LPM Apartments - (376' - 36 Stories)

[John]

Hey, thanks so much Avian! Fun to see it from different perspectives.

[MSPtoMKE]

I can see my bedroom window from that view! I won't be able to see the construction from my apartment, but I will from the rooftop patio, once it gets a few floors off the ground, anyway.

[min-chi-cbus]

Let's say this building beats expectations and fills up in 3 months -- and let's also assume that the demand continues for urban apartment/condo living -- we MAY start to see a small highrise boom in this city! Especially if the surface lots in North Loop, Mills District, etc. start filling up and highrise development can prove to be successful here. Now I'm not saying highrises look more attractive than mid/low rises and/or make a city greater, but they sure do go a long way in leaving an impression on people who DON'T think a city is great. For that reason I'm all for them! For the purposes of making Minneapolis a great city to live IN and an urban wunderland that people could compare to Europe, I could care less........quality and connectiveness over height every time.

Filling up 355 apartments in three months would be a moving-in nightmare. That works out to 4 apartments every day. Though I suppose some people might sign a lease far in advance and move in several months down the road. But I think ideally they'll want about 15-20 units leased a month (and about 15% pre-leased). With full lease up anywhere from 12-18 months after opening. Then probably fully occupied at the end of that 18 month period. I think that would be a more comfortable time frame.

A project of this size doesn't have to fill up overnight to be a success. Most financing packages for projects of this scale have lower payments (i.e. interest only) in the first year or two. That allows the building to gradually fill up and make income without the developer falling into default.

I used to work as a leasing agent at a property with about 300 apartments in the suburbs. When I first started the place was about 40% occupied because it was run down, and with some new management and myself we turned it around and the most move in's we had per day was 10 although you don't have the limitations in the suburbs you do in the city with a tower. My guess it that in theory you could move in 60 units a month at a realistic pace. Although doing so you would start to have a big problem of leases expiring all at the same time which makes for tons of move outs, new move in's and lease renewals at the same time (unless you move people in with 8,10,12,14,16 mo. leases) No apartment complex in their right mind would fill up in 3 months to only have a year later every single lease have to be renewed, moved out, and new move in! that would not work very well.

Also at my old property a year after we went from about 50 to 100% occupied we starting offering 16 and 14mo. leases and a few 6mo. to help spread out the renewals/move outs. A property can't function very well if the leases are not spaced out. Also keep in mind we space our leases out from March to October because it was really hard to move in people during winter.

You guys took my post WAY too literally! But thanks for the info/advice anyways!

[Minneapolisite]

It was even better to see the signs in person.

[ECtransplant]

Sorry if I missed it, but do we know the official breaking ground date, other than assuming it's soon after closing the parking lot down?

[min-chi-cbus]

You guys took my post WAY too literally! But thanks for the info/advice anyways!

Yes, I was getting the vibe of " A UrbanMSP memeber in a skyscraper ordering store" (take that candy shop!) I do share your enthusiastic view of wanting them to reach full occupancy ASAP to encourage further development but I don't think we can judge success or failure for at least a year after opening. I sure would love to be a leasing agent there! hmmm....

No....like I have no idea what a normal schedule is to fill up an apartment but I threw a crazy figure out there (3 months) to emphasize the idea of a roaringly-successful operation. I'm not sure why it was taken so literally. It's like saying "I'm so hungry I could eat a horse", and then having 2 or 3 people go "I'm not sure you could eat an entire horse, no matter how hungry you were. You see, a horse is a solid 1,000 pounds and the average human being eats....., blah blah blah". I just threw numbers out there (clearly with wreckless disregard!).

[min-chi-cbus]

I prefer to be as dryly sarcastic as possible....even on the internet. This is my poker face:

[Didier]

This might not be gospel, but for what it's worth, from the Oct. 22 Downtown Journal:

In Loring Park, Chicago-based Magellan Development has been planning a 36-story, 355-unit luxury apartment tower at 14th & LaSalle. No date has been set for a groundbreaking yet, said Brian Gordon.

http://www.downtownjournal.com/index.ph ... ategory=92

[Civilization]

hmm I remember when the orange notice was posted 4 inches off the ground right before a major snow storm notifying the 'rent' side of Loring Park of the city's intention to build on 1368 spruce place.

My ex hubby lives in the adjascent building 1365. When we were married we lived on 1212 Yale Place and I never needed an alarm clock due to construction next door building the Loring City Apartments.

My ex works evenings & nights. So knowing exactly when the 1368 project will begin is very important to us.

We have survived four major building projects over a 11 year span. Possibly out of those 11 years we have had a 3 or 4 year reprieve.

Nice how Eitel building condos allow renting before buying. A number of Eitel residents asked if there will be more construction ahead in the next several years, and most decide not to buy condos when they realize there will be an ongoing cycle of construction.

I adore Loring Park. Its the only community in Minneapolis over my 20 years here I can call home. But I am exhausted from all the construction. Just too much.

