It's going to be an interesting night at the Minneapolis City Planning Commission's Committee of the Whole meeting Thursday. Developers will be releasing a bevy of interesting new details on three high-profile housing developments planned for in and around downtown.
After six years in the making, Twin Cities-based Artspace received word that its first off-shore project is one step closer to reality.The nonprofit real estate developer, in partnership with Honolulu-based PA’I and Honolulu-based HKI, plans to build the Ola Ka ‘Ilima Artspace Lofts, a mixed-use arts development that includes 84 units of affordable housing live/work housing for artists and their families, space for other non-profits and gathering space for community events.
The Hawaii Housing Finance and Development Corporation (HHFDC) approved the Artspace request for low-income housing tax credits to help finance the $38 million project, which will be located in the Kaka’ako neighborhood of Honolulu.
"The HCDA has been following this project for over a year now, and we're excited that it's one step closer to providing much needed housing for lower income groups," said Hawaii Community Development Authority Executive Director, Anthony Ching.
The tax credit brings $17 million in upfront equity to the project’s capital budget, enabling Artspace to focus on the final phase of fundraising. Construction is expected to start in 2015.
As part of my reporting for a story in the Tuesday paper about a record-breaking $8 million Minneapolis condo that hit the market recently, I asked Zillow.com to scour the national listings in search of the biggest condos on the market. The Minneapolis unit, by the way, is the 12th largest in the nation, and it's interesting to note that the biggest units aren't the most expensive.
Need space? This penthouse condominium has nearly 12,000 square feet and is the largest condo in the Twin Cities and one of the largest homes in the metro. Its sole owner was Horst Rechelbacher, who died earlier this year. The two-level pad sits atop the Phoenix on the River condo building across the Mississippi River from downtown Minneapolis and has sweeping 270-degree river and skyline views. It's on the market for $8 million, making it one of the most expensive condos in the market. On a per-square-foot basis, however, it's not the most expensive. It's listed at about $700 per square feet. A another riverfront condo owned by the late Sage and John Cowles, former owners of the Star Tribune, recently sold for a record $1,000 per square foot. Here's a run-down on some of the features in the Horst condo:
Barry Berg and Chad Larsen of Coldwell Banker Burnet have the listing. (Click here for a slideshow)
I spotted this doozy of a sign during a recent getaway to an unnamed city and couldn't resist sharing it with you. I did, by the way, do some investigation and while I can't verify whether the landlord wacky or his wife is nice, the sign is legit. No word on whether the apartment is still available (or how wet the water is). If you've spied an interesting or amusing real estate ad, send it to firstname.lastname@example.org. Maybe we'll post it. - Jim Buchta
Twin Cities-based Artspace, a non-profit housing developer for artists, is celebrating the completion of the first new building in downtown Minot, North Dakota in 30 years. Artspace Lofts is a four-story, 34-unit mixed-use building that includes a gallery where the Turtle Mountain Tribal Arts Association will exhibit and sell work by Chippewa, Mandan, Hidatsa, Arikara and Sioux artists, including regalia, beadwork, quillwork and baskets. Other tenants include the Children's Music Academy of Minot, which specializes in music education for kids, and the Minot Area Council of the Arts.
Why Minot? The oil boom has reduced the supply of affordable housing in the area and the problem was compounded by the 2011 floods, which severely damaged more than 4,000 homes.
If you're up for the driver, the Minot Artspace Lofts grand opening is Friday with an opening talk at 3 p.m. and a "wine walk" that will start at 5 p.m. There will be free entertainment and refreshments, and the event is open to the public. Plus, you'll have a chance to tour several of the artists' live/work spaces. The event is sponsored by National Equity FundTM and Wells Fargo.
Click here for more information about the project.