LPM Apartments - (376' - 36 Stories)

Downtown - North Loop - Mill District - Elliot Park - Loring Park
mnmike
Wells Fargo Center
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Joined: June 2nd, 2012, 11:01 am

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby mnmike » September 5th, 2012, 9:44 pm

Yeah, xcel was working on moving lines to that pole today, and one of the entrances to the lot was blocked by on of the barriers that have been sitting in the lot.

retiredbanker
City Center
Posts: 27
Joined: June 5th, 2012, 11:04 pm

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby retiredbanker » September 5th, 2012, 10:41 pm

The "basic structure" of the financing is in place for this project and has been since a week ago Monday. There are a few "relatively minor" details to be worked out yet. With that said, I'm confident this project will proceed and an announcement will be made fairly soon (coming weeks). I don't believe anyone will back out of this deal, simply because it is a solid project, by a competent developer in a very stable city.

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

Postby min-chi-cbus » September 6th, 2012, 7:39 am

Awesome news, thanks! I think because of the letdown from the "condo boom/bust" here in Minneapolis, most of us don't believe a project will come to fruition until shovels literally start removing dirt from the ground (and even in some cases like The Reserve, that's not a sure enough sign!). But I think everyone digests information like this in a similar manner: the probability index is just THAT much higher now.

Great news!

Unity77
Landmark Center
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Joined: June 4th, 2012, 8:57 pm

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Unity77 » September 6th, 2012, 9:21 am

Thanks for the info retiredbanker.

nickmgray
Union Depot
Posts: 319
Joined: July 3rd, 2012, 10:40 am

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby nickmgray » September 6th, 2012, 12:03 pm

I'm very optimistic and can't wait for construction to start. This is the kind of project we've been waiting 5-6 years for.

MotorCity2TwinCities
Nicollet Mall
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Joined: September 11th, 2012, 3:31 pm
Location: Downtown

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby MotorCity2TwinCities » September 23rd, 2012, 7:19 pm

I'm very optimistic and can't wait for construction to start. This is the kind of project we've been waiting 5-6 years for.
Same here! I just moved to downtown Minneapolis in May from Detroit and it is really quite nice to see so many projects that are both proposed and underway. Detroit was such a depressing city, led by an awful city council, and really doesn't compare to Minneapolis. I can't wait for this project and Nicollet Residences to being construction. My fingers are crossed.

min-chi-cbus
Capella Tower
Posts: 2869
Joined: June 1st, 2012, 9:19 am

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby min-chi-cbus » September 23rd, 2012, 8:58 pm

Well welcome! Both projects are as "imminent" as it gets around here!

Lancestar2

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Lancestar2 » September 24th, 2012, 3:55 am

I'm very optimistic and can't wait for construction to start. This is the kind of project we've been waiting 5-6 years for.
Same here! I just moved to downtown Minneapolis in May from Detroit and it is really quite nice to see so many projects that are both proposed and underway. Detroit was such a depressing city, led by an awful city council, and really doesn't compare to Minneapolis. I can't wait for this project and Nicollet Residences to being construction. My fingers are crossed.
Yes, Welcome! the best thing that comes from Detroit is there Faygo drinks ! :mrgreen: I love the stuff! ...though I rarely drink pop but when I do I usually pick that brand... My mother (was raised in Detroit) got me hooked haha...

Also I walked by the site the other day no change still :cry: They repaved the sidewalk from when they were doing construction which makes me wonder if the project still goes through will they have to tear it back out anyways? :roll: I'm sure a minor detail that and of course they can't wait on a project that isn't 100% shovel ready anyways.

Lancestar2

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Lancestar2 » October 6th, 2012, 5:48 pm

Hello?


Is their anybody in this thread anymore?


Almost 2 weeks of silence I'm getting worried. Maybe we can all repeat at least one thing we like about the building and then it will start to appear! I will go first.

I love the curved glass building design of it! Also I think it will really extend the greenway a bit and be a wonderful addition to the area! Increase usage of the Hyatt parking ramp and will ad more retail to the Loring area! :D

retiredbanker
City Center
Posts: 27
Joined: June 5th, 2012, 11:04 pm

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby retiredbanker » October 6th, 2012, 8:29 pm

I completely understand ones frustration of not having 1368 under-construction by now, however, I wouldn't give up on the project either. Financing now isn't like it was 10 yrs. ago. Not even close. When this project was first announced, I was enthused about it like most of us were. When the project was continually getting delayed. I initiated a call to Magellan if there was something that I could do to assist them in financing, being that I was in that business since the mid-70's (now retired). I had many conversations with Magellan about financing the tower. As mentioned earlier in this thread, my last conversation with Magellan was in late-August. A synopsis of that conversation was that the project manager said to me, "We should be able to finish it up from here." Or something along those lines. Can't remember specifically, however, that was the jest of it. I haven't been called back about assisting them with any difficulties or roadblocks. I'm still confident that this project is a go.

