Corner Apartments - (2nd St NE and 1st Ave NE)

Northeast, Near North, Camden, Old St. Anthony, University and surrounding neighborhoods
User avatar
FISHMANPET
IDS Center
Posts: 4579
Joined: June 6th, 2012, 2:19 pm
Location: Corcoran

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby FISHMANPET » November 4th, 2013, 12:44 am

On the other hand, if the cap rate is such that they make their money back before the building falls down, we get a productive building in the meantime, and there's a redevelopment opportunity in the future when maybe things are such that we can build a better building. Everyone wins, except the environment of course.

Sent from my Nexus 10 using Tapatalk 4

nickmgray
Union Depot
Posts: 331
Joined: July 3rd, 2012, 10:40 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby nickmgray » November 4th, 2013, 10:39 am

I don't think there are any real numbers around how long a building like this will last, but there are plenty of three story houses in Minneapolis and Saint Paul that are 80-100 years old. Yes, construction materials have changed significantly since then, but I don't think this building will be torn down for something new in less than 50 years unless there are significant structural issues.

On a different note, I'm surprised that there is no commercial space on the first floor. This neighborhood has a fairly active street life and most of not all storefront space is being used.

TheUrbanGopher
Nicollet Mall
Posts: 194
Joined: December 3rd, 2012, 7:03 pm

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby TheUrbanGopher » November 7th, 2013, 8:35 pm

I like this project simply for the clever usage of the parking garage next to it. Yes, I understand the whole 6-story thing, generic and repetitive, etc, but it is a good example of how developments can fit on smaller lots when building an expensive two-story underground parking ramp is not required.

RailBaronYarr
Capella Tower
Posts: 2702
Joined: September 16th, 2012, 4:31 pm

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby RailBaronYarr » March 28th, 2014, 8:03 am

Little more info, seems to be scaled back. I don't have a subscription, if anyone does a recap would be great.

http://finance-commerce.com/2014/03/hun ... m=facebook

User avatar
TommyT
Target Field
Posts: 571
Joined: August 13th, 2013, 9:21 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby TommyT » March 28th, 2014, 8:26 am

Is it just me or does that rendering look like 7 or 8 stories?

seanrichardryan
Capella Tower
Posts: 3940
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby seanrichardryan » March 28th, 2014, 8:28 am

They had gone from 10 to six a while back. Now it looks like six on a tall base.
Q. What, what? A. In da butt.

User avatar
TommyT
Target Field
Posts: 571
Joined: August 13th, 2013, 9:21 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby TommyT » March 28th, 2014, 8:29 am

seanrichardryan wrote:They had gone from 10 to six a while back. Now it looks like six on a tall base.
There are 6 visible plus one behind the trees if I'm not mistaken, but I'm no professional I could definitely be wrong here. Just how it looks to me.

seanrichardryan
Capella Tower
Posts: 3940
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby seanrichardryan » March 28th, 2014, 8:33 am

Making seven. yes.
Q. What, what? A. In da butt.

User avatar
woofner
Wells Fargo Center
Posts: 1320
Joined: June 1st, 2012, 10:04 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby woofner » March 28th, 2014, 10:12 am

"Who rescued whom!"

Konante
Nicollet Mall
Posts: 198
Joined: June 1st, 2012, 9:17 am
Location: Warehouse District

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby Konante » March 28th, 2014, 10:18 am

That's a nice looking rendering. The variably spaced panels of glass add a lot of interest and prevent it from looking as basic and boxy as it otherwise could.

Are floors 2-7 going to have low ceilings or will this be concrete/steel?

twincitizen
Moderator
Posts: 6258
Joined: May 31st, 2012, 7:27 pm
Location: Standish-Ericsson

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby twincitizen » March 28th, 2014, 11:29 am

No need for all the speculation, guys. The project plans are in the first post of this thread: http://www.ci.minneapolis.mn.us/www/gro ... 109087.pdf

The F&C headline is a bit misleading. The project isn't getting shrunk again, they're just referring to the earlier shrinkage from the 10-story condo plan.

