Comments (11) | Add as favourites (77) | Quote this article on your site | Views: 1672

Tom Lohmann of Minneapolis-based Pinehurst Properties is not quite ready to throw in the towel on the bencroft Condominiums.  Located just three blocks east of 50th & France, in one of the Twin Cities' most vibrant neighborhoods, the Bancroft has been truggling for over two years to meet its pre construction sales goals.  Today’s slow market for residential real estate, Lohmann isn’t expecting to get much traction until next year at the earliest. Meanwhile, the site sits vacant, ringed by a chain-link fence.  Though he has been getting several calls a month from people interested in buying the land, tom Lohmann is willing to wait things out.  since the property is simply an empty lot, the taxes are close to nothing and he'd stand to lose everything that has been invested into the project so far.

The hope is that by this time next year, the market will have recovered enough for the sales team to reach their goal for the developer to start construction. 

Comments (11) | Add as favourites (75) | Quote this article on your site | Views: 1587

After two years of construction, a portion of the IVY Residence and Hotel is finally open.  The Hotel IVY recently opened its doors to guests as a Starwood Luxurt Collection Hotel.  It seems that with the slow down in the condo market, the Hotel market has risen to fill the gap.  The residential portion of the project is on schedule to open later this summer.  Residents in the condo tower will enjoy all the same amenities as the hotel guests and will be treated as such by the hotel employees.  24 Hour vallet, workout facilities, business center, room service, and houskeeping services are all available to condo owners as well.

Be first to comment this article | Add as favourites (76) | Quote this article on your site | Views: 1142

The Otho Restaurant and Lounge is a Pan-Asian concept restaurant with an upscale but relaxed touch. Having been there a few times, I can say that their happy hour specials are great and it's nice to get out of the core of downtown and still have a unique dining experience.  Skyscape has succeeded in offering a unique development for the Elliot Park neighborhood and has given Otho the chance to show how the neighborhood is much more than simply a residential area.

Comments (11) | Add as favourites (71) | Quote this article on your site | Views: 1494

Did you ever love school so much that you wanted to live there?  Soon this could become a reality in Minneapols as the school district is planning on selling all the school which have closed in the past few years.  Prices range between $1 million and $2.5 million for most of the schools built in the early 1900s to more than $3 million alone for Lincoln.  But with the housing crunch, it seems most the interest in the school properties is from charter school or for commnercial use.  There have been some inquiries. The University of Minnesota has its eye on nearby Tuttle. A charter school has expressed interest in Putnam, and housing has been mentioned for Cooper, Holland and Morris Park. Other nonprofit and community agencies are interested in either buying or leasing the sites.

Comments (11) | Add as favourites (81) | Quote this article on your site | Views: 1108

 
A mix of urban condo style living and retail development is planned for the banks of the Rum River, aiming to bring people permanently to the historic downtown to live. “This is a community defining project,” said Bob Kirchner, community development director for the city of Anoka. “It will have a significant impact to the skyline and add 200 households to the downtown.”

The development plan currently includes two four-storey buildings designated for 55-plus living and two more loft buildings which will offer retail space on the lower level and an additional three floors of homes above.

The city of Anoka currently owns three of the four parcels of land marked for the project. The first parcel has already been purchased by Rottlund Homes, the developer, for a building which is currently being scheduled for construction by David Bernard Builders, a division of Rottlund Homes, in 2009.

Kirchner estimated The Historic Rum River District represents a $50 million investment into downtown Anoka, along with $2 to $3 million in public improvements.

The city has partnered with Rottlund to improve the infrastructure in this area, which is located along Second Avenue between the blocks of Jackson Street and Harrison Street.

It has resulted in nearly a 50-50 split of these costs between the city and Rottlund, Kirchner explained, with Rottlund paying for services along the frontages of the condo development’s buildings. New streets, water and sewer lines and a storm water facility which treats runoff from 26 acres of the downtown have been constructed since 2006. There are also plans for Riverfront Park, a four acre parcel along the Rum River which will provide ample green space for all residents of Anoka.

Comments (11) | Add as favourites (74) | Quote this article on your site | Views: 1060

“Blue,” a 242-apartment development with street-level retail, is being built at the intersection of West Lake Street and Aldrich Avenue South in Minneapolis.  Betting that prospective residents will pay an average of $1,400 a month to rent, Greco Real Estate Development and its Minneapolis ad agency, Carbon Creative, are trying to position their “Blue” project as a safe haven amid a rising tide of mortgage foreclosures, higher property taxes and financial insecurity.

