urbanMSP

If you want you can have my old smartphone, wedgeguy! I'd show you how to use it!

Sorry, was too late in the day but I tried...

WP_20151013_006 1 by grant.simons, on Flickr

Big pour today

Sales sign today states 12 sold.

Sales sign today states 12 sold.

According to their web site they have 14 units sold and 5 reserved. So with only one level or parking done they have over 12% of the tower sold and with the reserved units they will be at 17% spoken for. I'd like to think that they would be 25% sold or reserved by the 1st of the year, but with the Skyline now announced across the river that might slow sale down a bit. All depends on the price point for the Skyline. Right now all the units that are sold or reserved are below the 13th floor. The top 5 floor maybe a harder sell with the skyline as an option. Have not seen the details on how many bedrooms the Skyline will have, but the top floors of the Portland have some nice three bedroom units that may sell at a better price point than the Skyline.

Forget where I saw this, but I remember seeing some meeting notes recently stating that the Portland residential corridor will need more 3 beds.

What is The Skyline across the river? Is that what they are calling Alatus's tower?

What is The Skyline across the river? Is that what they are calling Alatus's tower?

Yes the Alatus tower. I guess that it was what was on one of the documents and so until they decide differently, I guess that is what they have named it. But as we know, names of building have been known to change from the time they are proposed to when they finally open or start marketing them.

Looks like the parking part of the structure is completed with the first story of residential now close to completion.

26 sold (23%) + 6 reserved, for about 28% spoken for. Not bad.

26 sold (23%) + 6 reserved, for about 28% spoken for. Not bad.

Close to a quarter sold and they only have one of the residential floor finished so far. This will be over 50% by the time they top off. Shows that condo's can be sold on spec and still do well.

This might bode well for the Franklin Street TCF development...

I seem to remember, back in the condo craze of the mid-aughts, that a bank-financed project would need something like 50% of its units presold before starting construction. It seems this is another advantage of Stanton's peculiar self-financing mode of doing business - he can start construction much earlier than a bank would allow, then use the fact that the building is under construction and has a definite completion/move-in date to sell units more easily.

I seem to remember, back in the condo craze of the mid-aughts, that a bank-financed project would need something like 50% of its units presold before starting construction. It seems this is another advantage of Stanton's peculiar self-financing mode of doing business - he can start construction much earlier than a bank would allow, then use the fact that the building is under construction and has a definite completion/move-in date to sell units more easily.

That is the main sticking point for many projects like condo's. He has made good on all of his projects on getting them 50% pre-sold before they are topped off. Curious how the Skyline will do. Will they have to have part of it pre-sold before they can start construction. Stanton did not start pre-selling until he got it under construction to the best of my knowledge.

Looks like we need an update:

Portland Tower Minneapolis 12-31-15 by Matt Bappe, on Flickr

Podium podium PAH odium! Those 60s windows are a nice touch.

DSC_1827 by grant.simons, on Flickr

DSC_1826 by grant.simons, on Flickr

DSC_1828 by grant.simons, on Flickr

DSC_1825 by grant.simons, on Flickr

DSC_1824 by grant.simons, on Flickr

Hey look windows

parking ramp windows. Why the random pattern?