User avatar
Nathan
IDS Center
Posts: 4009
Joined: June 1st, 2012, 10:42 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby Nathan » March 28th, 2014, 12:07 pm

twincitizen wrote:No need for all the speculation, guys. The project plans are in the first post of this thread: http://www.ci.minneapolis.mn.us/www/gro ... 109087.pdf

The F&C headline is a bit misleading. The project isn't getting shrunk again, they're just referring to the earlier shrinkage from the 10-story condo plan.
The plans show 6 stories, the picture in F and C has 7 stories. so it is different... in some aspects.

Architorture
Metrodome
Posts: 67
Joined: December 26th, 2012, 1:21 pm

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby Architorture » April 9th, 2014, 3:56 pm

It looks like the "7 story" version is not in the last set of city plans. The only way to make that work with the construction type is to have a mezznine level on the top floor. This keeps it in the construction type but adds some SF and height. If they haven't started after a few years it has to be due to project costs. If this is the case then the 7th/mez level was ripe for VE.

User avatar
Nick
Capella Tower
Posts: 2961
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby Nick » June 21st, 2014, 5:35 pm

This is on the CPC's agenda again next week:

http://www.minneapolismn.gov/www/groups ... 127059.pdf

Image

seanrichardryan
Capella Tower
Posts: 3940
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby seanrichardryan » June 22nd, 2014, 10:16 am

twincitizen wrote:No need for all the speculation, guys. The project plans are in the first post of this thread: http://www.ci.minneapolis.mn.us/www/gro ... 109087.pdf

...
The back to back staircases are unusual. It does allow for four corner apartments though, six of which will have fantastic views of the parking ramp.
Q. What, what? A. In da butt.

twincitizen
Moderator
Posts: 6258
Joined: May 31st, 2012, 7:27 pm
Location: Standish-Ericsson

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby twincitizen » January 22nd, 2015, 10:53 am

With all the potential activity in the neighborhood in the next few years, you'd think this would be well underway by now. It was approved last June. Anyone know what the status is?

nickmgray
Union Depot
Posts: 331
Joined: July 3rd, 2012, 10:40 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby nickmgray » January 26th, 2015, 1:06 pm

I was actually thinking the same thing. Hopefully they are rethinking their proposal since the market seems to be so hot right now. We have three major developments on this side of the river that are more than 10 floors, so why not build something taller and more dense here as well?

xandrex
Wells Fargo Center
Posts: 1367
Joined: January 30th, 2013, 11:14 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby xandrex » January 26th, 2015, 1:14 pm

^I have to wonder if limitations with parking might come into play with that though. On such a small site, they were hoping to rely on the ramp adjacent to it, correct? If that's the case, it would limit the number of units.

twincitizen
Moderator
Posts: 6258
Joined: May 31st, 2012, 7:27 pm
Location: Standish-Ericsson

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby twincitizen » January 26th, 2015, 3:20 pm

nordeast homer wrote:
min-chi-cbus wrote:Does anybody know the unit count on this project? The 10-story version originally proposed was for 94 units.
56 units
That ought to somewhat help answer your question. Rather than an issue of not being able to secure the extra ~40 spaces in the parking ramp (which apparently they could at one point), I think the real issue is financial viability. It's just not going to be worth it to do steel/concrete construction for an extra ~38 units. And anything much larger than that and you probably do run out of available parking spaces in the ramp. I'd suspect that a 6-story wood frame building is going to get built here, it's just a matter of when.

Archiapolis
Foshay Tower
Posts: 818
Joined: November 2nd, 2012, 8:59 am

Re: Corner Apartments - (2nd St NE and 1st Ave NE)

Postby Archiapolis » January 28th, 2015, 1:32 pm

twincitizen wrote:
nordeast homer wrote:
min-chi-cbus wrote:Does anybody know the unit count on this project? The 10-story version originally proposed was for 94 units.
56 units
That ought to somewhat help answer your question. Rather than an issue of not being able to secure the extra ~40 spaces in the parking ramp (which apparently they could at one point), I think the real issue is financial viability. It's just not going to be worth it to do steel/concrete construction for an extra ~38 units. And anything much larger than that and you probably do run out of available parking spaces in the ramp. I'd suspect that a 6-story wood frame building is going to get built here, it's just a matter of when.
Nailed it!


Return to “Minneapolis - North, Northeast, and Southeast / University of Minnesota”

Who is online

Users browsing this forum: marplot and 3 guests