“Renting is the new buying,” said Cheryl Gordon, one of two Carbon Creative staffers. “For years it was, ‘If you don’t buy, you’re going to lose your shirt.’ Now it’s ‘If you don’t rent, you’re going to lose your shirt.’”

“We wanted to do our marketing a little bit differently. LEED (Leadership in Energy and Environmental Design) has driven our marketing to be as paperless as it can be while still being successful.”

Add to that environmentally friendly building materials, energy-saving roof and lighting fixtures, access to public transit, condo-like granite counters and a dog run and you have, well, “Blue.”

Comments (11) | Add as favourites (76) | Quote this article on your site | Views: 1169

La Rive Condominiums, along the Mississippi River in Minneapolis has become the first development in the Twin Cities to ban smoking inside the building.  Smoking will be prohibited in individual units, common areas, garages and private balconies. Current owners who smoke will be grandfathered in, but future buyers have to follow the rule, which takes effect May 1.

Those who don't comply will be fined or face legal action.

"Just as we have seen business (use bans), we're now seeing homeowners and landowners of apartment buildings and condominiums deciding that they don't want their property to have smoking on it either," said Doug Blanke, director of the Tobacco Law Center at the William Mitchell College of Law. "People are finding that, even though your home is your castle, now you're breathing something that's making you or your child sick."

At La Rive, the smell of smoke led Doug Berdie, former president of the homeowners association, to start talking about a possible smoking ban. The issue was put to residents for a vote, and 23 percent were against a ban.

Comments (11) | Add as favourites (72) | Quote this article on your site | Views: 1060

The second phase of the Flour Sacks Flats project recevied city approvals this past week from the city of Minneapolis.  The development is located at 520 2nd St. SE, across the street from the first phase and will feature a 12 story tower with 80 condo units. The developer plans to open the sales office and start pre-sales of the condo units by spring of 2008 and is expecting completion and occupancy of the project by spring of 2010.

Map Flour Sack Flats II
Full Article at Downtown Journal

Comments (11) | Add as favourites (86) | Quote this article on your site | Views: 4276

The Portland is the latest condo development in Minneapolis to shut down.  Located on the corner of Portland and Washington Ave, the 43-unit development in the Mill District has suffered from slow sales due to the stagnant housing market and its high price point. Brighton Development said htat they had reached presales of 42% of the projects cost but could not say when they would have reached the 50% mark which most lenders require before the developers can begin construction. Brighton will be returning the land to the city along with another parcel on the south side of the block where they had planned a mixed use development.

Map The Portland
Full Article at Star Tribune

Comments (11) | Add as favourites (93) | Quote this article on your site | Views: 1718

The slow condo market has taken its tole on another development in South Minneapolis.  Le Parisian, located on the corner of 24th and Lyndale, has now turned its condo units into rentals.  “With all the drastic changes and the downturn of the industry, people can’t sell their own homes to buy condos,” said Le Parisien developer and owner Mark Dziuk. “So we’ve decided to pull it off the market, rent for a while and see what the market does.” The developers are hoping to rent the units until the condo market turns around and perspective buyers are able to sell their current homes.

Map Le Parisian
Full Article at Southwest Journal

Comments (11) | Add as favourites (83) | Quote this article on your site | Views: 1697

On Tuesday, the Ramsey County Board voted to demolish the city's jail which faces the riverfront along with the old West Publishing headquarters building.  The jail and the West building are located on the west side of the Wabasha Bridge.  Currently there are two proposals in the works for the site along Kellog Blvd. One calls for a combination boutique hotel, retail and office project,  proposed by WingField. Opus also has a proposal in the works which features a 23-story office, retail, hotel and condo development overlooking riverfront on the bluff.

Both development plans included a proposal to relocate county functions off the riverfront.  The plan to tear down the jail will most likely occure next year right after the Republican National Convention.  City and county officials hope the jails demolition will jump start development in downtown St. Paul and the riverfront.

Map the St Paul Jail
Full Article at Pioneer Press

Comments (11) | Add as favourites (86) | Quote this article on your site | Views: 1559

The developers of the Sexton in downtown Minneapolis are facing foreclosure proceedings from San Francisco based Bank of the West.  The Sexton, a 123 unit development at 521 S 7th Street, has had its fair share of problems this year.  Currently, partners in the project are in a legal battle over mismanagement of the $26Million load and misappropriation of funds. JJT Development has been accused of selling units in the project for more than advertised prices and paying real-estate agents extremely inflated commissions.

