Velo Apartments - (103 Second Street North)

Downtown - North Loop - Mill District - Elliot Park - Loring Park
min-chi-cbus
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Re: Velo apartments

Postby min-chi-cbus » July 2nd, 2012, 9:52 am

MNdible wrote:There are a few things that play into the limitations on stick frame construction, but my understanding is that the code limits the construction type for stick built to five stories, taking advantage of all of the bonuses available. If you build it on top of a concrete plinth, and you're able to use that base as a fire separation, you can stack those five stories of wood framing right on top of it. The latest trick we're seeing is to add a sixth story of wood framing, through an exception that allows a mezzanine floor to not count as a full floor. That's how a project like the Vue gets up to 7 stories (really more like 8 stories based on how far their first level of "underground" parking projects above grade).

The whole thing is preposterous to me, and I'd strongly recommend against anybody buying into these buildings.
Do you mean for safety reasons, or other?

MNdible
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Re: Velo apartments

Postby MNdible » July 2nd, 2012, 11:35 am

No, not so much for safety reasons, although that would probably be in the back of my mind. They're required to be fully sprinklered, and barring something truly unexpected, sprinklers are very effective.

My concerns would primarily be noise, as mentioned previously. There are things that can be cone to try to address this, but they're expensive and aren't usually done.

If I were looking to buy into a stick-built condo building (as opposed to renting), I'd have a whole additional slew of concerns regarding long term maintenance and durability. Wood buildings are going to move, flex, and shrink, and I'd be very skeptical that most of these buildings are really designed to accommodate this.

Tyler
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Re: Velo apartments

Postby Tyler » July 2nd, 2012, 2:30 pm

I can't think of any stick-built condos or condo proposals. Are they out there (in Minneapolis)?
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Konante
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Re: Velo apartments

Postby Konante » July 2nd, 2012, 3:47 pm

Tyler wrote:I can't think of any stick-built condos or condo proposals. Are they out there (in Minneapolis)?
River Station in Warehouse and Flour Sack Flats in St. Anthony Main are two that come to mind.

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Re: Velo apartments

Postby MNdible » July 2nd, 2012, 4:44 pm

There were a bunch built at the tail end of the condo boom. Lumen on Lagoon, Loop Calhoun, etc. I'd guess that a number of the high end apartments being built today (besides those built by somebody like Village Green, who has a long track record of owning rental properties) will likely be converted to condos when the market comes around.

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Re: Velo apartments

Postby Tyler » July 2nd, 2012, 4:53 pm

Yeah. Arts Quarter Lofts, Greenleaf lofts, Eat Street Flats. Once I posted I started thinking of them.

River Station and Greenleaf Lofts already have major structural issues. I wonder how much of that is related to the wood frame and how much was just crappy execution.
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Chef
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Re: Velo apartments

Postby Chef » July 2nd, 2012, 7:18 pm

Aren't most of the old apartment buildings (1890 - 1930) stick construction with ornamental brick? They seem to have held up pretty well.

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Andrew_F
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Re: Velo apartments

Postby Andrew_F » July 2nd, 2012, 11:54 pm

AFAIK, pretty much every building that old with a brick exterior is going to be load-bearing masonry. Structurally, it's all on the masonry. Also, the lumber they used on interior walls back then if very different from what we use now, plus plaster & lathe beats sheetrock for sound attenuation by a mile.

mplser
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Re: Velo apartments

Postby mplser » July 3rd, 2012, 9:07 am

Isn't it awesome how "progress" has allowed us to build all these cheaper, thinner-walled fire traps?

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Avian
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Re: Velo apartments

Postby Avian » July 5th, 2012, 9:23 am

I remember the Creamette Lofts (across the street from River Station) completely collapsed during construction after a big storm. I worked in the Colonial Warehouse at the time and it was an awesome pile of kindling! I think it was almost completely framed up at the time.

“Wise men speak because they have something to say; fools because they have to say something.”
― Plato

Konante
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Re: Velo Apartments - (103 Second Street North)

Postby Konante » October 24th, 2012, 8:28 am

I saw a question about this project in another thread so I thought I'd mention it here. There is still a "for sale" sign on the building and Merit Printing is still operating. Something will eventually happen on this plot but all signs point to it not being the Velo proposal.

min-chi-cbus
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Re: Velo Apartments - (103 Second Street North)

Postby min-chi-cbus » October 24th, 2012, 10:20 am

Konante wrote:I saw a question about this project in another thread so I thought I'd mention it here. There is still a "for sale" sign on the building and Merit Printing is still operating. Something will eventually happen on this plot but all signs point to it not being the Velo proposal.
Really? This is Opus' project, no? I'd be surprised if they let this one fall by the wayside.

gahwi003
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Re: Velo Apartments - (103 Second Street North)

Postby gahwi003 » October 24th, 2012, 10:52 pm

Konante wrote:I saw a question about this project in another thread so I thought I'd mention it here. There is still a "for sale" sign on the building and Merit Printing is still operating. Something will eventually happen on this plot but all signs point to it not being the Velo proposal.
I am relatively new to following development (2 years), so this question is directed toward those "seasoned" veterans. Are projects like Velo that fall to the wayside the signs of the market cooling, or is this just what happens from time to time?

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Re: Velo Apartments - (103 Second Street North)

Postby John » October 24th, 2012, 11:16 pm

You know, if Opus could get the financing, they might be very shrewd and decide to make this Velo project a condo development. The market for condos downtown is rapidly improving and the inventory is low. This would be the only new condo development going up other than (possibly) the Shamrock project by Gold Medal Park. They would virtually have no competition. The timing is right for a couple of these developments to occur downtown.

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Re: Velo Apartments - (103 Second Street North)

Postby seanrichardryan » October 24th, 2012, 11:28 pm

Or, we development nerds have an unrealistic idea of actual timelines for financing, closing etc and we get our undies in a big ass bunch. Be patient.
Q. What, what? A. In da butt.

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Re: Velo Apartments - (103 Second Street North)

Postby John » October 25th, 2012, 12:02 am

seanrichardryan wrote:Or, we development nerds have an unrealistic idea of actual timelines for financing, closing etc and we get our undies in a big ass bunch. Be patient.
Yes, but as development nerds its always so fun to speculate, fantasize, and theorize unrealistically! But boy did we get our undies into a big ass bunch with 1368 Lasalle ;)

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Re: Velo Apartments - (103 Second Street North)

Postby mullen » December 17th, 2012, 11:29 am


min-chi-cbus
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Re: Velo Apartments - (103 Second Street North)

Postby min-chi-cbus » December 17th, 2012, 12:06 pm

I knew it wasn't dead!

mnmike
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Re: Velo Apartments - (103 Second Street North)

Postby mnmike » December 17th, 2012, 12:07 pm

Oh good, I like this one...and I think it will really help the street scape in this area.

Konante
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Re: Velo Apartments - (103 Second Street North)

Postby Konante » December 17th, 2012, 12:21 pm

Color me surprised, and pleased.


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