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.

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:

Doran Construction will build next phase of BlueStone Commons development in Duluth

Posted by: Jim Buchta under Architecture Updated: April 17, 2015 - 10:38 AM

View of the entry at BlueStone Flats

Bloomington-based Doran Construction will build Bluestone Flats, a 142-unit luxury apartment building that's part of the BlueStone Commons mixed-use development near the UMD campus. Minnesota Summit Management is the owner and developer of  the project, which will have 700 units of market, student, and mixed-use housing in several buildings called BlueStone, Summit Ridge, Boulder Ridge, and Campus Park. Mark Lambert, principal of Summit Management, said the project will cater to a diverse group of residents from empty nesters couples to recent graduates. The latest building will have studio, one- and two-bedroom units that include balconies, six-foot windows, granite countertops, custom wood cabinets, stainless steel appliances, plank flooring and pendant lighting. The Shops at BlueStone is the retail component of the project and includes a variety of service and retail businesses ranging from Tavern on the Hil to Waxing the City. A groundbreaking ceremony for BlueStone Flats will happen in May.

A siteplan showing the entire BlueStone Commons development

A siteplan showing the entire BlueStone Commons development

Most expensive street in the Twin Cities: Harrington Road, where the median home value is $4.3 million

Posted by: Jim Buchta under Buying Updated: April 16, 2015 - 3:43 PM
This four-bedroom, seven-bathroom house on Harrington Road sold in late 2013 for $4.4 million.

This four-bedroom, seven-bathroom house on Harrington Road sold in late 2013 for $4.4 million.

Harrington Road, the most expensive street in the Twin Cities metro, is a short lane in Wayzata where the median home value is $4.3 million, according to a new analysis of the most expensive streets in America by Zillow. Harrington Road, which bisects a leafy point of land that juts into Lake Minnetonka, has only about a dozen or so houses on it and many of them have lakeshore on Brown's Bay and Wayzata Bay.

Here's a complete list of the most expensive streets in the Twin Cities:

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And the most expensive streets in America:

 

Fixed-rate mortgages remain near 2015 lows

Posted by: Jim Buchta under Buying Updated: April 16, 2015 - 1:45 PM

Hey, buyers! Fixed mortgage rates remain near 2015 lows, according to several weekly surveys. Here are the latest rates from Freddie Mac's Primary Mortgage Market Survey for the week ending April 16.

  • The 30-year fixed-rate mortgage (FRM) averaged 3.67 percent with an average 0.7 point compared with 4.27 percent a year ago.
  • The 15-year FRM this week averaged 2.94 percent with an average 0.5 point compared with 3.33 percent a year ago.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.5 point compared with 3.03 percent a year ago.
  • The 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point compared with 2.44 percent last year.

HCMC increases size of new building at a cost of $33 million

Posted by: Kristen Leigh Painter under Architecture Updated: April 16, 2015 - 12:55 PM

The board at Hennepin County Medical Center approved a significant increase in both size and scope of its new ambulatory outpatient building on Tuesday.

The new specialty complex's footprint will increase 45,000 square feet from 322,000 to 367,000 square feet. This also raises the total cost $33 million, from $191.7 million to $224.6 million, according to a news release.

 HCMC's board decided its current plans weren't big enough.  Without expanding its plans, "significant additional investment would have been needed to relocate and renovate up to six clinics that did not fit into the new facility."

There are currently 43 individual clinics scattered across nine buildings. This massive relocation effort will allow all of those to be consolidated into 25 clinics, as well as its Comprehensive Cancer Center, at the new six-story care center.

"It's a really complex place," said Scott Wordelman, vice president of ambulatory services. "We are in the process of updating our entire campus plan based on this decision."

Located between 8th and 9th streets and Chicago and Park avenues, the new building is meant to improve efficiency and accessibility while also expanding evening and weekend hours to meet the growing demand of its patients.

“As we completed a careful analysis of our current needs and the volume growth that we’ve seen in the past two years, it has become clear that we would not be able to consolidate all of the clinics and services that are today spread across nine buildings downtown in the square footage originally proposed,” said  in the release.

The Star Tribune reported Sunday that east downtown Minneapolis is undergoing a surge in development interests and HCMC, as the neighborhood's largest employer, is a major player in that transition. 

“Understanding the changing needs and development in the east downtown area, this plan gives us the greatest flexibility for the rest of the campus as we take a fresh look at our facilities,” said Wordelman.

HCMC's revised plan will delay ground breaking by a few months, pushing it back to November. The new specialty building is expected to start seeing patients in December 2017. Hennepin County will be asked to issue bonds to finance the project. The healthcare center will pay down the debt through its operating income.

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