After a long lull, condos rise again in downtown Minneapolis

  • Updated: August 22, 2013 - 8:33 PM
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This week, crews poured the concrete for the top floor of Stonebridge Lofts, the only condo building under construction in downtown Minneapolis. Demand has been strong: Just nine months after construction began, more than half of the 264 units have sold, according to sales broker Colleen Ratzlaff LaBeau. During the topping-off cere­mony, two officers of the St. Paul Area Association of Realtors, communications director Kim Broback, right, and government affairs director and Eric Myers, left, got a skyline tour from Jeff Walker, site superintendent for JE Dunn Construction Co. At left is the Metrodome roof.

Photo: Jim Buchta, Star Tribune

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For the developers of the Stonebridge Lofts condos, the rooftop view these days is pretty dazzling.

This week, crews poured the top floor of the building, the only for-sale condos under construction in downtown Minneapolis. So far, demand has been strong. Just nine months after construction began, more than half of the 264 units have sold, said sales broker Colleen Ratzlaff LaBeau.

Developer Jim Stanton of Shamrock Development was on his way back from Africa and wasn’t on hand to celebrate. But Ratzlaff LaBeau, his daughter, served homemade brownies and a barbecue lunch to the 220 workers on the project at 1120 S. 2nd St.

LaBeau said nine of the buyers are from the neighboring Bridgewater condos, which were built by Stanton in 2012. And 80 percent of the people who have signed purchase agreements are paying cash, or have put down more than 20 percent, she said.

By comparison, Bridgewater — one of the last condo buildings to be finished during the housing crash — took over two years to presell half the units.

These days, downtown condo inventory is at record lows. As of last month, there were 145 condos on the market, enough to last just 2.5 months at the current sales pace.

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