City living has massively grown in its appeal since the Great Recession. A recent Star Tribune article, titled "For residents, appeal of downtown Minneapolis is still sky-high", shares that the momentum for both population growth and new units added has picked-up over the past few years. According to the article, almost 2,600 new residents were added in 2017 (a record year), totaling approximately 43,000 downtown residents. That is a 30%+ population increase over a period of 10 years. Much of this growth can be attributed to the revamped, super trendy North Loop and Mill District areas. They have broad appeal – attracting a cross-generational population, from young professionals looking to spend their paycheck, to (near) retirees who've sold their suburban home and are ready to live it up in the city.
Developers are quite aware of the area's appeal and have been working feverishly to add more living options to the area. As the article references, most of the new projects are scaling back in square footage per unit to allow for more units overall and keep prices down. But "most" does not mean "all", as we learned with the news of the latest project to come: Eleven. This project, as reported by The Development Tracker, is an architectural gem catering to downsizers and up-and-comers alike. A few specs:
- 39 stories of striking art-deco marvelousness
- 101 condo unit in the tower, atop some guest rentals, parking and office space
- Unit size 1,600+ (!!!), with at least 2 bedrooms (!!!)
- Located just down West River Parkway from the Guthrie in the Mill District
It's a bold project with the owner surely hoping to capitalize on the area's popularity. Development news is constantly breaking, it seems. We are in a heyday, so to speak, with mostly positive drivers in the local Twin Cities market as well as the broader economy and market. Increasing long-term interest rates, however, would negatively impact future large development projects such as Eleven. So, let's enjoy it while it lasts - c'est la vie!
Give me a call if downtown living is calling your name!
Photo credit: goodfreephotos.com