Here's a first look at the condo tower Jim Stanton of Shamrock Development wants to build at 8th St. and Portland Avenue in downtown Minneapolis. Stanton, always willing to take a chance, now owns the quarter-block site in the Eliot Park neighborhood just a couple blocks from the new Vikings Stadium where he plans to build a tower (designed by Oertel Architects Ltd in St. Paul) with about 15 floors and about 110 units.Though thousands of apartments are under construction in the city, only a couple solid proprosals have been presented. Stanton's plan has yet to make its way through the city and community approvals process, but Stanton is confident it will move forward this fall. He was the first developer to build new condos post-Recession in Minneapolis and the market responded favorably. At StoneBridge Lofts, which is along Gold Medal Park in the Mill District neighborhood along the Mississippi River, all but eight of the 164 units sold less than a year after the building was finished. Stay tuned for a full story in the Friday paper.
With an abundance of construction cranes towering around the metro, this should come as no surprise: Construction contracts in the 13-county Twin Cites metro during July were up a whopping 71% percent compared with last year, accoriding to the latest McGraw Hill Construction report:
A new student housing cooperative near the U of M aims to offer a less expensive alternative to the hundreds of luxury rentals being built in the area, and to give residents more control of their community. Riverton Community Housing starts construction Tuesday on its Fourth Street Student Housing Co-op, a six-story, 66 unit building at the corner of 13th Ave. SE and 4th St. SE in Minneapolis. The building, designed by UrbanWorks Architecture, will have first-floor commercial space, below-grade parking and a fitness center. There will also be a bike room with direct access to the street, bike storage and a bike repair station. The lobby will have a gathering space and an electronic message center to keep students connected.
Rents haven't been set yet, but a leasing manager for Riverton tells us that rents will be 10 to 15 percent less than the competition, and that there are no income restrictions.
Julie Snow won the AIA Minnesota's Gold Medal, the highest award given to an individual member in recognition for her "lifetime of distinguished achievement and significant contributions to architecture."
Snow is the founding partner of Snow Kreilich Architects, which is based in the Art Deco Rand Tower in downtown Minneapolis. She's known for her distinct architectural designs for everything from Light Rail Transit stations in Minneapolis to the Port of Entry Station in Warroad, Mn. Her residential projects include glassy rural retreats, break-the-mold condominiums and apartment buildings and progressive energy-efficient houses.
AIA Minnesota President Tom Hysell, AIA, and a member of the nominating jury, had this to say about her work: “Her body of work has consistently exemplified the excellence in Minnesota design. Her graceful modernism—from elegant cantilevered spaces in oceanfront houses to the elegant rooflines of U.S. border stations—achieves simplicity that only comes from the highest rigor in design and attention to detail.”
Snow is a graduate from the University of Colorado with a Bachelor of Architecture degree. She lived and worked abroad for several years and has worked for several firms, including HGA, and taught at the College of Architecture at the University of Minnesota.
Nearly 2,000 new apartments hit the market in the Twin Cities metro so far this year, but there were plenty of renters to fill those spaces. The average vacancy rate in the metro during the second quarter was 2.7 percent compared with 2.6 percent during the previous quarter and 2.3 percent last year, according to a second-quarter report from Marquette Advisors.
Most of those new units were upscale luxury apartments, boosting the overall average market rent to $1,004, a 2.6 percent year‐over‐year increase.
All eyes have been on downtown Minneapolis, where 601 new units - or 30 percent of all new construction - hit the market during the first half of the year, boosting the average vacancy rate to 5.7 percent from 5 percent during the previous quarter and 3 percent a year ago.
Looking forward, another 1,000-plus units are expected to come online during the last half of 2014, followed by more than 800 during 2015. We're working on a full report on this topic for the Thursday paper.
At almost $23,000 per square feet, this house in Hong Kong is reputed to be the world's most expensive house on a per square foot basis. The property is in the Twelve Peaks subdivision in the exclusive Victoria's Peak neighborhood. At nearly $106 million, it's not the most expensive house on the market in the world - that distinction belongs to a house in London.
The house has 4,661 square feet, including four bedrooms, a private pool, garden, rooftop terrace and a two-car carport. To see the house, click here.