Uptown (and LynLake) Development & General Topics

Calhoun-Isles, Cedar-Riverside, Longfellow, Nokomis, Phillips, Powderhorn, and Southwest
min-chi-cbus
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Re: Uptown General Topics & Development Map

Postby min-chi-cbus » August 23rd, 2016, 1:14 pm

I always thought it'd be nice if this side of the lake -- which is somewhat up on a hill -- would be rezoned to allow 6-10 story buildings and provide much more opportunity for people to afford a home with a view of this lake. There's great visibility to the lake from this height and it's more appropriate for higher density to straddle the part of the city that's most urban (relative to the west side of lakes Harriet or Calhoun). Wishful thinking, I'm sure.

RailBaronYarr
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Re: Uptown General Topics & Development Map

Postby RailBaronYarr » August 23rd, 2016, 3:01 pm

Shifting gears: there is a proposed development in early stages at the northeastern corner of 35th and Hennepin. Single lot, would replace an existing house with a 3-story (+ basement) office/residential development. Would need to be re-zoned from R2 to OR1. I'll share more info when/if it's public.

xandrex
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Re: Uptown General Topics & Development Map

Postby xandrex » September 3rd, 2016, 1:19 pm

Was scanning Craigslist to check out a rental when I stumbled across one of the Turkey Guys' homes listed. Was kind of surprised by the price, though I suppose it's not too bad per person. Just seems fairly steep when you're also living with three other people (you can practically get a nice studio for what they're charging).

Looks like it'll be ready by the end of this month.

http://minneapolis.craigslist.org/hnp/a ... 31773.html

Silophant
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Re: Uptown General Topics & Development Map

Postby Silophant » September 3rd, 2016, 3:44 pm

Is a full month's rent for a security deposit common in Uptown? I was used to that around the U, but downtown it's been more like a flat $300-500.

(I'm aware that 24th and Lyndale isn't really Uptown, but that's what they had in their ad.)

EOst
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Re: Uptown General Topics & Development Map

Postby EOst » September 3rd, 2016, 4:10 pm

Silophant wrote:Is a full month's rent for a security deposit common in Uptown? I was used to that around the U, but downtown it's been more like a flat $300-500.
One month's rent seemed to be the standard in Stevens Square, at least according to the Craigslist ads which mentioned it.

thatchio
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Re: Uptown General Topics & Development Map

Postby thatchio » September 3rd, 2016, 11:24 pm

When I was renting 10 years ago in Uptown, one month's rent was normal. In Seattle, where rent is crazy expensive (not unlike this unit), a security deposit of $1,000 to $1,500 is more common. But I do see plenty of one-month SDs here too, which is insane. A better comparison is the University of Minnesota, as this building seems to be targeting four+ unrelated parties to live there given that each bedroom has a self contained bathroom and the rent is priced to be "competitive" as two 2-BR unit prices.

Curious what their 10-15 year cash flow projections are. Some folks try to paint these development deals as future affordable, family housing as there aren't many big units out there. But no family can afford nearly $4,000 a month for a 4BR apartment. Granted, you have inflation assumptions as well as a refi at some point that could give some space to have relatively less rent, but still.

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Re: Uptown General Topics & Development Map

Postby RailBaronYarr » September 4th, 2016, 2:24 pm

So I know sharing the common space with 4 other people is not as desirable as having your own space in a studio, but... can you really find a studio with a walk-in closet, brand new finishes, in-unit laundry, and an outdoor deck for $900/mo (incl trash/sewer) in this area?

As to affordability of 4BR units for families. Man, I'm open to suggestions for how the market is gonna meet that demand for <$3,000? <2,000? a month (what's our target here?). Especially considering the rare number of families who would need 4 bedrooms, let alone 3. If $3,550/month seems steep, remember that a $500k home with 20% down, $1,250/yr insurance and $6,500/yr property taxes at 4% interest is $3,080/month. And the rent includes maintenance/upkeep. And you've also blown $100k out of your pocket for that down payment that could be put in an account to handle rent increases above the $3,550 base over a 10-15 year timeframe (vs a fixed mortgage). So, I dunno. Plenty of homes in that price range in this part of town, so maybe $3550/mo isn't a super outrageous number for a 4BR/4.5BA place, but that's just me.

As I discussed in a different thread(s?), I'd be very interested to see these guys reduce the unit size if the R4 zoning (where a few have been located), where minimum lot area per unit restrictions combined with footprint/height basically dictate this size building will have 4-5 BR units. Maybe a mix of 2-3 BRs would be possible if you reduced setback requirements a bit, and rents could be a bit more reasonable for small-mid sized families in addition to young professionals sharing units.

MattW
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Re: Uptown General Topics & Development Map

Postby MattW » September 4th, 2016, 5:30 pm

$100 per month for water and trash? Woof. The only way a tenant would get their money's worth is if they just never turned their water off.

RailBaronYarr
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Re: Uptown General Topics & Development Map

Postby RailBaronYarr » September 4th, 2016, 8:48 pm

I live in a single family home with a wife, two kids under 3, and 2 dogs. We never water the lawn, and have the big garbage/recycling bins that sometimes go out less than half full. I consistently pay $70-75/mo for my combined water/garbage bill through the city. I could imagine 4 grown adults using a bit more water and likely more garbage if they don't cook together, etc. Landlord skimming $10-15/mo? above their actual bill, split 4 ways, seems like not a huge deal.

