The Twin Cities’ most prolific condo developer submitted plans to the city Thursday for his next project in Minneapolis’ Mill District, just blocks from U.S. Bank Stadium.
Shamrock Development, led by Jim Stanton, is proposing a 14-story building with 374 for-sale units and 700 underground parking stalls. The land, which is currently a surface parking lot and the empty Cenveo Building, is just one block from West River Parkway and the Mississippi River.
If approved, this will be Shamrock’s 10th condo development in downtown Minneapolis. The firm is currently constructing Portland Tower, a 17-story condominium building also in East Downtown, though closer to the central business district.
Stanton said last March that he was purchasing the land near the river for about $8 million. His recent Stonebridge Lofts project, also in the Mill District, sold out quickly. The Coon Rapids-based developer started construction on that project without any presales.
The proposed project is a hulking 726,000 square feet and will offer more than twice the number of units in Stonebridge. Plans call for a playground, pet exercise area, fitness room, pool and spa, bike racks, community room, game room and a green roof with lawn bowling.
The Twin Cities has seen a flurry of apartment construction in recent years, but far less building of condominium projects.
“There’s no question we have too little inventory and more demand than we have places to put people,” Cindy Froid, a real estate agent at Keller Williams Realty’s office in the Mill District. “If it is done really well with high quality, there is no question it will sell. But to have something really unique is really important. Not just another brick box in the sky.”
Shamrock is asking the city of Minneapolis for a variance on the parking restrictions. If approved, it would break down to about 1.82 parking stalls per unit, plus eight guest and 14 handicap spaces.
But city staff concerns outlined in its report did not include parking. Instead, the developer could face pushback on its size, the mix of exterior materials and massing.
The Planning Commission Committee of the Whole will discuss the project, being called the Legacy, next Thursday.