A pair of year-end wins for downtown Minneapolis

This rendering shows an apartment tower that will be built next to US Bank Stadium. Courtesy image of Ryan Cos.

In the space of about two months, developers will start building high-rise towers at opposite ends of downtown Minneapolis.

Why is this important: News like this was rife during the downtown boom from 2014 to 2020. But real estate development in Minneapolis slowed significantly in late 2020 and early 2021 in the wake of COVID-19, civil unrest and problems with the city. crime, as well as the city’s new housing regulations.

  • Investors betting the hundreds of millions of dollars that people still want to live, work and play downtown is a big sign for the city.
  • “None of this knocked us down,” said Minneapolis Downtown Council president Steve Cramer.

Details: Minneapolis-based Ryan Cos. Has confirmed that he will, along with his partner Weidner Apartment Homes, begin digging early next year for a 24-story, 342-unit apartment tower next to the US Bank. Stadium.

  • In early November, Houston-based Hines inaugurated a 36-story tower next to Target Field that will have 350 apartments, 100 short-term rental units and will be paired with a 14-story tower with 350,000 square feet of office space.

Between the lines: Real estate investors have gained some certainty because residents have re-elected and given more power to Mayor Jacob Frey, who opposes rent controls.

Yes, but: Cramer said investors still have doubts about downtown public safety and want to see what the new city council does about it.

What to watch: The next big potential project in downtown Minneapolis could be a redevelopment of the city’s old utility block at Third Avenue and Fourth Street.

  • The city entered into exclusive negotiations with a Chicago developer in April.


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