Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

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TommyT
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Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby TommyT » March 9th, 2015, 10:51 am

Stanton is at it again! I guess he sees the desire for condos and is really digging into that. Good business move on his part if you ask me since no one else seems to be able to make it work!

http://www.bizjournals.com/twincities/b ... polis.html

Silophant
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Re: Downtown Minneapolis General Topics & Development Map

Postby Silophant » March 9th, 2015, 11:00 am

RiverWest 2?

acs
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Re: Downtown Minneapolis General Topics & Development Map

Postby acs » March 9th, 2015, 11:03 am

Good for him. The condo market is pretty under served right now if you ask me. I don't see how these are going to command more upscale prices, however. It's closer to the freeway and farther from the CBD than stonebridge lofts.

fehler
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Re: Downtown Minneapolis General Topics & Development Map

Postby fehler » March 9th, 2015, 11:04 am

Very sweet, but will he make way for the trail connection direct between Gold Medal Park and the No. 9 bridge?

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Re: Downtown Minneapolis General Topics & Development Map

Postby grant1simons2 » March 9th, 2015, 11:05 am

Possibility of going higher sounds good to me!

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mister.shoes
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Re: Downtown Minneapolis General Topics & Development Map

Postby mister.shoes » March 9th, 2015, 11:08 am

That's a really big site! The article mentions two phases, but he could fit at least three StoneBridges in that amount of space. I do like that he's willing to go bigger than StoneBridge.

I'd like to see a way for the City to buy some land or an easement to connect the bikeway to 11th (ideally) or 12th. I get that 13th is right there, but it's a straight shot to Gold Medal Park on the diagonal.
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Re: Downtown Minneapolis General Topics & Development Map

Postby Tyler » March 9th, 2015, 11:25 am

fehler wrote:Very sweet, but will he make way for the trail connection direct between Gold Medal Park and the No. 9 bridge?
Yes! And an effin cafe! Or something!
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Re: Downtown Minneapolis General Topics & Development Map

Postby lordmoke » March 9th, 2015, 11:29 am

Holy crap, there are only 2 unsold units left in Stonebridge?

Glad this area is finally moving past "urban office park."

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Re: Downtown Minneapolis General Topics & Development Map

Postby Silophant » March 9th, 2015, 11:35 am

I wonder if they can do something like Mill City Quarter, where they waive the park dedication fee in exchange for an easement.

Not sure how it would work with Stonebridge, though, now that it's sold up and has 160 separate owners, some of whom presumably hate bikes.

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Re: Downtown Minneapolis General Topics & Development Map

Postby acs » March 9th, 2015, 1:45 pm

According to F&C Stanton's new project will be two 16 story buildings. Locked:

http://finance-commerce.com/2015/03/sta ... ct-condos/

eastharrietguy
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Re: Downtown Minneapolis General Topics & Development Map

Postby eastharrietguy » March 9th, 2015, 1:55 pm

Looks like Stanton is not afraid of the 10-year warranty period like so many other developers. Their aversion to risk is leaving the entire market for new condos to him.

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Re: Downtown Minneapolis General Topics & Development Map

Postby Silophant » March 9th, 2015, 2:04 pm

acs wrote:According to F&C Stanton's new project will be two 16 story buildings. Locked:

http://finance-commerce.com/2015/03/sta ... ct-condos/
Oh good. Though I'm sure there will be legitimate gripes with this while neighborhood turning into similar boxy 10-16 story condos, I'm not that concerned about it, as long as none of them are RiverWest style walls. 200 units in 16 floors should yield a similar footprint as Stonebridge's 164 units in 12 floors.

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Re: Stanton Condo Project - 121 12th Ave S

Postby twincitizen » March 9th, 2015, 2:10 pm

It's not really material to this discussion, but fun fact:

A building built in 1980 will be torn down for this development. Meanwhile, on the other end of downtown at Hennepin & 5th, the former West Hotel site has been vacant since 1940(!) Funny how things work sometimes.

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Re: Stanton Condo Project - 121 12th Ave S

Postby nickmgray » March 9th, 2015, 2:14 pm

The difference is that other developers are not willing to finance the construction of a condo project on their own. Anyone know why? I'm sure all the other developers have the cash to spare, but they probably don't like the idea of tying up that much of their own cash in a project for 2-4 years.

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FISHMANPET
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Re: Stanton Condo Project - 121 12th Ave S

Postby FISHMANPET » March 9th, 2015, 2:15 pm

Also interesting that this is being sold by an insurance company, how did they come in possession of it? I wonder if they bought it as an investment?

min-chi-cbus
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Re: Stanton Condo Project - 121 12th Ave S

Postby min-chi-cbus » March 9th, 2015, 2:23 pm

nickmgray wrote:The difference is that other developers are not willing to finance the construction of a condo project on their own. Anyone know why? I'm sure all the other developers have the cash to spare, but they probably don't like the idea of tying up that much of their own cash in a project for 2-4 years.
Well I know one possible reason: it's far better to leverage a bank's money than to tie up your own, especially when the profits are all but guaranteed. If a $100M project could be paid all-cash, vs. financed over 10 years at say 10%, but putting down only $20M, if the property is sold (which is how most developers do business -- turn-key-style) the developer who only put down $20M tied up far less $$ than the one who paid all cash, and theoretically he/she could reinvest 5 times as much money to receive 5 times as much profit with the same $100M ($20M x 5 = $100M), just as long as they can sell it quickly -- and for a profit. Leverage is the reason companies are as "big" as they are (even if they're in serious debt).
Last edited by min-chi-cbus on March 9th, 2015, 2:29 pm, edited 2 times in total.

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Re: Downtown Minneapolis General Topics & Development Map

Postby Tyler » March 9th, 2015, 2:24 pm

Silophant wrote: Oh good. Though I'm sure there will be legitimate gripes with this while neighborhood turning into similar boxy 10-16 story condos, I'm not that concerned about it, as long as none of them are RiverWest style walls. 200 units in 16 floors should yield a similar footprint as Stonebridge's 164 units in 12 floors.
This is a great spot for him. He can build a whole little town here between the park and the highway. Fill in wherever he can.
Towns!

bapster2006
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Re: Stanton Condo Project - 121 12th Ave S

Postby bapster2006 » March 9th, 2015, 4:42 pm

StarTribune on this project and Portland tower.

http://m.startribune.com/blogs/29566463 ... itial=true

acs
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Re: Stanton Condo Project - 121 12th Ave S

Postby acs » March 9th, 2015, 5:27 pm

http://www.startribune.com/business/295682211.html

"As of this week, there were only 56 condominiums for sale in the downtown area, including the North Loop and Mill District. Of those, about 20 already had contingent purchase offers, according to data from the Regional Multiple Listing Service."

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Re: Stanton Condo Project - 121 12th Ave S

Postby John » March 9th, 2015, 5:38 pm

How can Mr Stanton build hundreds of condos downtown , yet he's not worried about the liability other developers use as an excuse not to build them? The market is there. Seems odd...


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