Apartment Construction Boom (2011-??)

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Re: Apartment Construction Boom (2011-??)

Postby Silophant » April 5th, 2018, 6:11 pm

Wow. Something something millennials are all moving out to the burbs, huh?
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Re: Apartment Construction Boom (2011-??)

Postby alexschief » April 6th, 2018, 11:21 am

I'm counting 1518 new units, which is exciting, but 1516 parking spaces, which is disappointing. Especially considering how some of these projects (Art and Architecture, Calhoun Towers) are directly next to LRT stations, and are both providing at least 1 space per unit. This is a whale of a CoW agenda in terms of housing, but one of the worst in a while in terms of parking.

Reinforces how important it is to allow smaller and cheaper multi-family construction across the city.

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Re: Apartment Construction Boom (2011-??)

Postby twincitizen » April 6th, 2018, 12:42 pm

Someone should put together a list of projects that have been cancelled or replaced with substantially smaller projects (e.g. Nye’s tower). I think the list would be shorter than most would expect. Almost everything proposed in this current boom has gotten built, despite the typical urbanist/YIMBY rhetoric about cranky old people blocking new housing. The biggest outright cancellation I can think of was that 40-story project on 5th St, which was a thing for less than a week (and that cancellation had nothing to do with opposition)

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Re: Apartment Construction Boom (2011-??)

Postby sdho » April 6th, 2018, 1:00 pm

Just in Mpls? 7200 France (160 units) and Estelle (167) are notable defeats in Edina. Plus Bridgewater Bank (180 units) in St. Louis Park. In the first two, the projects were completely canceled. In the third, no residential component in the approved project. Each of those three were defeated based on neighborhood opposition.

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Re: Apartment Construction Boom (2011-??)

Postby twincitizen » April 6th, 2018, 1:02 pm

There might be more total units cancelled in those 3 SLP/Edina projects than in all of Mpls over the past 5+ years

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Re: Apartment Construction Boom (2011-??)

Postby sdho » April 6th, 2018, 1:07 pm

There might be more total units cancelled in those 3 SLP/Edina projects than in all of Mpls over the past 5+ years
Wow. That would speak volumes to Mpls' success at getting things through the pipeline.

Oh and forgot my own town :). 70 units rejected at Pillsbury Commons in 2012 due to neighborhood opposition. Although I guess there are technically more units (mostly single-occupancy) in the senior building built in it place.

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Re: Apartment Construction Boom (2011-??)

Postby twincitizen » April 6th, 2018, 1:53 pm

I think it speaks volumes to that when you elect a pro-growth council and Mayor (both Hodges & Frey), the ever-present anti-development folks on E-democracy & neighborhood boards are mostly rendered powerless. They whine just as hard, but generally to no effect.

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Re: Apartment Construction Boom (2011-??)

Postby Bob Stinson's Ghost » April 6th, 2018, 9:29 pm

After lingering near 1920 levels from 1980 to 2010, Minneapolis' population does look as though it's breaking out of that range a bit. While I doubt the 2020 census will meet or exceed the 464,356 reported in 1930, there is a pretty major rise underway. It does seem likely we'll be in the range of the 1970 headcount of 434,400, only 50 years ago. Or maybe less, depending on how the citizenship question is decided.

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Re: Apartment Construction Boom (2011-??)

Postby Anondson » May 22nd, 2018, 6:23 pm

In the areas with most recent construction rent increases are starting to slow.

https://finance-commerce.com/2018/05/la ... s-slowing/

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Re: Apartment Construction Boom (2011-??)

Postby twincitizen » May 23rd, 2018, 12:50 pm

Is anyone aware of any recent 2 or 3 story projects, either urban or suburban? It can be mixed-use or just residential.

I'm not thinking of the single-lot "turkeyplex" type projects, but actual apartment/condo buildings of >10 units. Also not thinking of the recent "rental townhome/rowhome" units that have been done near the Fed downtown or recent Spectrum project in Marcy Holmes, which were both built as a component of a larger 6-story development. I'm strictly looking for standalone 2 or 3 story development (more likely to be found in the suburbs than city...I'm not aware of anything under 4 in Mpls recently).

The reason for the question is to confirm my belief that 3-story projects simply don't pencil out for developers (and 2-story projects don't exist), hence they aren't ever proposed. Everything is 4-6 stories, whether mixed-use with some retail space or purely residential.

Thanks!

EDIT: Phil reminded me of 3535 Grand, which is an excellent example of a small-scale 3-story building (and very similar to the 15th/Como example). How about some more suburban examples? Any recent-ish projects in Edina or SLP that were 3-story? I seem to remember some in SLP that were in more "residential" settings like on Cedar Lake Rd and Wooddale and whatnot (as opposed to the 6-story stuff around West End).

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Re: Apartment Construction Boom (2011-??)

Postby Silophant » May 23rd, 2018, 1:18 pm

The newish apartment building at 15th and Como is only three stories tall. I don't know if it's under construction yet, but a 3-story 16-unit building by 50th and France was approved by the CPC in April.
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Re: Apartment Construction Boom (2011-??)

