Housing construction soared, apartment construction slowed a bit during July, according to a new monthly report from the Builders Association of the Twin Cities.
The group's monthly report, which tracks construction activity for most of the metro cities in the 13-county area, showed that 533 permits to build 698 units were issued during the four-week period ending today. Year-to-date, residential and commercial builders were issued 2,912 permits to build 4,914 units
Of those permit issued this month, 509 were for single-family houses. That was higher than any single month in six years since June 2007 when 537 single-family permits were issued.
Stay tuned for a more complete story online, and in the Friday paper.
The University of Minnesota's Amplatz Children's Hospital has won an award in the American Institute of Architects' National Healthcare and Design competition. The architectural firm was Tsol/Kobus & Associates.
The competition notes the best in healthcare building design. The $175 million Amplatz hospital won in the B category -- which includes buildings that cost more than $25 million to build.
The six-story structure consolidates pediatric programs with inpatient units. It includes 96 private inpatient rooms, a sedation/observation unit, dialysis unit, pediatric emergency department, an expansion of the existing imaging department and surgical suite, family resource center, gift shop, and underground parking.
The judges said the hospital creates "the ideal environment in which to provide and receive children's healthcare." The building has "a distinctive identity for the hospital, immediately engaging visitors with its bright and playful exterior of multi-colored stainless steel panels."
Janet Moore covers commercial real estate for the Star Tribune. Photo courtesy of Nick Merrick, Hedrich Blessing Photography.
Here's a first look at One Southdale Place Apartments, the 232 luxury apartment complex in Edina. The apartments will be distributed among three buildings, including a 10-story high-rise, in a parking lot at the recently revamped Southdale Center mall. The five-acre site is at the northwest corner of the intersection of 69th St. and York Avenue South in Edina.
One Southdale is one of the few suburban projects underway, and is being developed by StuartCo and Southdale owner, Simon Property Group. The buildings are being built by Kraus-Anderson Construction, and were designed by Twin Cities-based BKV Group.
Bloomington-based StuartCo has been on a roll lately, having recently completed several upscale apartment buildings, including Genesee, The View and E-street.
One Southdale Place is expected to be ready for occupancy next summer.
With six months to go, Twin Cities home builders are on track to have their best year since 2007, offering more evidence that consumers have the confidence- and income - to spend on expensive houses and upscale apartments. That's according to a new report released this morning by the Builders Association of the Twin Cities, which shows that sousing construction so far the year is 23 percent ahead of last year, and home buyers aren’t shy about how much they’re spending.
During June alone, Twin Cities builders were issued 496 permits to build 912 units. That’s a six percent increase in permits and a 39 percent increase in units, including a sprawling luxury apartment building along the Midtown Greenway in south Minneapolis.
The value of those permits, a key indicator of how much people are willing to spend, was up significantly. Those permits were worth $857 million, a 33-percent annual increase.
Watch for a complete story in the Saturday paper. And here's a link to the full report.
I've had a string of recent stories about boom times for Twin Cities-area builders, but as any builder, remodeler or subcontractor will tell you, things aren't what they used to be. There's a terrific analysis in the NYT that's puts the situation in context, following is an excerpt. You can see the full story by clicking here.
From the NYT's:
Home construction is booming in the United States, but it remains severely depressed.
That seemingly contradictory statement was illustrated by construction spending statistics issued this week by the Census Bureau. In April, spending on the construction of new houses and apartment buildings reached an annual rate of $195 billion.
As can be seen in the accompanying charts, spending on home building is up 40 percent over the last year. That is the largest such increase since the early 1980s. In the housing boom that preceded the Great Recession, such spending never rose more than 25 percent over a 12-month period. But that rate of spending is down more than 60 percent from the peak, reached in 2006, and is lower than spending as far back as 1997. The figures are not adjusted for inflation.
Were they so adjusted, the current level of spending would be even lower compared with the pace of building in past years. The charts are based on three-month averages of annual rates, in an effort to smooth out fluctuations caused by weather. Over all, total construction spending is running at an annual rate of about $861 billion, or 28 percent less than the 2006 peak.
Dallas-based Trammell Crow Co. said this morning that it plans to begin construction this fall on 165 luxury apartments in Golden Valley. The Arcata will built on a 2-acre site near The Shops at West End. It'll be adjacent to the Colonnade Office Tower and south of Golden Hills Office Center on Golden Hills Drive.
The 260,000 square-foot, six-story project will compete in an increasingly tight rental market by offering resort-style amenities, including a sprawling outdoor swimming pool, club room and fitness center. It's a significant announcement for Golden Valley, which has largely been overlooked in recent years by apartment developers, and it joins thousands of apartment units across the metro area - most of them in and around downtown Minneapolis. Several hundred units are already under construction in nearby St. Louis Park, where developers are busy on a new phase of Hoigaard Village, and the Flats at West End. Hoiga.ard Village
"Arcata provides an opportunity for residents to live in a centrally located, accessible, amenity driven and employment rich suburb," said Grady Hamilton, head of TCC's midwest business unit.