycling stations on every floor, an onsite "HOURCAR" and a rain-barrel irrigation system. The developers also consulted a Feng shui expert to determine the building's layout, construction and amenities.
That same partnership recently announced plans to build a 138-unit apartment buiding in the North Loop neighborhood just down the street from Soltva, a $18 million, 100-unit building that was completed in August 2012. Here's a rundown on the details:
- Project cost: $43.4 million.
- Contractor: Greiner Construction
- Architect: Tushie Montgomery Architects
- Rent prices:
- Studio: $995 to $1,200
- 1 bedroom: $1,285 to $1,500
- 1 bedroom plus den: $1,550 to $1,750
- 2 bedroom: $1,525 to $2,200
- For details go to http://liveat7west.com/
A rendering of a two-bedroom unit. (Tushie Montgomery Architects)
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