LPM Apartments - (376' - 36 Stories)

Downtown - North Loop - Mill District - Elliot Park - Loring Park
John
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby John » August 23rd, 2012, 6:58 pm

I know some here have doubts abouts about my positive comments and information. (remember, it was at a time when EVERYTHING GOT CANCELED) I have many friends and contacts in the construction field; cranes, footing equipment and timelines are being established, right now. This is a go. No changes and no delays.
I think you are right on the mark Nasa. And for all of us who have clamored about wanting our city to have more skyscrapers with striking architecture, this building will be our vindication. Magellan "gets it" about living in a large urban core. Their project will outclass every other development going up in this city by a huge margin. 8-)
Last edited by John on August 23rd, 2012, 8:52 pm, edited 1 time in total.

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Nathan
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Nathan » August 23rd, 2012, 7:13 pm

Thanks for the boost of confidence nasa! I'm not a doubter, but it's good to hear things are getting in line! Minneapolis totally deserves this! Let's hope it's only the first of many great projects of this scale in the next few years! We have a lot to do doubling the DT population for the DT council :)

nasa35

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby nasa35 » August 23rd, 2012, 7:24 pm

Thanks for the boost of confidence nasa! I'm not a doubter, but it's good to hear things are getting in line! Minneapolis totally deserves this! Let's hope it's only the first of many great projects of this scale in the next few years! We have a lot to do doubling the DT population for the DT council :)
No doubt! This has been the longest period of time in 50 years that we've gone without a major tower being built. I'm confident the next ten years will have a dramatic impact to our skyline. We're do!

retiredbanker
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby retiredbanker » August 23rd, 2012, 7:36 pm

I'm confident this project is a "go", as well. I've actually discussed a few things with Magellan concerning this project over the past 6-8 months. They've said all along it is going to be built. I don't believe it is prudent or proper for me to write what specifics I had discussed with Magellan, however, you can guess it was about financing. If this project gets delayed much longer, I'll outline some specifics how a project of this size gets financing. That way, everyone can understand the complexities of any large project financing.

MNdible
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby MNdible » August 23rd, 2012, 9:43 pm

If this project gets delayed much longer, I'll outline some specifics how a project of this size gets financing. That way, everyone can understand the complexities of any large project financing.
Even if this project breaks ground tomorrow, I'd appreciate your insight on this. I think most of us have no inkling of all of the back-and-forth that goes into pulling together financing on a project of this scale.

min-chi-cbus
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » August 24th, 2012, 7:15 am

I know some here have doubts abouts about my positive comments and information. (remember, it was at a time when EVERYTHING GOT CANCELED) I have many friends and contacts in the construction field; cranes, footing equipment and timelines are being established, right now. This is a go. No changes and no delays.
Awesome news buddy :!:

min-chi-cbus
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » August 24th, 2012, 7:18 am

Thanks for the boost of confidence nasa! I'm not a doubter, but it's good to hear things are getting in line! Minneapolis totally deserves this! Let's hope it's only the first of many great projects of this scale in the next few years! We have a lot to do doubling the DT population for the DT council :)
True, but we are WELL on our way if current trends even come close to keeping on throughout the decade/15 years! 8K-9K units proposed/approved/under construction in Minneapolis alone, and I realize that even if ALL projects were built (which won't happen) it would take years to complete everything, but in that time other projects could also be proposed and as long as demand kept up with supply we could very easily see 50K+ units come online in 10 years. BIG "if" though!

min-chi-cbus
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » August 24th, 2012, 7:21 am

If this project gets delayed much longer, I'll outline some specifics how a project of this size gets financing. That way, everyone can understand the complexities of any large project financing.
Even if this project breaks ground tomorrow, I'd appreciate your insight on this. I think most of us have no inkling of all of the back-and-forth that goes into pulling together financing on a project of this scale.
Agreed! And I work for a "Major" real estate developer, yet have no clue how these things get built, to be honest. I don't work in that department (yet).

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Le Sueur
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Le Sueur » August 24th, 2012, 12:35 pm

...I think we need to collectively continue to praise the project to really help create some positive energy...
I'm already trying to picture how good it will look in the skyline! I think I may be about a floor tall here, and seeing too much of the South face, but I though I looked pretty good from this angle.
Image
...This is a go. No changes and no delays.
This is the benefit of being relatively new on the forum. I wasn't around for any incorrect predictions. So when they start moving dirt on this one I'll give you a 100% track record.
If this project gets delayed much longer, I'll outline some specifics how a project of this size gets financing.
I'd also like to hear some experienced input on financing for a project like this. I was close to a recent $30 million development and know that getting partners to come together can be a huge challenge. Everyone wants to protect their downside risk, and guarantee a return before committing.

min-chi-cbus
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » August 24th, 2012, 12:45 pm

^That's neat! Is it easy to do? Could you do it with a picture looking at the skyline from I-394 from the West, or I-94 from the North?

