Alia Tower - 200 Central - 483' / 40 Stories

[Qhaberl]

If it is dead, that’s really disappointing. I know how hard they fought the neighborhood Association. I don’t know anything about market analysis, or market trends, or even the state of our housing market, but maybe things are starting to slow down. Maybe this can be built in the next cycle.


Sent from my iPhone using Tapatalk

[Anondson]

Getting financing seems to be at the fluctuations of global influences irrespective of local demand.

[Qhaberl]

They had a financing partner, why exactly did they pull out? Do we know why?


Sent from my iPhone using Tapatalk

[nmin]

If it is dead, that’s really disappointing. I know how hard they fought the neighborhood Association. I don’t know anything about market analysis, or market trends, or even the state of our housing market, but maybe things are starting to slow down. Maybe this can be built in the next cycle.


Sent from my iPhone using Tapatalk

I think it's important to remember that Marcy Holmes was supportive of this (though not without some controversy). Many of us who live nearby wanted this project to move forward. It was a subgroup of people with money to burn on lawsuits that slowed this project down, not the official neighborhood.

[bapster2006]

Too bad about Alia

http://m.startribune.com/financing-set- ... 561273132/

[Anondson]

Wonder what the transition will be.

[John21]

Bummer. Wonder if they’ll go for a shorter tower to cut down on the high priced units? Thought it was a different enough project from Eleven. Sure seemed like both could be successful.

[Silophant]

Yeah, it really seemed like this wouldn't be competing for the Eleven market. Though, I guess it would be competing with TIMBR and the new vacancies in the Legacy.

Hopefully whatever they go with will still be tall enough to piss off Neighbors for East Bank Livability. I don't care as much about the condos as I care about not letting them win.

[mnmike]

This would be less disappointing if they hadn’t rushed to clear the pleasant almost historic building from the site only for it to sit empty. We have seen this too many times.

[LakeCharles]

I mean the real disappointment is the people that tied them up in the courts for months, for no reason.

[Nick]

Well, it worked, so some reason.

[SurlyLHT]

He said in the article that they have other projects to work on. We probably won't see anything here for awhile. I assume it'll be an apartment tower. Hopefully they start the tower on 12th.

[MNdible]

Well, it worked, so some reason.

The legal wrangling definitely made things more difficult, but there was a good window for them to move on this project, and they clearly didn't have their ducks in a row and the window closed. [shrugs]

[amiller92]

Sure seems like there should be room for two condo towers, given how few condo units we've added.

[MNdible]

The Legacy shows that there remains strong demand in the $300k - $700k range. It makes sense that there's only so much demand for units above $1m. And as the article notes, it wasn't just Eleven moving forward in that price range -- there was also the Gateway project and (maybe) TMBR.

It will be interesting to see if Alatus comes back with a project that's designed to hit more of those lower price points, and to see how dumbed down the design needs to be to achieve that.

[mattaudio]

It will be interesting to see if Alatus comes back with a project that's designed to hit more of those lower price points, and to see how dumbed down the design needs to be to achieve that.

Wouldn't be the worst outcome to see the unit count jump from 214 to 350+ (smaller units! more neighbors)... I'm sure Neighbors for East Bank Livability would love that!

[BigIdeasGuy]

Damn this really sucks, this has long been one my favorite proposal in MSP. As alluded to by someone else I would guess that Alatus is worried about demand for the expensive units top were the margin is and not the cheaper units towards the base of the building. Right now there is still plenty of demand for units under the $500k-ish price point but there is limited number of people who can afford $1m+ housing units.

Hopefully Alatus will be able to comeback with another great project soon

[xandrex]

It's back - this time as apartments in a shorter building with more units.

Was: 40 stories, 214 units
Now: 27 stories, 356 apartments

https://twitter.com/WedgeLIVE/status/12 ... 1834599424

Not a bad project by any means, but it definitely is less attractive with the 13-story reduction.

[Anondson]

Form follows financials.

[Bob Stinson's Ghost]

Wedge-live guy seems kinda grumpy they didn't go ahead with the condos for millionaires.