LPM Apartments - (376' - 36 Stories)

Downtown - North Loop - Mill District - Elliot Park - Loring Park
John
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LPM Apartments - (376' - 36 Stories)

Postby John » May 31st, 2012, 10:13 pm

New 37 story apartment tower in Loring Park neighborhood. Construction to begin in June 2012.

John
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Re: 1368 LaSalle Ave development

Postby John » June 1st, 2012, 7:47 am

Rendering of the project:
Image

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trkaiser
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Re: 1368 LaSalle Ave development

Postby trkaiser » June 1st, 2012, 9:08 am

What a beautiful rendering - can't wait to see if this happens. It is June, after all... If I had to choose which would be built - 1368 LaSalle or Nicollet and 5th, I'd go with the latter for its impact on street life, but this would be a nicer addition to the skyline.

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spectre000
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Re: 1368 LaSalle Ave development

Postby spectre000 » June 1st, 2012, 10:03 am

I'll take this project over Nico. Residences. Simply for the fact it's being developed by a major out of state developer, Magellan. They have a great track record in Chicago. If this project succeeds, then they might continue building more skyscrapers in the twin cities.

I like to imagine them buying the Star Tribune blocks by the new Vikings Stadium. Oh man, that'd be sweet.

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Nathan
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Re: 1368 LaSalle Ave development

Postby Nathan » June 1st, 2012, 11:01 am

I'd like to see them both built. There is no reason Minneapolis' CBD and residential areas don't have a higher density!

Magellan can have the STRIB blocks as long as they preserve the Gorgeous '40s Headquarters!!!

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Re: 1368 LaSalle Ave development

Postby John » June 1st, 2012, 11:16 am

Both 1368 Lasalle and Nicollet Residences are lovely designs; but in different ways. Nicollet Residences has a beautiful relationship with the intersection of 5th and Nicollet , the street level, and the skyway. Its cantilevered crown will be very distinctive. 1368 Lasalle is like an elegant polished jewel. Very suave and sleek in design. 1368 is sure to become an iconic landmark for the Loring Park neighborhood. What I really hope happens is this project spurs some new devlopment along Nicollet Ave.

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Re: 1368 LaSalle Ave development

Postby Andrew_F » June 1st, 2012, 10:42 pm

I like to imagine them buying the Star Tribune blocks by the new Vikings Stadium. Oh man, that'd be sweet.
Our own baby Lakeshore East!

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Re: 1368 LaSalle Ave development

Postby dumberGuy » June 1st, 2012, 11:18 pm

"1368 is sure to become an iconic landmark for the Loring Park neighborhood"

if by "iconic landmark" you mean metaphor, and if "parking lot" is the metaphor, I think you are correct

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Re: 1368 LaSalle Ave development

Postby Wedgeguy » June 3rd, 2012, 12:10 am

If you are worried about more tall tower in the Loring Park hood, I'd say it will take at least 5 to 10 years before a really tall town goes up again. Only place I would see that happeing in the nearer future would be a possible midrise tower at 15th and Nicolett [sic] along Nicolett [sic]. There are only a few empty lots in the area. I see the hood group trying to get something in place to save the older apartment building, that give the area some character, from being demolished for those awful BKV monoliths that are now all the rage. Hope there will be future historic credits like they are using to remodel the Holdman in the North Loop.

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Re: 1368 LaSalle Ave development

Postby min-chi-cbus » June 3rd, 2012, 11:31 am

Wow...I think you're both wrong! The current market conditions don't look to be slowing down very much and there's reason to believe that current demand will continue for a little while. Given the space constraints that already exist downtown, coupled with the addition of some of these blockier projects over the next year or two (and assuming vacancy rates remain below 3%), there will be more pressure to build supply on smaller lots and/or higher FARs.

Besides, I see this 1368 bldg. going up, and it's taller than 15 floors.

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spectre000
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Re: 1368 LaSalle Ave development

Postby spectre000 » June 3rd, 2012, 1:48 pm

The demand is certainly here for apartments. I think it really comes down to whether a developer can secure financing.

I wonder if perhaps lenders are wary of this particular project though. I still don't think its got enough parking for our market. The elevator double decker style parking seems like a gamble. It may work great in Chicago or NYC, but as far as I know its never been tried here.

I just can't imagine an experienced developer like Magellan didn't correctly estimate the cost, or have enough cash to secure financing. They've done a lot of projects. They must have good relations with lenders who've financed their previous towers. They've got a 49-story building over half built in Chicago right now. They're also joining up with Hines on a new multi-tower development at Wolf Point in Chicago. These guys aren't rookies.

Magellan said this would be under construction in January. That sounded pretty sure of themselves then. I know all developers tend to say things like that. But it's June now and nothing looks imminent. I just can't help thinking lenders are wary of a Chicago-style building in Minneapolis. That's all I can figure.

