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Condominium developer Crockett Associates is preparing to add to its collection of moderately priced housing units, with its third project in the Ventura Village neighborhood just south of downtown Minneapolis.
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INFINITY LOFTS
1801 Park Av. S., Minneapolis
Type: Condominiums
Units: 36
Price range: Most under $200,000
Developer: Crockett Associates ondominium developer Crockett Associates is preparing to add to its collection of moderately priced housing units, with its third project in the Ventura Village neighborhood just south of downtown Minneapolis. Details: C
The developer is seeking city approvals for its planned Infinity Lofts, a 36-unit building with average prices less than $200,000, a market niche that is still finding takers for units that have good locations, according to firm principal David Crockett.
"I'm very optimistic about the Infinity Lofts," Crockett said. "They're aimed at young professionals rather than empty-nesters, which is where the problems are in condominium sales now -- nothing's happening with empty-nesters because they're having trouble selling their existing homes.
"But young people don't need to sell first, and they all need places to live, so it's still a good demographic. The views of downtown will be spectacular and the units will be affordable."
Infinity Lofts is Crockett's third project on or near E. 18th Street, which overlooks the Interstate Hwy. 94 trench as it passes to the south of downtown. His earlier projects there have been successful, including the 1800 Clinton Avenue Condominiums and the Third Avenue Place Condominiums. The Ventura Village neighborhood had long been dominated by low-income rental units in aging buildings until a gentrification trend began in the 1990s, and now the area seems to be picking up steam as younger buyers take advantage of its close-in yet affordable location.
"I really believe in the neighborhood," Crockett said. "Including Infinity, we've done three projects there totaling 61 units. The first phase of Third Avenue Place was just finished in October, and all of the units sold immediately.
"At Infinity Lofts, 20 of the 36 units will be priced under $200,000. They will have big windows with views of downtown that will never be blocked because they overlook the freeway," he added.
The Minneapolis Planning Commission approved a conditional use permit June 25 for the Infinity Lofts.
The developer had already scored a success with Minneapolis officials in another part of town as well -- along the Hiawatha light-rail transit corridor. There he is spearheading the building of Olin Crossings at W. 53rd Street and Minnehaha Avenue, midway between the 50th Street and Veterans Administration stops on the light-rail line.
Olin Crossings is an 81,000-square-foot, 48-unit condo project that is 65 percent sold, and Crockett said that he's actively considering additional phases in the area.
DON JACOBSON
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