ECtransplant
US Bank Plaza
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby ECtransplant » October 7th, 2012, 12:19 am

This is pure speculation on my part. I've heard different indicators that the condo market is slowing coming back a little bit. Could they maybe be delayed because they want some of the top floors to be condo?

John
Capella Tower
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Joined: May 31st, 2012, 2:06 pm

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby John » October 7th, 2012, 1:36 am

This is pure speculation on my part. I've heard different indicators that the condo market is slowing coming back a little bit. Could they maybe be delayed because they want some of the top floors to be condo?
Magellan is no stranger to this concept , and Aqua in Chicago is a mixed use tower of apartments , condos, and a hotel. I think if 1368 was part condos they would sell very well.

Unity77
Landmark Center
Posts: 207
Joined: June 4th, 2012, 8:57 pm

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby Unity77 » October 8th, 2012, 8:43 pm

This thing is dead. Count on parking your '89 Civic here for the next seven-nine years until someone with conviction steps up to the plate.
I hate to say it, but I think you are right. This project was supposed to be underway by summer's end and there hasn't been any indication that it will be breaking ground soon, which leads me to believe that they are having problems. Furthermore, the fact that Opus had to downsize their project and have yet to break ground tells me that MPLS can't support two upscale apartment towers. Factor in all the other developments underway or proposed and it becomes clear that this tower probably won't happen.

BTW, Magellan and partner Giarratana Nashville recently released a proposal for a new 33-story, upscale tower for downtown Nashville. It looks very similar to the Minneapolis proposal.

Image

nasa35

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby nasa35 » October 9th, 2012, 6:20 am

I agree. This is dead. No chance.

minntransplant
Nicollet Mall
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby minntransplant » October 9th, 2012, 10:57 am

We don't have any actual information that the project is cancelled. But, we do know that Magellan is proposing yet another tower. Yet, somehow, that should be used as evidence that its Minneapolis project is dead rather than that Magellan is on sure footing?

John
Capella Tower
Posts: 2102
Joined: May 31st, 2012, 2:06 pm

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby John » October 9th, 2012, 11:05 am

I agree. I think it is premature to say this project is dead.

dumberGuy

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby dumberGuy » October 9th, 2012, 11:27 am

no one issues a press notice when a project is cancelled. Developers lose interest in a specific project for a myriad of reasons -- financing, logistics, market variables, timing, etc -- and move on to other projects.

No fanfare, no ceremony and certainly no explanation for the peanut gallery.

mnmike
Wells Fargo Center
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Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby mnmike » October 9th, 2012, 11:34 am

Your guess is as good as mine, and I tend to be negative anyway, but do you have anything to back that up? They were doing drilling samples on the site as recently as a couple of weeks ago, and utility poles were relocated from the site. Not sure why they would keep going through the motions if they had lost interest.

Edit, did a little digging.

Article frrom today, 3 hours ago to be exact:
http://www.magellandevelopment.com/paze ... keting-vp/

PAZELT NAMED MAGELLAN DEVELOPMENT MARKETING VP
"Magellan is currently preparing to break ground for Loring Park, a 36-story luxury apartment tower in downtown Minneapolis. Designed by Magellan affiliate Loewenberg Architects, Loring Park will offer residences, from studios to three-bedroom units, 21,625 square feet of retail space and state-of-the-art amenities."

Take that for what it's worth, but sounds like they are still interested. Looks like it is to be called "Loring Park". Original. lol

mnmike
Wells Fargo Center
Posts: 1092
Joined: June 2nd, 2012, 11:01 am

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby mnmike » October 9th, 2012, 11:45 am

Another mention:

http://www.chicagotribune.com/business/ ... 8722.photo

"Sara Pazelt, 35, has been appointed vice president of marketing for Magellan Development Group. Her responsibilities include overseeing national marketing and public relations activities for Magellan condominium and rental projects. She will oversee the marketing and leasing of two new Magellan projects: Coast at Lakeshore East, and Loring Park in downtown Minneapolis. Prior to her promotion, Pazelt was director of leasing for Magellan affiliate NNP Residential."

Seems to me that they have just promoted this woman specifically to oversee the two new projects mentioned.
Last edited by mnmike on October 9th, 2012, 12:08 pm, edited 1 time in total.

reeckman
Metrodome
Posts: 72
Joined: June 22nd, 2012, 9:33 am

Re: Magellan Apartment Tower - (1368 LaSalle Avenue)

Postby reeckman » October 9th, 2012, 11:48 am

That's great news, sounds like she is the one we can stay tuned into.


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