New housing fueled a record year for Minneapolis construction projects
- Blog Post by: Jim Buchta
- January 8, 2014 - 10:38 AM
New housing helped fuel a record year for Minneapolis construction projects last year, with the city issuing more than $1.2 billion in building permits. That was the second year in a row since 2000 that permits exceeded the $1 billion mark, and more than double the amount of construction planned just three years ago.
That boom is being driven by new rental housing, mostly in the Uptown, North Loop and University of Minnesota neighborhoods. Citywide, there were plans to build 3,552 houses, rental apartments and for-sale condominiums), an increase of 249 units from 2012 and 2,936 units from 2011.
Here are the top five construction projects by building permit valuation last year:
- Pillsbury A-Mill Apartment Building Complex, 315 Main St SE, with a value of more than $68 million.
- The Nic on 5th, a 26-Story luxury apartment tower at 465 Nicollet Mall with a value of $68 million.
- The UTEC apartments at 1313 5th St SE; $59 million.
- Stonebridge Lofts (for-sale condominiums) at 1120 2nd St S. with a value of $48 million.
- A six-story apartment building at 2828 Dupont Ave. S. with a value of $36 million.
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