Condos in downtown Minneapolis Core
The condo craze from 2004 to 2006 is long gone. Almost all of the construction cranes you see today are for new rental apartment complexes. The only condos being built in downtown Minneapolis are so expensive that no one will tell you exactly how much the units cost.
There is currently only one pure condo project under construction in downtown Minneapolis. The 41-story Eleven has 118 units and is slated to open in February 2022. Prices start at $ 900,000, but finding buyers hasn’t been a problem.
“We’re now over two-thirds sold,” says Carl Runck, director of real estate development for co-developer Ryan Companies. “Downtown was slower last year, but it’s definitely picked up.
Runck says the appeal of Eleven is that it is a one-of-a-kind project with panoramic views, great attention to interior design, spacious heated terraces for each unit, and top-notch amenities. order.
Despite criticism about the future of the downtown area, the latest figures from the Minneapolis Downtown Council show that more people than ever – around 53,000 – live in the downtown area.
The RBC Gateway Tower under construction at the north end of the Nicollet Mall is primarily an office building and Four Seasons hotel, but will include 33 condos at the top of the building, from floors 31 to 37. The residences are slated to open in May-June 2022.
Bill Katter, co-chairman of developer United Properties, acknowledges that the RBC Tower condos are comparable in price to Eleven, but refuses to talk about details. “We’ve sold several units… we have a pretty good list of interested parties,” Katter says.
Right now, there is just one more potential new downtown condo project on the horizon. Los Angeles-based AECOM is launching a proposal for a unique 134-unit condo project on a site near Guthrie. The proposed development requires a mix of market-priced and affordable units.
In the long run, developers are optimistic about the central business district after the pandemic veil is lifted. Eventually, new condo projects resurface.
“I believe downtown Minneapolis is coming back,” Katter says.
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