Postby Tiller » May 23rd, 2018, 4:24 pm

The new "Conifer Ridge" apartments I'm moving to in Maplewood are 3 stories. They're finishing the final (third) building as we speak.
http://www.coniferridgeapts.com/

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Apartment Construction Boom (2011-??)

Postby Anondson » May 23rd, 2018, 9:03 pm

Along Valley View, near Wooddale, three buildings of two and three stories were approved and demolition and site clearance.

In Minnetonka, a three story apartment of about 50 units along Shady Oak Rd at the far west end of Hopkins’ Mainstreet was approved over fierce objections it was too tall.

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Re: Apartment Construction Boom (2011-??)

Postby Anondson » June 23rd, 2018, 7:26 pm

The apartment boom is going strong in the suburbs.

http://www.startribune.com/twin-cities- ... 486361961/

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Re: Apartment Construction Boom (2011-??)

Postby Anondson » February 15th, 2019, 10:52 pm

Strong market continues to push up rents.

http://www.startribune.com/strong-apart ... 505919692/

Mentions how Minneapolis adding 5,000 apartments last year didn’t even keep pace with jobs added, so vacancies stayed low and rents climbed. Vacancies at the lowest affordability are the hardest to find.

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Re: Apartment Construction Boom (2011-??)

Postby alexschief » February 1st, 2020, 12:34 pm

Preliminary housing starts numbers from December are now out, which means we can take a look at the whole year.

The headline is that 2019 was a huge year for housing construction in the region. The seven county MSP metro started construction on 19,511 housing units, the most since 2004. By comparison, the seven county Bay Area started construction on 20,693 homes despite having a population 2.25X larger and a sizzling economy. MSP's closest regional comparison in terms of population and growth rates is probably San Diego, which began construction on just 8,082 units of housing last year. So yeah, the aggregate numbers look really good.

But I think almost as important is the change in the type of unit being constructed, and where all of the growth in housing starts is coming from. This graph says it all:
Image

In the early 00's, when the Twin Cities were building a lot of homes, the bulk of them were single-family. The recession brought down all construction, and then for a period of years, single-family and multi-family construction paralleled each other, but with single-family starts mostly still ahead. But something has happened in the past two years, as multi-family construction has surged. It has surged in the core cities and in suburban Hennepin County.

Minneapolis started construction on:
2,117 MF units in 2017
3,463 MF units in 2018
4,691 MF units in 2019

St. Paul started construction on:
270 MF units in 2017
571 MF units in 2018
1,501 MF units in 2019

Hennepin County minus Minneapolis started construction on:
1,319 MF units in 2017
1,639 MF units in 2018
2,520 MF units in 2019

All together, the two core cities started 49.44% of the metro's multi-family housing units, and 32.74% of the metro's housing units overall. That's the highest percentage in a long time, as far back as the Census' data goes.

Minneapolis + St. Paul percentage of metro housing starts:
20.89% in 2017
28.26% in 2018
32.74% in 2019

Obviously this is great news for the environment, great news for housing affordability, and great news for social integration. Given the currently approved pipeline in Minneapolis, I expect this trend will continue in the numbers for at least the next two years.

In the near term, I'm also looking to see what happens in St. Paul, which is lagging, but also has no less than five potential mega-developments (Ford Site, Midway Superblocks, Sears Site, Riverfront Sites, and Hillcrest Golf Course) in its pipeline. Also hoping that the new city council there will push things that ought to spark more development, like an elimination of parking minimums. The other thing I'll be watching specifically is whether the recent zoning changes in Minneapolis will lead to more small multi-family development.

But regardless of how these things shake out, it's the right time to celebrate a really really good year full of positive macro housing trends in the MSP metro area.

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Re: Apartment Construction Boom (2011-??)

Postby drgrant » February 3rd, 2020, 12:44 pm

Hopefully none of the pipeline projects gets cancelled. Housinglink has reported falling median rents for Minneapolis for the last two months after years of nothing but increases. If the pipeline stays full and this continues, maybe some of the middle-range existing projects will reduce their rents to NOAH levels. My sense of the market (as a renter) is that most new development is super high-market and most old development is in terrible shape. Affordable units are all income restricted. There's nothing good in the middle, which is problematic.

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Re: Apartment Construction Boom (2011-??)

Postby grant1simons2 » February 3rd, 2020, 4:52 pm

Uptown has gotten softer. Northeast is going bonkers. There are 2 bed apartments in North Loop going for less than some scrappy 2 beds in Logan Park.

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Re: Apartment Construction Boom (2011-??)

Postby CalMcKenney » February 4th, 2020, 11:49 am

^ Uptown still seeing tons of development in the meantime. I'm always shocked by the number of cranes in the area.

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Re: Apartment Construction Boom (2011-??)

Postby QuietBlue » February 5th, 2020, 12:05 pm

I looked at Dakota County's numbers, and multifamily housing starts exceeded SFH last year (by 144 units). That's the first time it's happened, at least as far back as the data goes.


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