A short trip through downtown Minneapolis provides enough evidence to suggest a building boom, what with all the construction cranes and related activity. Some data released by the city on Tuesday appears to prove it.
This week, the city surpassed the $1 billion mark in construction projects for 2014. This is the third consecutive year that Minneapolis has reported more than $1 billion in construction projects approved since 2000. This is based on the value of permits issued for the year.
However, last year, the $1 billion mark was reached in October. And, the city said with additional submissions for development pending, there is a "high potential" for reaching the $2 billion mark this year.
"Driven by a high level of investment in commercial development, including the new stadium, and multi-family housing developments, the $1 billion in construction permits approved so far this year, speaks to our commitment to working towards creating a more vibrant Minneapolis that attracts increased investment and residents alike to the city," Minneapolis Mayor Betsy Hodges said in a statement.
Below is the total valuation of building permits in Minneapolis since 2000:
2000: $1.142 billion
2001: $975.8 million
2002: $889.2 million
2003: $852.2 million
2004: $944.7 million
2005: $855.2 million
2006: $839.6 million
2007: $761.3 million
2008: $772.5 million
2009: $778 million
2010: $547.6 million
2011: $752.8 million
2012: $1.118 billion
2013: $1.211 billion
2014: $1.211 billion (Aug. 14, 2014)
Much of the activity is in the eastern stretch of Downtown Minneapolis, with the new Vikings stadium and Ryan Cos.' proposed mixed-use development, Downtown East. Those two projects total more than $460 million to date in total valuation of building permits. The city said additional construction permits will be pulled from the two developments as they progress.
The construction boom for residential housing continues with permits issued for 1,488 dwelling units (single- family homes, new rental apartments and apartment conversions, and new condominiums) to date this year. In 2013, 3,552 dwelling units were permitted, an increase of 249 units over 2012 levels and 2,936 units from 2011.
The number of apartment/condo units permitted in Minneapolis from 20011-2014 is as follows:
2014: 1,543 (Jan. 1 – June 30)
Here are the top five 2014 construction projects by building permit valuation in Minneapolis include the following.
- Vikings Stadium valued at $241 million.
- Downtown East apartments and office tours located 550 S 4th Street, 600 S 4th Street, 510 S 4th Street, and 640 S 4th Street valued at $219 million.
- Wahu Student Housing located at 1000 Washington Av. valued at $64 million
- Latitude 45 apartment building located at 301 Washington Av. SE valued at $54 million.
- 15th Avenue Student Housing apartment building located at 501 15th Avenue SE valued at $37 million.