LPM Apartments - (376' - 36 Stories)

[Nathan]

Location location location. The type of people that can afford this are not the type of people who want to live in loring park.

I'm going to have to go ahead and disagree with that until you provide some proof. I'd have to argue that there is a lot of money in Loring park and people with it have probably been waiting for a building of this calibre to move into.

[John]

^^^ The Loring Park neighborhood is about as close to living a truly urban lifestyle as you can get in the Upper Midwest. Plus it is very convenient to all the amenities of downtown. Very desirable for people who love city life. Yes it is about location , but in a positive way.

[sushisimo]

Targeteers have got to be good for at least 20% occupancy.

[Unity77]

Location location location. The type of people that can afford this are not the type of people who want to live in loring park.

Dang. So you are the official spokesperson for this type of people? Cool.

[uptown067]

I'm going to have to go ahead and disagree with that until you provide some proof. I'd have to argue that there is a lot of money in Loring park and people with it have probably been waiting for a building of this calibre to move into.

Obviously proof does not exist at this time; the only judge will be whether or not this fills up in a reasonable amount of time (its big so it will no doubt take awhile) and what the tenant mix looks like.

What I can offer is anecdotal perspective. As a 27-year old yuppie who could easily afford a place like this, I can say I wouldn't want to; with the sole reason being the neighborhood. Additionally, no one I know wants to live in Loring Park or even considers it when discussing their next places to live. It's just not a neighborhood that is particularly appeal, or particularly relevant at this time, and that's coming from a gay "urbanist". Regardless of price and perceived luxury, there are many better neighborhoods that offer more of the amenities/lifestyle fit that people desire (especially those who would consider dropping $2000 a month of rent). People want to be close the great restaurants, bars, retailers that are opening up just about every where else besides Loring Park.

Regarding the Targetrons, I suspect they will become less dependable for landlords than they have in the past. Target didn't give out raises last year and there will no doubt be layoffs once the new CEO gets in place (not just my opinion, ask anyone who works there and these sort of rumors are prolific). So to assume there will be a hoard of Target employees looking to take on a massive lease would be shortsighted.

Yes, there are no doubt some people who currently live in Loring Park that will move into this building. But its my perspective, and opinion, that the building will be a tough sell for anyone who doesn't already make a conscience decision to live there today. Time will tell. I would be happy to be proved wrong on this.

[ECtransplant]

Right, there's definitely a lack of restaurants and retail close to Loring Park.

[go4guy]

First, I am 32, and I know more people that live in Loring Park over any other specific neighborhood. I go to visit a lot, and there is plenty to do right there.

Second, if you know anyone who works at Target, you should know that raises dont matter. Target is very good at promoting from within. You are usually not in a position long enough to worry about a salary raise if you are in your first 15 years with the company. So the raises are kind of a moot point. You increase your salary with your promotion that usually happens every 18-30 months.

[nickmgray]

I wouldn't be too worried about how many units are not rented yet. There are a lot of factors at play, but the building will fill up over time. At this price point, there are only a limited number of people who would be interested in living in a building like this. Yes, many who live at Target could afford living here, but most young professionals are a lot more frugal than we think they are. Saving a few hundred dollars on rent each month means they have more money for entertainment and shopping.

I honestly think we'll see more older couples more into this building. We'll see how things play out in the coming year.

[mullen]

http://www.bizjournals.com/twincities/b ... -high.html

[TommyT]

Well... I'll take back my dismay over how cheap the kitchens originally looked and say that I'm impressed after seeing some of the staged units.

[Azel]

I agree - kitchens, floors everything looks nice. The one thing that would make me nervous as a renter is the location in a part of town that isn't exactly hot right now.The layout of some of the end units - very, very oddly shaped rooms - so if you like right angle furniture - well, good luck.

[PhilmerPhil]

"The downside is the neighborhood. There's not as many good restaurants and the apartments surrounding it aren't as nice (as the North Loop)." He said. "Hopefully the neighborhood will get better."

