urbanMSP

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

What's wrong with the color?

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.

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

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.

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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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.

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.

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

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

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

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

Stopped by last weekend, still as delicious as ever!

I'm pretty sure they're piping their kitchen exhaust to the street in a deliberate attempt to lure people inside.

Stadium View Apartments student rental building near University of Minnesota fetches $69 million
http://www.startribune.com/towering-stu ... 473984603/
That's $250,000 per unit.

Man, that building just gets better with age.

It was so much better in its original pomo exterior. Not a great building but now it looks so confused.

what was the original name? It was built when I was a freshman and was the greatest thing on campus until people moved in and realized how cheap it was built.

I believe it was the Melrose originally.

Melrose Place?

Melrose Place?

I don't think there has ever been any doubt that was the inspiration behind the naming of this property .

"As mentioned above, parking (building less of it) has major impacts."

As I see what taking out parking does to affordability to new developments in the Twin Cities, its becoming more obvious the huge cost of parking and other car-oriented development has placed on building and land rent costs. As we move away from it, affordability may be far less of an issue.

Small retail buildings on the corner of Huron and Washington have sold for $14.9 million

https://finance-commerce.com/2018/06/u- ... buildings/