A maverick Twin Cities developer has revived plans to build what could be the biggest downtown condominium project in several decades on a high-profile site in the heart of downtown Minneapolis.
Jim Stanton of Shamrock Development will go before the Minneapolis Planning Commission's committee of the whole next Thursday to discuss the latest plans for the Eclipse, a 20-story project that would have 360 condominium units and ground-level retail. The proposal is still in the very early stages. Stanton has yet to request a land-use application and didn't return phone calls seeking comment.
The Eclipse isn't his only project under construction downtown, nor is it Stanton's first attempt at developing the site, a 1.25-acre swath of vacant land that occupies nearly half a block along Hennepin Avenue between 3rd Street and Washington Avenue. The area is now owned by 21st Century Bank in Blaine.
In 2006, Stanton said he would build a two-tower, 503-unit condominium on the site, which was once home to the Dolphin Staff building. Original plans called for one 32-story tower with 323 units and another 24-story tower with 180 units. Prices were to start at $300,000. But the housing market began to slow and Stanton pulled the plug on the project.
Stanton's instincts to back away were spot-on. Shortly after he began marketing the project, the housing market crashed.
Today, construction cranes are back with a vengeance in downtown Minneapolis, but developers are focused on building rental housing even though there's a growing shortage of for-sale condominiums. In the Central MLS (Multiple Listing Service) district, which includes all of downtown, there were only 114 condominiums on the market in December, a 20 percent decline from last year and the lowest in decades, according to data from the Minneapolis Area Association of Realtors.
Stanton also has been emboldened by the success of a project he's undertaken in the nearby Mill District: StoneBridge Lofts. Construction of that condo project is months from completion, but it's already 75 percent sold out.
"I think the market is there, and I'm looking for other possible projects," Stanton said several months ago.