Silophant
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Re: Uptown General Topics & Development Map

Postby Silophant » September 4th, 2016, 10:10 pm

Off topic: How do garbage fees work? Do you pay per bin that you set out at the curb, or a flat fee, or a combination, or what?

#Transient4Lyfe

uncle phil
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Re: Uptown General Topics & Development Map

Postby uncle phil » September 4th, 2016, 11:06 pm

Garbage is a flat fee, plus an additional charge depending on the size of your trash can. Recycling/organics is "free".

xandrex
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Re: Uptown General Topics & Development Map

Postby xandrex » September 5th, 2016, 4:54 pm

RailBaronYarr wrote:So I know sharing the common space with 4 other people is not as desirable as having your own space in a studio, but... can you really find a studio with a walk-in closet, brand new finishes, in-unit laundry, and an outdoor deck for $900/mo (incl trash/sewer) in this area?
RBY, I think you make some fair points here. I suppose when I brought up the price, it more had to do with the unique combination of what the price is along with the number of people you live with.

I won't say that my anecdotes are any more valid than anyone else's, nor can I speak to other's priorities. But most of my friends (all #millennials here) that shacked up with 2-3 other people generally were doing so to save cash...and $900 wasn't cutting it. By the time they were comfortable paying $900, they pretty quickly moved into much nicer places either by themselves or with just one other person.

I'm sure places like this will fill up, especially because Uptown definitely needs more housing. But it's not very difficult to find updated duplexes or something similar with only 2 or 3 bedrooms where each person is paying under $800, often in what many would deem a "better" area (closer to Uptown and/or LynLake, off of a busy stretch like the 2400 block of Lyndale) and with other perks (a scan of CL showed at least one place that folded many more utilities in, free parking, etc). There are brand new apartments going up that are sub-$1000 per month not far away from here, which is presumably competing for a similar market.

Obviously, my opinion of the place doesn't matter if someone else likes it. It just seems like a steep price in Minneapolis to share with 3 other people...even if you're the only one making a mess of your bathroom. But I'm kind of spoiled, paying less than this for my own place that, yes, is a bit older, but is updated, has free laundry and includes a stellar rooftop. :mrgreen:

RailBaronYarr
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Re: Uptown General Topics & Development Map

Postby RailBaronYarr » September 7th, 2016, 12:05 pm

^Thanks for the anecdotes and context. tbh I really wasn't trying to make the claim that a shared situation like this is comparable to a studio, it definitely isn't. And you're also right that a place right on a busy street kinda sucks (looking at you, Comp Plan guiding development to busy, loud, polluted corridors!). And while I spent a bit of time looking at the 1-2 BR rental market south of Uptown for ADU planning, I didn't really look into what studios rent for, so I was sorta snarkily asking I suppose. If I'm being honest, $3500/mo does seem a bit high for this layout. I'd have expected something more like $3k for the whole thing, but these guys also manage a lot of old houses converted to multi bedroom per unit duplexes/triplexes they've recently upgraded, so maybe they have a good pulse of the market. Like Thatcher, I'm a bit curious on the long-term cash flow assumptions for this thing (and other similar Turkeyplexes or Rocket Houses).

MNdible
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Re: Uptown General Topics & Development Map

Postby MNdible » September 8th, 2016, 9:49 am

Looks like there was some activity at Le Paris this morning. Some guys in a scissor lift -- it may be that they were just doing some inspections.

At this point, I honestly can't imagine any solution short of tearing the whole thing down and starting from scratch. As wet as it's been this summer, the whole building must be a soaked sponge.

xandrex
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Re: Uptown General Topics & Development Map

Postby xandrex » September 8th, 2016, 10:15 am

^Was just thinking this as I was walking by the horrible building the other day. It's gotta be so soaked that demolition would likely be the best option. Even if they do find a way to rehab it, I'd think twice before moving in knowing its history.

twincitizen
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Re: Uptown General Topics & Development Map

Postby twincitizen » September 8th, 2016, 11:05 am

My guess is the owners are just hoping some plucky arsonist comes along and then they can reap the insurance money.
It's not like the site is secured or anything.

Plenty of wild young bucks living in the surrounding area who might have too much to drink one night and get some bright ideas.

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Nathan
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Re: Uptown General Topics & Development Map

Postby Nathan » September 13th, 2016, 10:08 am

Tbh, it doesn't really look wet or rotted.

Drywall trucks unloading out front today.

RailBaronYarr
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Re: Uptown General Topics & Development Map

Postby RailBaronYarr » September 14th, 2016, 11:09 am

Stretching the definition of "Greater Uptown" but in-line with other apartments east of Lyndale in the Uptown sub-forum. 100-130 unit proposal in the works for the Tire & Auto sire on Lake St between Harriet and Garfield. Guessing the developer will need to acquire the vacant/parking lot on the west side of the alley. Tax-credits would be used to bring rents down substantially.

http://www.southwestjournal.com/news/de ... g-project/

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Nathan
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Re: Uptown General Topics & Development Map

Postby Nathan » September 14th, 2016, 11:32 am

In the article it states he already owns the lot across the alley. It's taken him 8 years to acquire the auto shop.

RailBaronYarr
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Re: Uptown General Topics & Development Map

Postby RailBaronYarr » September 14th, 2016, 11:48 am

That it does. The second half of the article didn't load for me the first time I guess (I did think it ended at an odd spot). Anyway, hopefully Minn can acquire those two remaining parcels!


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