North Loop Neighborhood

Downtown - North Loop - Mill District - Elliot Park - Loring Park
seanrichardryan
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Re: North Loop Neighborhood

Postby seanrichardryan » July 18th, 2013, 7:27 am

Buying a parking lot for a cool million is certainly news. Now, where is that condo market?
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min-chi-cbus
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Re: North Loop Neighborhood

Postby min-chi-cbus » July 18th, 2013, 8:22 am

Does anyone know what similar-sized lots have cost developers for projects already approved or under construction? Perhaps we could determine the scale that way.

twincitizen
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Re: North Loop Neighborhood

Postby twincitizen » July 18th, 2013, 8:25 am

The article sort of indicates that this lot would likely not be developed alone and would need to be assembled with other parcels before it could be developed. I don't even know what parcel we're talking about yet!

min-chi-cbus
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Re: North Loop Neighborhood

Postby min-chi-cbus » July 18th, 2013, 8:27 am

twincitizen wrote:The article sort of indicates that this lot would likely not be developed alone and would need to be assembled with other parcels before it could be developed. I don't even know what parcel we're talking about yet!
I Googled 425 N. Washington, since that was a tag on the article (not sure if that's the address or not), and it looks like it'd be the surface lot behind the buildings that front Washington, bounded by 5th Ave N and the railroad trench.

John
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Re: North Loop Neighborhood

Postby John » July 18th, 2013, 9:02 am

This is good news. It helps ensure continued development to help fill in those annoying gaps that persist in this area's urban fabric.

twincitizen
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Re: North Loop Neighborhood

Postby twincitizen » July 18th, 2013, 9:09 am

My best guess is that it's actually this property: http://gis.co.hennepin.mn.us/property/m ... 2924240093

The article tagged "425 North Washington Inc" which is the taxpayer of this surface lot, as well as the two Duffey Paper Company buildings.

MotorCity2TwinCities
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Re: North Loop Neighborhood

Postby MotorCity2TwinCities » July 18th, 2013, 9:34 am

twincitizen wrote:My best guess is that it's actually this property: http://gis.co.hennepin.mn.us/property/m ... 2924240093

The article tagged "425 North Washington Inc" which is the taxpayer of this surface lot, as well as the two Duffey Paper Company buildings.
Greco is listed as the taxpayer at this property, which is pretty much right next to/Northwest of and on the same block as the one you cited: http://gis.co.hennepin.mn.us/property/m ... 2924210083

So if that is indeed the one that Greco purchased, it would appear that they would be looking to assemble a larger property by eventually purchasing the adjacent lots as well. Good stuff.

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Re: North Loop Neighborhood

Postby twincitizen » July 18th, 2013, 12:22 pm

Apologies folks, this is the parcel that Greco recently purchased: http://gis.co.hennepin.mn.us/property/m ... 2924240095
728 3rd St N
It is adjacent to the one MotorCity2TwinCities mentioned. It is also one of the preferred locations for a North Loop park...

If you come across any other properties owned by "North Loop Parking Partners", that entity is related to Greco.

425 N. Washington Inc was the seller and they are related to the paper companies that are still land operating/landbanking in the N. Loop.

MNdible
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Re: North Loop Neighborhood

Postby MNdible » July 18th, 2013, 2:43 pm

This area is my preferred site for the North Loop Park, spanning full block between Third and Washington.

min-chi-cbus
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Re: North Loop Neighborhood

Postby min-chi-cbus » July 18th, 2013, 7:33 pm

I'd rather have a park than no park and one more building, but if this gets built here then I hope a park can be placed elsewhere. No park is not an option IMO.

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Re: North Loop Neighborhood

Postby David Greene » July 18th, 2013, 9:54 pm

Pardon my ignorance (I lived in the North Loop over eight years ago), but isn't the Rice Parkway a park in the North Loop? I'm not saying there couldn't be more but it seems wrong to say there's no park there.

ztr421
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Re: North Loop Neighborhood

Postby ztr421 » July 19th, 2013, 7:20 am

David Greene wrote:Pardon my ignorance (I lived in the North Loop over eight years ago), but isn't the Rice Parkway a park in the North Loop? I'm not saying there couldn't be more but it seems wrong to say there's no park there.
I think the hope is that more greenspace will be added to the "core" of the North Loop neighborbood - to the area that's all surface parking right now. The riverfront parks are in the neighborhood, but they're somewhat cut off from the condos and apartments that are along Washington, 3rd, and 4th.

min-chi-cbus
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Re: North Loop Neighborhood

Postby min-chi-cbus » July 19th, 2013, 8:05 am

I meant a pocket park that serves the rest of the neighborhood closer to the stadium and hwy. ramps.

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woofner
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Re: North Loop Neighborhood

Postby woofner » July 19th, 2013, 9:58 am

MNdible wrote:This area is my preferred site for the North Loop Park, spanning full block between Third and Washington.
Mine too. Has anyone heard any mayoral candidate say anything about any downtown park besides The Lawn?
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RailBaronYarr
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Re: North Loop Neighborhood

Postby RailBaronYarr » July 19th, 2013, 12:31 pm

I thought there was talk about the Gateway Park by a couple candidates, maybe I'm crazy.

twincitizen
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Re: North Loop Neighborhood

Postby twincitizen » July 23rd, 2013, 7:49 am

seanrichardryan wrote:Buying a parking lot for a cool million is certainly news. Now, where is that condo market?
Not here, says F&C

min-chi-cbus
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Re: North Loop Neighborhood

Postby min-chi-cbus » July 23rd, 2013, 10:14 am

That's interesting stuff!

So it sounds like current cost/SF is at $227 downtown, while a more healthy condo market typically demands $270-$300 per SF. Also, median condo prices are $312K downtown and it's around the $350K mark where developers become more interested to develop condo projects. All of this was written in the article.

So although we may not be there yet, we also may not be far off, and there are always niche markets and markets within markets where the numbers may make more sense for certain developers. My concern is that in the face of rising interest rates I don't see housing values increasing much over the next 5+ years, so unless people are willing to pay more for a condo than a typical SFH then I'm just not sure condos prices will rise high enough to warrant a healthy development market.

Time will tell, for sure.

twincitizen
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Re: North Loop Neighborhood

Postby twincitizen » August 9th, 2013, 8:37 am


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Nathan
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Re: North Loop Neighborhood

Postby Nathan » August 9th, 2013, 8:47 am

twincitizen wrote:Strib feature on North Loop neighborhood: http://www.startribune.com/lifestyle/ta ... 80321.html

Guide to nightlife: http://www.startribune.com/entertainmen ... 80451.html

Interactive map (love that basemap!): http://www.startribune.com/newsgraphics/218524411.html
Did anybody catch...
Frederick said at a recent neighborhood meeting he learned of 10 new residential projects in the works.
Uh... 10... ten? TEN!?!?!?!

*or do you think they mean the ones already under construction?

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fehler
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Re: North Loop Neighborhood

Postby fehler » August 9th, 2013, 9:12 am

Just realized that stub of 3rd Street N called "Twins Way". They realize its a one-way street, right?


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