[nasa35]

hmm I remember when the orange notice was posted 4 inches off the ground right before a major snow storm notifying the 'rent' side of Loring Park of the city's intention to build on 1368 spruce place.

My ex hubby lives in the adjascent building 1365. When we were married we lived on 1212 Yale Place and I never needed an alarm clock due to construction next door building the Loring City Apartments.

My ex works evenings & nights. So knowing exactly when the 1368 project will begin is very important to us.

We have survived four major building projects over a 11 year span. Possibly out of those 11 years we have had a 3 or 4 year reprieve.

Nice how Eitel building condos allow renting before buying. A number of Eitel residents asked if there will be more construction ahead in the next several years, and most decide not to buy condos when they realize there will be an ongoing cycle of construction.

I adore Loring Park. Its the only community in Minneapolis over my 20 years here I can call home. But I am exhausted from all the construction. Just too much.

I'm confused...your ex works night so it's important for us to know?


Sorry; I'm confused.

[mnmike]

Since when is the Eitel building selling condos? I haven't heard of that.

[min-chi-cbus]

hmm I remember when the orange notice was posted 4 inches off the ground right before a major snow storm notifying the 'rent' side of Loring Park of the city's intention to build on 1368 spruce place.

My ex hubby lives in the adjascent building 1365. When we were married we lived on 1212 Yale Place and I never needed an alarm clock due to construction next door building the Loring City Apartments.

My ex works evenings & nights. So knowing exactly when the 1368 project will begin is very important to us.

We have survived four major building projects over a 11 year span. Possibly out of those 11 years we have had a 3 or 4 year reprieve.

Nice how Eitel building condos allow renting before buying. A number of Eitel residents asked if there will be more construction ahead in the next several years, and most decide not to buy condos when they realize there will be an ongoing cycle of construction.

I adore Loring Park. Its the only community in Minneapolis over my 20 years here I can call home. But I am exhausted from all the construction. Just too much.

You would have hated the 70's and 80's then -- when all of the highrises were built!

I grew up in one of those neighborhoods that was always under construction because housing prices were hot hot hot, so I became used to the noise in the morning. It's a bit annoying, but considering that (usually) construction means new and better things, the tradeoff is usually worth it. Now it's easy to say that looking in hindsight, so if I were in the middle of a construction zone right now like you are I may not feel the same way!

[min-chi-cbus]

This might not be gospel, but for what it's worth, from the Oct. 22 Downtown Journal:

In Loring Park, Chicago-based Magellan Development has been planning a 36-story, 355-unit luxury apartment tower at 14th & LaSalle. No date has been set for a groundbreaking yet, said Brian Gordon.

http://www.downtownjournal.com/index.ph ... ategory=92

Now I'm confused.....

How is this news? We know all of this. Or are you indicating that since this article was written yesterday and there is no set date for construction that we shouldn't expect construction anytime soon?

[Nick]

I'm going to go out on a limb and suggest that someone who's against development probably isn't going to have a very good time in a development forum. I thought about using the South Park ski instructor meme for that, but meh.

[nordeast homer]

My ex hubby lives in the adjascent building 1365. When we were married we lived on 1212 Yale Place and I never needed an alarm clock due to construction next door building the Loring City Apartments.

My ex works evenings & nights. So knowing exactly when the 1368 project will begin is very important to us.

We have survived four major building projects over a 11 year span. Possibly out of those 11 years we have had a 3 or 4 year reprieve.

I'm confused...your ex works night so it's important for us to know?


Sorry; I'm confused.

I'm guessing she's bringing it up because for them and other people that work nights, the 7am construction noise is a bit hard to handle...especially if it's an 18 month construction project.

[spectre000]

As someone who has endured 3+ years of light rail work in downtown St. Paul and now with the Penfield started across the street from me, I can tell you it's very easy to get "construction fatigue". I'm as pro-development as they come. I love seeing new buildings go up, photographing them, all that. But the noise, the jack hammering at 7am on a saturday ( ), the sidewalk and street lane closures. It's tough.

1368 is going up in a very dense neighborhood. It's gonna be awfully noisy and crowded for everyone. I completely understand the neighbors concerns about constructing this building. Hopefully most will keep an open mind and be happy to see such a beautiful new building rise in their city.

[Avian]

As requested in a PM from John here's another shot of the tower from Loring Park. I didn't do any rigorous measurements like I would normally do for a client to verify the scale, so this is just an educated guess.



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[go4guy]

Wow. That looks awesome.

[Didier]

Or are you indicating that since this article was written yesterday and there is no set date for construction that we shouldn't expect construction anytime soon?

Yes, exactly. Just since right now it's basically a sign on the property versus a random quote that could have been given weeks ago.

[John]

As requested in a PM from John here's another shot of the tower from Loring Park. I didn't do any rigorous measurements like I would normally do for a client to verify the scale, so this is just an educated guess.



Uploaded with ImageShack.us

Thanks Avian and great job! Gives a nice sense of how it will look from the park!