Downtown Minneapolis Building Boom (Burnsville, Woodbury: buy, luxury, construction)

[Beenhere4ever]

Wonder if they are filled or just bought in blocks by speculators.

[Astron1000]

^Well, these are apartments, so they can't be bought

But you may see that happen with new condominiums that are being planned. (One is already under construction near Gold Medal Park.)

Another apartment project now under construction on Washington Av in the North Loop. This is Malaysian developer Brunsfield's first US project:

[xandrex]

Originally Posted by Astron1000

Another apartment project now under construction on Washington Av in the North Loop. This is Malaysian developer Brunsfield's first US project:

I'm really excited for the Brunsfield development. I have a friend who lives next door to this, so I've been able to get a nice view of what has been happening construction-wise when visiting. It should be really cool once it's finished (and definitely a different look from other developments).

[Beenhere4ever]

Originally Posted by Astron1000

^Well, these are apartments, so they can't be bought

But you may see that happen with new condominiums that are being planned. (One is already under construction near Gold Medal Park.)

Another apartment project now under construction on Washington Av in the North Loop. This is Malaysian developer Brunsfield's first US project:

You're quite sure. You've done the research?

[Beenhere4ever]

My thought is that there's a shortage of rentals in Minneapolis, but what is going up downtown may merely be competing for an overserved sector of that market, while leaving a shortage for people who've been forced out of their home by foreclosure. Probably the Downtown Council doesn't even want that class of buyers/renters downtown (though Harbor Light already serves them downtown).

[Drewcifer]

It has more to do with the fact that the development boom in China and the rest of the developing world has bid up the cost of materials to the point where it is hard to build new buildings that can rent for the same prices as the 1920s brick walk ups (or 1960s/70s dingbats). If developers could turn a profit building $600 1 bedrooms in Phillips or Powderhorn they absolutely would.

[Thegonagle]

What is the address of the Brunsfield and others?

(Other than "4Marq," the names don't describe the locations.)

[Beenhere4ever]

The "boom" is another free market fail.

[Bslette]

I really hope that "4Marq" goes through and is approved by the city council. We really need more medium height high-rise buildings to fill up downtown. I don't like being able to see all of the tallest buildings at once when standing on the street. It makes the city feel too empty.

[Beenhere4ever]

Who exactly has that kind of money? Anybody remember what the last banker-incited panic did to worker's earnings?