The St. Anthony Main area in Minneapolis continues to boom.
Earilier this week, Minneapolis-based Alatus submitted preliminary plans to the city for a 250- to 300-unit residential tower on a site now occupied by the Washburn-McReavy Funeral Chapel and the St. Anthony Athletic Club. Both have signed letters of intent to sell their respective properties. If all goes as expected, the sale of the properties could be completed by late in the fourth quarter.
The tower could span 25- to 35 stories, city documents state.
The city's Heritage Preservation Commission will consider the matter next Tuesday.
Alatus is known for building the Carlyle condo tower in downtown Minneapolis, and is currently building the 320-unit Latitude 45, on Washington Av.
The St. Anthony Main project would also include a restaurant, possibly in the former funeral chapel space, as well as a "substantial" amenities package, and a pocket park. The filings are careful to call the living quarters "residential units," meaning they could be apartments or condos.
The site is currently bordered by Central Av. SE, 2nd St. SE, the St. Anthony Parking ramp, and the former Pillsbury Library building. Dallas-based Humphreys & Partners will serve as the project's architect.
A few weeks ago, a real estate video advertising a luxury Uptown property (and a fellow with killer abs) went viral drawing praise and guffaws alike.
Called "Lake Life" the narrative shows an attractive man leaving work in a Ferrari F430 Spider for home (the listing at 2100 Shadywood Road). When he arrives, he's greeted by an equally attractive wife, and then more attractive people come for a dinner party.
In between, the video shows off the Lake Minnetonka's environs, and the 5500-square-foot property itself, which you can have for $2.895 million. The video ends with the couple cuddling before a chic mid-century firepit, which bears no resemblance to the rusty Coleman fireplace in my backyard.
The video was produced by the same firm that produced the Uptown commercial, Spacecrafting, and seeks to show not only the three-bedroom, four-plus bathroom property, but the lifestyle it promises, said agent Adam Fonda.
The mid-century property "stands out like a supermodel," Fonda said. "It's one of the few homes I've seen that looks good any time of the day and at all angles during shooting."
He said the video treatment "opens the doors of the home to a greater pool of potential buyers."
Even though the upscale Radisson Red hotel is no longer part of the Downtown East development, officials from Ryan Cos. are still working to retool their initial proposal for that portion of the project. That will likely include more apartments on the site, called "Block One."
Downtown East is the $400 million mixed-use development near the new Vikings stadium in Minneapolis. A related part of the plan involved building a 150-room hotel and 200 additional apartments atop a 1,610 parking ramp that will be owned by the Minnesota Sports Facilities Authority. The hotel and apartment component represented another $100 million in investment.
Ryan was expected to pay the city $5.7 million for the land and the so-called "air rights" above the ramp, which will be used by office employees and fans using the stadium. The city opted to back the Ryan plan over a $63 million apartment proposal submitted by stadium builder Mortenson Development. The air rights dollars are expected to help pay for the park's operations.
However, on Monday, Ryan confirmed that the hotel portion of the project wasn't happening. "As we got deep into the design and pricing, the reality was that we couldn't make it work," said Tony Barranco, vice president of development for Ryan Cos.
He said Ryan is reworking its previous proposal.
Matt Lindstrom, city spokesman, said the city is "actively working" with Ryan and the MSFA on the proposal. "In a complex deal like this, there are many moving parts to be addressed, but we look forward to a project proceeding within Block One, as well as working towards a hotel in the Downtown East area. Once a revised plan comes together, the City Council will review it," he said.
Star Tribune staff writer Eric Roper contributed to this report.
Cassidy Turley's MInneapolis office came up with an interesting series of info-graphics. While we've reported on these figures in one way or another, they're still pretty fascinating. Consider:
Another hot area of commercial real estate involves construction of senior projects across the Twin Cities.
Minneapolis-based Dominium said last week it is constructing an independent senior affordable housing complex in Crystal in an effort to meet the increasing demand for independent senior living in the western suburbs.The project's pricetag was not released.
Called the Cavanaugh, the 130-unit project will provide Section 42 affordable housing for seniors over the age of 55. Amenities include a library, theater, community room, fitness room, salon, card room and craft room. The complex will be completed sometime in the second quarter of 2015.
“As the housing market continues to improve, we are excited to add more new construction projects to our portfolio. We are ready to serve senior citizens in the west metro with this new project,” said Mark Moorhouse, senior vice president and partner for Dominium, in a statement.
Founded in 1972, Dominium is an owner, developer, and manager of apartment communities with more than 21,600 owned and/or managed units at 192 sites in 18 states,
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.