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Le Sueur
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Le Sueur » August 24th, 2012, 1:20 pm

^That's neat! Is it easy to do? Could you do it with a picture looking at the skyline from I-394 from the West, or I-94 from the North?
Thanks! Trying to get the right angle is the only hard part the image above was originally from google street view, the rest is just photoshop. I'll see if I can flip it and find a good spot from the NW.

Lancestar2

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Lancestar2 » August 24th, 2012, 4:42 pm

Well done Le Sueur! that picture really was great! It looks very beautiful overlooking the park! If it's really easy and enjoyable for you to make more I would encourage you to make more if you'd like :mrgreen: once they finish building it I think if I remember ill dig up this photo and do a side by side comparison.

John
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby John » August 26th, 2012, 6:57 pm

Love the photo too Le Sueur! I emailed Magellan today to inquire about the start date for construction of 1368 Lasalle. I will update this thread in the next few days with any information I receive.

min-chi-cbus
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » August 27th, 2012, 6:56 am

If only it were that simple....but somehow I doubt a developer would tell a random public figure the start date before a news source like the Star Tribune or Business Journal, but I'll cross my fingers for you, and it certainly can't hurt to try!

John
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby John » August 29th, 2012, 10:33 am

I received a reply from Magellan and they said they are "hopeful" to start construction this fall with a " projected opening date 2014". Doesn't really say much , but it does sound like they are intending to go forward with the development ( probably working on or completing the details of financing the project). They said they will keep me on their mailing list to update me with the project status.

min-chi-cbus
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » August 29th, 2012, 10:48 am

Well, and since "Fall" doesn't officially even begin until Sept. 21, maybe it's going to be a while still before we hear anything concrete.

John
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby John » August 30th, 2012, 9:54 am

"Dear John:

Thank you for your inquiry. We genuinely share your excitement in bringing a first-rate residential experience to the heart of Minneapolis.

Yet we understand the anxiety that must go along with such excitement. 'Will the tower be built, or won't it?' Believe me, it's a question that I face every minute of every day.

I could say, with utter sincerity, that I simply do not know whether this will be built. Financing a $100 million dollar tower in the central downtown area is no easy task, what with all the financial and legal risks involved.

But enough. You strike me as an optimist. So I too will strike an optimistic tone in my reply to you. I am hopeful to start construction this fall, with a projected opening date somewhere around 2014. I will be sure to keep you apprised of developments as they unfold.

In the meantime, please feel free to direct any questions to me personally. My home phone number and address appear below.

Sincerely,

Juan Fernando de Magellan"
Hey dumberGuy, don't mean to interfere, but here's the actual reply Magellan sent me for your clarification:

Hello John -

Thanks for contacting us regarding our project in Loring Park. We are hoping to break ground this Fall on the project with a projected opening date of 2014. As information becomes available, I will let you know. We added you to our list.

Thanks,
Sara

mplser
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby mplser » September 3rd, 2012, 9:58 am

hey le seur, would it be easy enough to do one of those pictures looking down the midtown greenway in uptown with all the new projects under construction?

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Le Sueur
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Le Sueur » September 3rd, 2012, 7:35 pm

hey le seur, would it be easy enough to do one of those pictures looking down the midtown greenway in uptown with all the new projects under construction?
Honestly the picture above was a first trail. :mrgreen: It's pretty easy to drop in a render when the background images are from a similar angle to the background in the render. Off angle require some skills I'm still working on. If you can provide background pictures for the areas you would like to see the renders I'd be glad to try and make them work! Shoot me a PM and let me know more where about you were thinking and maybe I can make it work.

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Nick
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Nick » September 5th, 2012, 2:07 pm

Walking home from the Y on Labor Day, I noticed that a temporary-looking telephone pole has been put in the ground on the northwest corner of Spruce and 14th. This has continued to make little bits of progress almost weekly for a while now. I saw some different kinds of Braun Intertec trucks there last week. I'm pretty sure they're moving forward, unless they're collecting samples for a science project of some sort.
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