Stadium Village

Northeast, Near North, Camden, Old St. Anthony, University and surrounding neighborhoods
Silophant
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Re: Stadium Village

Postby Silophant » January 18th, 2017, 8:25 am

Or maybe not. According to this (locked) F-C article: "City supports project but asks developer to rethink color, parking".

seanrichardryan
Capella Tower
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Re: Stadium Village

Postby seanrichardryan » January 18th, 2017, 10:34 am

What's wrong with the color?
Q. What, what? A. In da butt.

grant1simons2
Capella Tower
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Re: Stadium Village

Postby grant1simons2 » January 18th, 2017, 10:51 am

CoW always suggests minor things like this. The project is still very likely to happen. To be honest, the color palette is a little mucky right now.

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Nathan
Capella Tower
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Re: Stadium Village

Postby Nathan » January 18th, 2017, 11:55 am

I'd argue it's less the colors themselves than the extremely arbitrary and non architecturally beneficial placement of the colors and materials.

Silophant
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Re: Stadium Village

Postby Silophant » January 19th, 2017, 8:19 pm

As an update, the library now has this edition of the F-C. To sum up - CoW would prefer not having the green panels, and would like even less parking. The current proposal has 17 (28 required per code). Which is super encouraging!

Also, proposed rents are ~$700 for a 1BR, and ~$1200 for 2BR. For new construction, with an elevator and in-unit W/D. Pretty wild what you can do when you're not spending millions on scores of underground parking stalls.

RailBaronYarr
Capella Tower
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Re: Stadium Village

Postby RailBaronYarr » January 19th, 2017, 10:10 pm

This will be interesting to watch. At those rents, total annual income is just over $450k. The F-C article said the project costs $7m, and I'm not sure if that includes the stated $1.4m known site acquisition (which doesn't include one of the 5 lots). Simple payback on $7m is over 15 years. That doesn't include financing interest, operating costs, upkeep, property taxes, or profit.

Maybe someone with a bit more experience in how these projects are financed can chime in. I'm hopeful the projected rents happen, because this could be a good case study for how to build new, market rate units affordable to 50-60% of AMI.


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Archiapolis
Foshay Tower
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Re: Stadium Village

Postby Archiapolis » February 1st, 2017, 5:11 pm

This will be interesting to watch. At those rents, total annual income is just over $450k. The F-C article said the project costs $7m, and I'm not sure if that includes the stated $1.4m known site acquisition (which doesn't include one of the 5 lots). Simple payback on $7m is over 15 years. That doesn't include financing interest, operating costs, upkeep, property taxes, or profit.

Maybe someone with a bit more experience in how these projects are financed can chime in. I'm hopeful the projected rents happen, because this could be a good case study for how to build new, market rate units affordable to 50-60% of AMI.
As mentioned above, parking (building less of it) has major impacts. I think the case study of note is that the developer is asking to build LESS than code requires and that CoW is asking for even less than that!

I would also say that the design is certainly "no frills" which should (in theory) make it more affordable than "l*xury" apartments. Different developer with a different mind-set and pro forma.

DanB
Metrodome
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Location: Prospect Park

Re: Stadium Village

Postby DanB » February 8th, 2017, 1:27 am

Erie Apartments presented to Prospect Park. Project now includes a separate 12 unit building across the street at 614 and 616 Erie St SE. Basically 2 3-story 6 unit buildings back to back with one facing the street and the other the alley.

intercomnut
Union Depot
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Re: Stadium Village

Postby intercomnut » February 16th, 2017, 1:56 pm

Afro Deli opened its new Stadium Village location, replacing the former Dairy Queen.

http://www.mndaily.com/article/2017/02/afro-deli-opens


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