Map the Sexton
Full Article at Star Tribune

Be first to comment this article | Add as favourites (89) | Quote this article on your site | Views: 1229

The developers of Mills Trace Condo project at 619 8th St. SE in Minneapolis are facing foreclosure.  Sales of the units have been slow and a handful of buyers have backed out of their purchase agreements of the 50-unit development.  Currently only about a dozen of the units in the building are occupied. The developers are hoping to refinance or sell more units before their six month deadline with Minnwest Bank to reclaim the property. A real-estate agent selling condos at the Mills Trace development claims that the media is partially to blame for the slow sales as they continue to scare prospective buyers away.

Map the Mills Trace

Full article at DownTown Journal

Comments (11) | Add as favourites (79) | Quote this article on your site | Views: 2416

The Penfield condo development in St Paul has just announced that they may be adding a hotel to the development in order to start construction by next spring.  The decision was made when the developer failed to reach their presales goals of 60% by the end of August. The 313-unit condo project could lose as many as 100 units to make way for a 120-200 room hotel. Condo residents would most likely share the hotel amenities which could include valet parking, room service, and housekeeping.  The Penfield would join the IVY + Hotel and Residence and the Westin Edina Galleria Residences in the new trend of combining high end condos and hotels. The goal of adding the hotel is to keep the tower tall.  The Penfield would be the tallest residential building to be added to the St Paul skyline in over 20 year.

Map the Pennfield

Comments (11) | Add as favourites (87) | Quote this article on your site | Views: 2063

Renovation work is underway at the old Midland Bank building at 401 2n Ave S in downtown Minneapolis.  Originally, plans called for a hotel and a 35 story condo building.  Plans now have been scaled back due to the slow real-estate market and will only feature a 224-room Hotel Minneapolis. Morrisey Hospitality will manage the new hotel which is slated to operate under the Doubletree brand.  Renovation plans call for renovation of Midland Bank lobby into the chief public space in the hotel which will feature a restaurant, intimate lobby, guest service area, and bar.

The Midland Bank building is in the number of old office buildings being converted to hotel in Minneapolis.  The Westin Minneapolis opened its doors earlier this year, renovated from the Farmers & Mechanics Bank on 6th Street and the Foshay Tower is currently undergoing a complete renovation which will transform it into a W Hotel by next summer.

Map the Doubletree Hotel Minneapolis
Full article at Startribune

Comments (11) | Add as favourites (92) | Quote this article on your site | Views: 3745

607 Washington Lofts in Minneapolis is facing two more forclosures since August.  The condo removation project has faced continual forclosures over the past year and this latest round takes the total forclosure numbers to 22 units.   The Downtown Journal Reports that many of these units sold for more than $100,000 more than the original list price with a portion of the money returned to the buyers for renovation costs.  Tax recods show that unit 307 had an original listing of $389,900 but sold for $660,000 with a contribution from the selled of more than $100,000.

Map the 607 Washington Lofts 
Full Article at Down Town Journal

Comments (11) | Add as favourites (73) | Quote this article on your site | Views: 1452

The IVY condo and hotel development  in downtown Minneapolis is nearing completion.  Rumors around the internet state that hotel portion of the development may open is Starwood Hotel called "The IVY" as early as November, though no official date has yet been released from hotel management.  The condo portion has fewer than 10 unit remaining on the market and should be open for occupancy shortly after the hotel opens this fall. The IVY Hotel and Residence is located on 3rd Ave S, across the street from the Minneapolis Convention Center. Map IVY Hotel & Residence

Comments (11) | Add as favourites (89) | Quote this article on your site | Views: 2045

The St. Paul City Council tonight rejected a rezoning application for the Bridges of St. Paul, the landmark $1.5 billion development proposed for the city's West Side. The council voted 5-2 to uphold a July recommendation by the Planning Commission denying developer Jerry Trooien to built the project on land that he's owned for more than a decade, now the site of the Comcast cable television offices. "I'm hoping that once we get through today, someone can stand up and bring the two sides together here and make this project happen... I think there's a way to make this work," said Dave Thune, the council member who represents the area. "Nobody in this room does not want to see that side of the river change... But somehow we're not there yet."

City council president Kathy Lantry urged Trooien to try again. "Everybody wants to see development there," she said, "just the right development."

It's the fourth official rejection of the project. The city initially turned down Trooien's application, citing flaws in the paperwork, last year. The Planning Commission rejected a rezoning request last fall, and again by a 16-3 margin this summer. 

Map this Project

Comments (11) | Add as favourites (80) | Quote this article on your site | Views: 2007