International Market Sq. (IMS) vs. American Trio lofts (Minneapolis, Glenwood: for sale, real estate)

[mikeaug]

Hi again,

I have found two lofts, and each property has its pros & cons. Since I can't come to a firm decision based solely on the merits of each loft/condo itself, I thought I might ask your collective opinions of the neighborhood each is in.

One is in the IMS lofts... kind of west of the Target center; one is in the American Trio building downtown. Each is equidistant from my workplace, and my commute will occur at a time of day when traffic is absolutely not a concern.

As is typical with real estate rentals... this decision needs to be made by Wednesday. Help! (Please?). Is IMS too 'out of the way' to be enjoyable? Is Trio too close to the Dome such as to be annoying? Anything inherently good or bad about each 'hood?

[Thegonagle]

I know where IMS is, but I had to search for American Trio lofts. I found the developer's website, and they said the building is at 616 S. 3rd St. That made no sense to me, so I looked at the pictures and realized that the actual mailing address for the condos is 250 Park Avenue.

My opinion: IMS is a better building, but AT is in a better location. AT has some sort of shelter next door on 3rd, which you might find annoying, and IMS overlooks busy I-94, which you might find annoying.

IMS Pros: Nice building, pair of elevators serving the condos, balconies for each unit, units look like they have a good amount of square footage. Units on east side of building have a spectacular view of downtown. Close to the trail head for the Cedar Lake bike path, which connects to the southwest LRT trail, and the Kenilworth trail, which subsequently connects to the chain of lakes, and the Midtown Greenway--obviously a huge plus if you like to ride. Adequate, secure parking (but detached). Convenient to Loring park, Walker/sculpture garden, Parade stadium and ice arena, and uptown. Driving-wise, convenient to Hwys 100, 55, 394, and 94, also easy to drive anywhere in downtown, north Minneapolis, or south Minneapolis, any time of day. Will be close to Twins Stadium once completed.

IMS Cons: Still a rough neighborhood. Not the most pedestrian-friendly area. Few stores or restaurants nearby. The most convenient walking route to downtown (Glenwood Avenue) passes by four shelters; therefore, many bums and panhandlers congregate along that route. Municipal impound lot is 2 blocks away. Units overlook I-94. You'll pretty much need/want to take your car or bike everywhere you go.

AT Pros: Location, location, location. You can walk to everything you need. There's a bunch of restaurants and bars nearby, not to mention the new Gutherie, Mill Ruins park, Gold Medal Park, the whole riverfront, the stone arch bridge, the west river parkway bike paths, just about everything. You also have the Metrodome (and presumably, the future site of the Vikings' replacement stadium), and you have the Hiawatha train to the airport and the MOA 2 blocks away. The neighborhood along Washington Avenue and S. 2nd St. between 3rd Avenue and 35W have undergone a dramatic transformation over the past 5-6 years, and 250 Park is basically Park and Washington; therefore, it's a part of this transformation. Driving-wise, AT is convenient to I-35W (once the new bridge opens), and downtown, south, SE, and NE Minneapolis.

AT cons: next door to People Serving People, which isn't going anywhere soon, as they have a brand new building. And yes, you might find the Metrodome traffic annoying, but that only lasts 45 minutes at a time. This is a naturally busy area otherwise, so rush hour traffic is worse, too, but it flows, except when there's a Metrodome event that coincides with rush hour--then it jams because some people enter the intersections even when there's no room to make it through (I call them suburbanites, ha ha--hello gridlock!). Very close to HCMC, their ambulances, and their helipad. Also close to a busy fire station. It's a noisy area. Finally, the building itself. AT lofts look like they have pretty small units. Lots of old, chipped paint in the stairwells that they didn't bother to sand-blast during the renovation. There's only one elevator, so that might become annoying. Also, while they have on-site, indoor parking, you have to wait for the valet to shuffle cars around to get to yours, because the parking area is so small.

Well, that's all I can think of. While I love the location of AT lofts, I don't particularly love the building. On the other hand, while I think that IMS was beautifully done, I can't love the location.

EDIT: I reviewed your previous posts. IMS will be fairly quiet, save for the semi-trucks on I-94. AT is just a busier area. Unless you're a naturally heavy sleeper, that might tip the scales toward IMS. Of course, North Loop might be better than either. Do you have any leads on, say, N. 1st St., or N. 2nd St.? Most buildings there should be quite quiet most of the time. (Exception: 410 N. 2nd/415 N. 1st, AKA Heritage Landing, which is a rental that while solidly built, has a lot of tennants that tend to stumble home from the bar, and even host their own after parties.)

[mikeaug]

Thanks, Gonagle, for that in-depth reply! It seems like you kind of had the same conclusions I did -- in many ways, this decision is a tossup. However, I can appreciate the comments about the "quiet-ness" of each building, as that is somewhat high on my list of priorities (I will be sleeping odd hours for work, so quiet is good!)

I did get the impression that I wouldn't be walking to much if I decide on IMS... but, then again, everything that I'd WANT to walk to is a 0.8-mile drive away. To a boy from the 'burbs (like me), that really doesn't sound that bad! Also, I do like to run & ride, so being closer to those amazing trails is definitely something I value.

All-in-all, I think the scales tip towards IMS for having a little more of what I'll actually USE.

Thanks again!

[Sarah Maske]

IMS is close to Farmer's Market too! That's a big plus! Good luck!

~Sarah

[JenLee]

Originally Posted by Sarah Maske

IMS is close to Farmer's Market too! That's a big plus! Good luck!

~Sarah

To me, that would tip the scales WAY over in favor of IMS!

I do think that both of these areas will be up-and-coming neighborhoods in the future; and if it was up to me, I'd be looking at the buildings and unit size also for the better value. It sounds as though IMS is a better value all-in-all IMHO.

[nick is rulz]

the neighborhood surrounding IMS is being redeveloped as well. Most of the commercial real estate along Glenwood is now up for sale, and the impound lot has been sold. That will all be redeveloped as commercial real estate and condos/apartments.

Google "Bassett Creek Redevelopment" if you care.

I live just west of IMS on Glenwood and I like the area a lot

[Thegonagle]

What? I didn't know about the impound lot. Will there be another impound lot? If your car got towed from a Minneapolis street, at least you knew exactly where it went. Other cities are a nightmare to figure out which private company has your car, where it might be, what their hours are, what the fees are, etc.

[Johnny_Drama84]

I've been looking at buying in the IMS for the last two months or so, but prices are not coming down fast enough in my opinion. I've only seen two units sell in the last few months and they were owned by the bank and didn't have any appliances. With 3 more foreclosures scheduled to list in the coming months, I think that is the direction I'm going to go. I feel bad for those who can't sell, but why would I pay $269k for your unit if the bank is selling one the same size for $159-199k???

There is a great (although no balcony) 1 bedroom for sale in the ATL building that I'd like to pick-up, but the owner has already reduced the price 30k since listing in January, and I don’t know if she will come down much more!!! Oh well, there is only one way to find out