That quote bugged me a lot. What? Are there too many poors and not enough craft cocktails in Loring Park for this guy?

[Nathan]

the two restaurant spots next to lurcat should be opening soon, the one in lpm, and its a short walk on the Loring green way to the Nicollet restaurants... plus the northern end of eat street... is argue Loring has a better variety... north loop can't shake a stick at the great hole in the wall places around Loring

[Tyler]

"The downside is the neighborhood. There's not as many good restaurants and the apartments surrounding it aren't as nice (as the North Loop)." He said. "Hopefully the neighborhood will get better."

That quote bugged me a lot. What? Are there too many poors and not enough craft cocktails in Loring Park for this guy?

Why would that quote bug you? You don't think it's true? Or you don't think how "nice" a neighborhood is should factor in to where someone chooses to live? Or he just shouldn't has verbalized it?

[PhilmerPhil]

I don't think it's true. Loring Park is filled with beautiful apartment buildings, and is steps away from lots of restaurants - Lotus, Salsa a la Salsa, LK&B, La Belle Vie, Jerusalem's, etc.

Maybe this is why some longtime Minneapolis residents are so opposed to new development. When people move into a dynamic, diverse, and established neighborhood and say it's not that nice and hopefully it gets better, that's insulting to the people that currently live there. Loring Park is a little gritty and rough around the edges. It's home to people from all walks of life. That's why I prefer it to the North Loop, which is mostly just boutiques, high end restaurants, and exclusively high income.

[go4guy]

Not to mention Loring Kitchen a block away. Whatever is on the block by the Hyatt is 2 blocks away. And Brits and Dakota Jazz Club are 5-6 blocks away. And a hell of a lot more just past that. Does this guy not know how to walk a few blocks? What a tool. I dont even live in that area, and I know how great of a spot this is.

[mullen]

loring park is awesome spot and then u have the establishments up by harmon place, cafe lurcat, etc. just a short walk across a pretty green space. and the walker is right across the bridge. the only tragedy here was the decision to have the freeway blemish all of this. mistakes of the 60's. i love the greenway connection from loring to nicollet mall. it's among the best urban spaces downtown.

[John]

It has the demographics and density fairly similar to quite a few neighborhoods in San Francisco, NYC etc. It has a long history of this which is well established. In my 27 years of living in this wonderful area, most of the people I meet who suggest its' a "bad" or unappealing are just not familiar with the urban lifestyle of a big city, and probably a little intimidated by the large gay community and socio-economic diversity its known for.

[Tyler]

I don't think it's true. Loring Park is filled with beautiful apartment buildings, and is steps away from lots of restaurants - Lotus, Salsa a la Salsa, LK&B, La Belle Vie, Jerusalem's, etc.

Maybe this is why some longtime Minneapolis residents are so opposed to new development. When people move into a dynamic, diverse, and established neighborhood and say it's not that nice and hopefully it gets better, that's insulting to the people that currently live there. Loring Park is a little gritty and rough around the edges. It's home to people from all walks of life. That's why I prefer it to the North Loop, which is mostly just boutiques, high end restaurants, and exclusively high income.

I agree with you 100%. I lived a block away from LPM for about two years and loved it. But I don't find his comment insulting or even incorrect. I consider it a pretty legitimate opinion.

And the Harmon place stuff isn't really very close to here. Nicollet mall stuff like Brits/Vincent is probably closer. Neither are in the immediate neighborhood (but easily walkable, of course).

[David Greene]

In my 27 years of living in this wonderful area, most of the people I meet who suggest its' a "bad" or unappealing are just not familiar with the urban lifestyle of a big city, and probably a little intimidated by the large gay community and socio-economic diversity its known for.

On the other hand, I remember the fairly regular reports of assaults and murders in Loring Park some decades ago. Obviously it's much different today but people have long memories.