LPM Apartments - (376' - 36 Stories)

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

Postby mog » January 30th, 2015, 3:06 pm

Does anyone know how some of the other new luxury buildings are doing in terms of leasing?

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Re: LPM Apartments - (376' - 36 Stories)

Postby Konante » January 30th, 2015, 6:23 pm

twincitizen wrote:I think what it gets down to is that LPM is not at a "100% location", as they say in commercial real estate. It's not on the park, it's not on Loring Greenway, and it's not the skyway system. It may sound stupid, but if LPM was just 1.5-2 blocks closer to the core, or on the skyway system, I think they'd be leasing up a lot faster.
Agree on this being an important distinction. It's not, in a literal sense, far from the core. But right now it feels much further because of what it is and is not surrounded by. North loop, mill district, st anthony main and DT core are more desirable to me assuming similar prices and building amenities. Obviously others will/can disagree but the market is saying something similar, imo.

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Re: LPM Apartments - (376' - 36 Stories)

Postby Avian » January 30th, 2015, 7:17 pm

I count 12 restaurants within 600 feet of LPM.

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Nick
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Re: LPM Apartments - (376' - 36 Stories)

Postby Nick » January 30th, 2015, 7:23 pm

They're there, for sure, but are they on the same level as the ones in the North Loop? I got Lotus tonight, but other than Loring Kitchen + Bar and the couple places over across the park, they're not as fancy.

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Re: LPM Apartments - (376' - 36 Stories)

Postby PhilmerPhil » January 30th, 2015, 9:12 pm

Loring Park has amenities. But it also has non wealthy non white people living there.

EDIT: Snark Alert.

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Re: LPM Apartments - (376' - 36 Stories)

Postby min-chi-cbus » January 30th, 2015, 10:45 pm

I don't think diversity has anything to do with it. I think it's their pricing....they think this is Chicago, and that's not to suggest that Minneapolis is below Chicago (per se), but rather that people in Chicago EXPECT to throw big money into downtown housing, because that is absolutely the best option in Chicago unless you live on the North Side or the suburbs. In Minneapolis people have options -- lots of options! It's a completely different city in that regard.

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Re: LPM Apartments - (376' - 36 Stories)

Postby Tyler » January 31st, 2015, 10:32 am

min-chi-cbus wrote:I don't think diversity has anything to do with it.
I'll go ahead and disagree. I know we're pussy-footing around it but I know people, including downtown residents, that think the area is "ghetto."
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Re: LPM Apartments - (376' - 36 Stories)

Postby John » January 31st, 2015, 11:19 am

No doubt the Loring Park neighborhood is more socio-economically diverse that the North Loop. Yet the strong majority of people living in the area are middle or upper income. It's always been that way (since I lived in this area) and that demographic remains very stable. It's remains a desirable place to live for people who like urban living (I doubt most of the people who think it's "ghetto" actually live in the city). I tend to think If LPM was just modestly cheaper (actually more on par with the rents charged per square foot in The North Loop) it would lease much better.

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Re: LPM Apartments - (376' - 36 Stories)

Postby Tyler » January 31st, 2015, 11:41 am

I don't really mean loring park. I mean this specific location. And sure, it would lease better if it was cheaper. But my point is that it would also lease way better if it was over by the river -- even at the same prices.
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Munch'n
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Re: LPM Apartments - (376' - 36 Stories)

Postby Munch'n » January 31st, 2015, 11:50 am

MNdible wrote:Image
The Rents are too damn high?
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Munch'n
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Re: LPM Apartments - (376' - 36 Stories)

Postby Munch'n » January 31st, 2015, 11:54 am

min-chi-cbus wrote:I don't think diversity has anything to do with it. I think it's their pricing....they think this is Chicago, and that's not to suggest that Minneapolis is below Chicago (per se), but rather that people in Chicago EXPECT to throw big money into downtown housing, because that is absolutely the best option in Chicago unless you live on the North Side or the suburbs. In Minneapolis people have options -- lots of options! It's a completely different city in that regard.
I don't think that's completely true. I can get downtown in 30 minutes with transit, and I'm in a suburb on the west side. Maggelan did mis-judge but I doubt they will do that at the Parking Ramp.
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Re: LPM Apartments - (376' - 36 Stories)

Postby EOst » January 31st, 2015, 12:08 pm

The parents of this girl my partner knows live in one of the towers in Loring Park, nearish to LPM. They're afraid to go outside at night because they think the area is sketchy. I've never understood it.

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Re: LPM Apartments - (376' - 36 Stories)

Postby Chava » January 31st, 2015, 12:40 pm

min-chi-cbus wrote:I don't think diversity has anything to do with it. I think it's their pricing....they think this is Chicago, and that's not to suggest that Minneapolis is below Chicago (per se), but rather that people in Chicago EXPECT to throw big money into downtown housing, because that is absolutely the best option in Chicago unless you live on the North Side or the suburbs. In Minneapolis people have options -- lots of options! It's a completely different city in that regard.
Not sure I agree with much of anything here. There are tons of areas in Chicago that are super livable and which command high rents.