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Nick
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Re: 1368 LaSalle Ave development

Postby Nick » June 3rd, 2012, 2:13 pm

I just put down a deposit for a unit at 215 Oak Grove, about two blocks from 1368 Lasalle, and it was a mad dash. I had emailed them June 1st about their August 1st vacancies, and during the emailing, one of three units got snatched up. I went to see one of the remaining two the morning of June 2nd. Had to literally run back down the street to my current apartment to grab checks because four more people were coming in the next couple hours. I took one, and the person right after me took the last open unit.

Demand is obviously there! Not quite the same price range, but you get the idea. If this was built, it would fill up. That might be obvious to us, but the people in finance who were running the show 2005 are pretty much still running the show :roll: .

For this site in particular, it's important to note how much work they're going to have to do with utility relocation. The whole half block is lined with above ground powerlines (for some reason??) that are going to have to be buried, and they're probably going to need to tear up a lot of the surrounding streets to do so. I'd give them the benefit of the doubt.

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Re: 1368 LaSalle Ave development

Postby John » June 3rd, 2012, 3:13 pm

Magellan appeared to have put in a lot of time, energy, and money into getting this project approved last winter. This project is clearly geared towards attracting very upscale renters, and they must feel this market is strong for that. Some of the delay may have to do with the timing structure that occurs in the business world (i.e quarterly business financial cycles etc). I'm certainly no expert on this though. Maybe it will start in late June or early July (around the third business quarter).They have a lot of developments to finance and that are currently under construction. That may influence the timing of when construction of their future projects will begin. I'm hoping "retiredbanker" joins this forum soon as he may be able to offer some good insight into this situation.

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Re: 1368 LaSalle Ave development

Postby min-chi-cbus » June 3rd, 2012, 5:35 pm

John wrote:Magellan appeared to have put in a lot of time, energy, and money into getting this project approved last winter. This project is clearly geared towards attracting very upscale renters, and they must feel this market is strong for that. Some of the delay may have to do with the timing structure that occurs in the business world (i.e quarterly business financial cycles etc). I'm certainly no expert on this though. Maybe it will start in late June or early July (around the third business quarter).They have a lot of developments to finance and that are currently under construction. That may influence the timing of when construction of their future projects will begin. I'm hoping "retiredbanker" joins this forum soon as he may be able to offer some good insight into this situation.
That's absolutely true! I work for Forest City Enterprises in Cleveland, OH and I know they sometimes have to put other projects on hold or create free capital to keep the books balanced to finance the projects they want/need. I believe Forest City did something similar for some Dallas investments, which are a high priority for the company right now. Perhaps Magellan needs to wait for some other projects to finish, or are trying to free up available capital, before starting this project in a virgin market for them?

Certainly possible! I don't work in the development dept. at Forest City (even though I'd LOVE to!), but think this kind of thing is commonplace in the industry.

P.S. I don't know why Forest City doesn't have stake in MN yet, as it's just about the ONLY major market they don't have any properties in. I'd love to spearhead the initiative to enter the Twin Cities market though! 8-)

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Re: 1368 LaSalle Ave development

Postby John » June 3rd, 2012, 8:23 pm

Thanks Min-chi-cbus for that insight. 1368 Lasalle is such a beauty; I am crossing every one of my fingers and toes it gets built!. I think 1368 will change the whole dynamic of the area, and spur development along Nicollet Ave. BTW, I grew up in Cleveland ( Shaker Heights) and I am hearing that downtown is booming with residential development. So fantastic as Cleveland is such a great city with magnificent architecture and huge potential.

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spectre000
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Re: 1368 LaSalle Ave development

Postby spectre000 » June 11th, 2012, 1:21 pm

http://www.startribune.com/local/blogs/158462805.html

Mpls. apartment boom underway
Posted by: Eric Roper Updated: June 11, 2012

"...Chicago-based developer Magellan Development said construction will begin in late summer of this year and finish in the spring of 2014..."

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Re: 1368 LaSalle Ave development

Postby mullen » June 11th, 2012, 1:33 pm

exciting stuff. i can't wait for these new towers.

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Re: 1368 LaSalle Ave development

Postby Wedgeguy » June 12th, 2012, 2:43 am

Not holding my breathe, they said they would start in Msarch and that came and went too.

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Re: 1368 LaSalle Ave development

Postby John » June 12th, 2012, 7:41 am

spectre000 wrote:http://www.startribune.com/local/blogs/158462805.html

Mpls. apartment boom underway
Posted by: Eric Roper Updated: June 11, 2012

"...Chicago-based developer Magellan Development said construction will begin in late summer of this year and finish in the spring of 2014..."
1368 is on its way! Interesting how they mentioned the national trend towards urban living. I read that Detroit (along Woodward Ave) is booming with new housing and a Whole Foods is going up. Woodward Ave used to be a stretch of road ( in the inner city of Detroit) with mile after mile of boarded-up houses. 1368 LaSalle is going up in a much more stable neighborhood (and city) than anywhere in Detroit by a long shot. It will be very succesful.

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Re: 1368 LaSalle Ave development

Postby minneapolisguy » June 12th, 2012, 8:22 am

AWESOME!!!!


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