Construction continues to plow ahead as Minneapolis recently breached $1 billion worth in building permits for the sixth year in a row.
With strong growth in the multifamily housing industry, the city reached the landmark earlier this month.
“Minneapolis continues to grow, and that growth is making it possible for all of us to do better,” said Mayor Betsy Hodges, who is running for re-election. “Great projects, from the YMCA and Select Comfort headquarters downtown, to Thor Construction’s build-out on the near North Side, point to a citywide investment in our future.”
Multifamily units contributed greatly to this year’s construction activity.
Next fall, residents can begin to move into the Legacy condominium, close to the Mississippi River in the city’s Mill District. The 374-unit, 14-story complex developed by Shamrock Development topped the list at a building permit valuation of more than $123 million.
Other large projects include the 26-story apartment tower the Hub at the University of Minnesota and the Ironclad mixed-use project, which will include apartments and a hotel located a couple blocks from U.S. Bank Stadium.
“I’m proud that for the fourth year in a row, the Third Ward leads the way on economic development,” Council Member Jacob Frey, a mayoral candidate, said in a release. “Previously vacant areas with nothing more than surface parking lots and tumbleweeds are now teeming with life and vibrancy.”
While the city topped the billion-dollar mark this year, Minneapolis is not on pace to surpass last year’s total of more than $1.7 billion. Last year was the fastest ever for permits to meet the billion-dollar mark and the second-highest dollar amount since 2000.
The record worth of permits was in 2014, when the development of U.S. Bank Stadium and East Town dominated construction.
Before 2012, Minneapolis hadn’t seen $1 billion in construction since 2000.
Also on this year’s list of biggest projects are Westminster Presbyterian Church’s $26 million expansion to allow for more outreach services and the $19.3 million addition to Bancroft Elementary School on 38th Street.