However, I will grant you that they're charging Gold Coast Prices in an area that doesn't share any similarities to that kind of area. I'd say the North Loop or Mill district are closer to that kind of area.

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Re: LPM Apartments - (376' - 36 Stories)

Postby xandrex » January 31st, 2015, 3:33 pm

Tyler wrote:
min-chi-cbus wrote:I don't think diversity has anything to do with it.
I'll go ahead and disagree. I know we're pussy-footing around it but I know people, including downtown residents, that think the area is "ghetto."
I can't think of anyone, even of the suburbanites I know, who think Loring Park is ghetto. In fact, that only title that regularly pops up for Loring Park is "gayborhood."

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Re: LPM Apartments - (376' - 36 Stories)

Postby Minnekid » January 31st, 2015, 4:53 pm

In reality, the only truly "ghetto" building in the area are the Nicollet Towers. They are not good at all and fill the area with people that can fit the stereotype. It is subsidized housing and I see the people that live in their, my grandma lives there. She is part of the older Russian community that moved in in the early 90s, but the people living there now are the true stereotypical definition of "ghetto."

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Re: LPM Apartments - (376' - 36 Stories)

Postby min-chi-cbus » January 31st, 2015, 6:43 pm

Chava wrote:
min-chi-cbus wrote:I don't think diversity has anything to do with it. I think it's their pricing....they think this is Chicago, and that's not to suggest that Minneapolis is below Chicago (per se), but rather that people in Chicago EXPECT to throw big money into downtown housing, because that is absolutely the best option in Chicago unless you live on the North Side or the suburbs. In Minneapolis people have options -- lots of options! It's a completely different city in that regard.
Not sure I agree with much of anything here. There are tons of areas in Chicago that are super livable and which command high rents.

However, I will grant you that they're charging Gold Coast Prices in an area that doesn't share any similarities to that kind of area. I'd say the North Loop or Mill district are closer to that kind of area.
I'm just saying that hi-end living in Chicago is moreso synonymous with living in a hi-rise or other multi-family building (I know there are exceptions), whereas in Minneapolis you don't have to live in or near downtown to live well, or travel 30+ minutes if you aren't in the center of it all. In Chicago downtown and the north side are pretty much an island of wealth surrounded by miles and miles of lower and middle-class neighborhoods, and are more separated from most of the other desirable parts of the metro area.

The primary demographic for a building like this are upper-middle income empty-nesters. In Minneapolis that demographic can choose from a hi-rise, low-rise, or single-family home without being stung by extremely high prices and still be pretty close to the action. If you don't want to live IN the city you can live in a suburb and still be 15 minutes from downtown. In Chicago, 95% of the options for that demographic are living IN downtown or the near north sides, and generally in a multi-family building. Single-family homes in decent areas in Chicago near the action are a fortune, as are 4, 6 or 8 unit walk-up options. So unless we're talking about the uber elite demographic that can afford a house with a yard in Chicago's better neighborhoods, it's going to be multi-family housing for the most part.

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Nick
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Re: LPM Apartments - (376' - 36 Stories)

Postby Nick » February 18th, 2015, 10:20 pm

Touring Soo Line today, I casually mentioned the vacancy rate at LPM and the leasing agent said that she'd heard 19%. Bummer.

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Re: LPM Apartments - (376' - 36 Stories)

Postby min-chi-cbus » February 18th, 2015, 10:38 pm

19% vacant is bad? Sounds pretty good to me.....so far.

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Re: LPM Apartments - (376' - 36 Stories)

Postby David Greene » February 18th, 2015, 10:48 pm

EOst wrote:The parents of this girl my partner knows live in one of the towers in Loring Park, nearish to LPM. They're afraid to go outside at night because they think the area is sketchy. I've never understood it.
'
John wrote:It's always been that way (since I lived in this area) and that demographic remains very stable.
John, how long have you lived there? I ask because I remember in the late 80's/early 90's there was a big media frenzy about crime in the area, including assaults and muders of gay men. It may be that people still have that experience in their minds. But I would have been starting high school at the time so I have no idea if a) I'm remebering correctly and b) the media completely overexaggerated things at the time.

Just trying to explain why people may feel nervous about the area.

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Re: LPM Apartments - (376' - 36 Stories)

Postby Silophant » February 18th, 2015, 10:51 pm

min-chi-cbus wrote:19% vacant is bad? Sounds pretty good to me.....so far.
Given that it was 17% full less than a month ago, I'm guessing that's the occupancy rate. Not great, although it seems to be getting marginally better.


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