Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

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grant1simons2
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby grant1simons2 » October 3rd, 2017, 5:41 pm

So this lines up perfectly with Stone Arch from the 10th Ave Bridge. There's now 1 line to the Guthrie of condos. It's really cool. I can't wait to see MS, UofMn, Red Cross and Padilla to band together to build one tower.

HiawathaGuy
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby HiawathaGuy » October 30th, 2017, 2:36 pm

Shamrock Development, after loss of leader, finds help in finishing downtown condos
https://www.bizjournals.com/twincities/ ... finds.html
*LOCKED*

It'll be interesting to see what happens with Shamrock. Seems like Jim Stanton was a very smart man - but it also seems like he didn't have a very solid plan for his business once he wasn't around. Maybe I'm wrong, but this article doesn't seem to offer any insights.

Tidbits:

Lynn Leegard is acting as chief executive of Shamrock. She is a 13-year employee of the company and general counsel. She declined to discuss the company’s future. “There is a plan, I just don’t know that I want it in the newspaper,” Leegard said. “That is something more private and over time, I am sure people will figure it out.”

After Stanton died, Leegard reached out to Provident Real Estate Partners, which is led by CEO Phillip Jaffe, to enter into a joint venture to finish The Legacy, a 17-story, 374-unit luxury condo project at 1240 2nd St. S. Jaffe helped Shamrock secure a new loan, from PCCP LLC, a Los Angeles firm that lent Jaffe and his partners money to renovate Mayo Clinic Square several years ago.

"We were able to provide them a $130 million construction and we got it done within 21 days of signing the term sheet," Jaffe said. "The normal timeline to het a loan like that is 90 to 120 days. If we didn't get it that fast they would have had to stop construction and delay the project."

Shamrock is working to sell off units in a recently completed building in Downtown East and has brought on an investor to help it finish The Legacy, a $163 million condo project in the Mill District. Once those jobs are done, the company's pipeline of projects is empty.

RE/Max says it has sold 142 units in The Legacy.

SurlyLHT
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby SurlyLHT » October 30th, 2017, 3:38 pm

From reading your excerpts it appears before Stanton died he didn't have most of the financing in place? Secondly, by the time he died much of the building was up, which makes me wonder if much of the costs associated with the construction isn't from the basic structure which is so exciting for all of us to see rise.

MNdible
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby MNdible » October 30th, 2017, 4:18 pm

It's possible that he was funding the project directly from his own financial reserves (and this would be consistent with stories that have circulated around here about Stanton just rolling the proceeds from one project into the next). With his death, even if there were a will in place, I could imagine that these funds might be tied up for a while, or might be distributed to heirs who weren't necessarily interested in pouring their inheritance into a condo project.

All just conjecture though.

contrast
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby contrast » October 30th, 2017, 9:56 pm

MNdible wrote:
October 30th, 2017, 4:18 pm
It's possible that he was funding the project directly from his own financial reserves (and this would be consistent with stories that have circulated around here about Stanton just rolling the proceeds from one project into the next). With his death, even if there were a will in place, I could imagine that these funds might be tied up for a while, or might be distributed to heirs who weren't necessarily interested in pouring their inheritance into a condo project.

All just conjecture though.
Agree. Likely had a well written will, which would include the distribution of his assets and his share of the company however he saw fit. If he was using his own financial resources to reinvest in the company (cash flow projects), then that is no longer available to the company the moment he died as it is the property of his heirs, after any outstanding debts are paid.

bapster2006
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby bapster2006 » November 25th, 2017, 4:33 pm

This is one big building. 41% sold.

ImageLegacy condo construction Minneapolis 11-25-17 by Matt Bappe, on Flickr

HiawathaGuy
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby HiawathaGuy » December 1st, 2017, 9:11 am

Great article (unlocked) with photos.

Jim Stanton’s final condo project ‘tops out’
http://finance-commerce.com/2017/11/jim ... -tops-out/

uncle phil
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby uncle phil » March 3rd, 2018, 6:54 pm

grant1simons2 wrote:
October 3rd, 2017, 5:41 pm
So this lines up perfectly with Stone Arch from the 10th Ave Bridge. There's now 1 line to the Guthrie of condos. It's really cool. I can't wait to see MS, UofMn, Red Cross and Padilla to band together to build one tower.
Should be something else coming quite soon...

min-chi-cbus
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby min-chi-cbus » March 4th, 2018, 1:45 am

uncle phil wrote:
March 3rd, 2018, 6:54 pm
grant1simons2 wrote:
October 3rd, 2017, 5:41 pm
So this lines up perfectly with Stone Arch from the 10th Ave Bridge. There's now 1 line to the Guthrie of condos. It's really cool. I can't wait to see MS, UofMn, Red Cross and Padilla to band together to build one tower.
Should be something else coming quite soon...
Where — in this vacinity? The (now-under-utilized) block at 11th & Washington?

go4guy
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby go4guy » March 4th, 2018, 10:14 am

190 of 374 sold or reserved. Seems pretty good, 6 months before move in

mamundsen
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby mamundsen » March 4th, 2018, 11:54 am

A coworker just bought one here. 6th floor, east facing. 2br for $390 or so. Blows my mind.

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grant1simons2
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby grant1simons2 » March 4th, 2018, 4:36 pm

min-chi-cbus wrote:
March 4th, 2018, 1:45 am
uncle phil wrote:
March 3rd, 2018, 6:54 pm
grant1simons2 wrote:
October 3rd, 2017, 5:41 pm
So this lines up perfectly with Stone Arch from the 10th Ave Bridge. There's now 1 line to the Guthrie of condos. It's really cool. I can't wait to see MS, UofMn, Red Cross and Padilla to band together to build one tower.
Should be something else coming quite soon...
Where — in this vacinity? The (now-under-utilized) block at 11th & Washington?
Probably about Arcadia

aeisenberg
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby aeisenberg » March 4th, 2018, 8:59 pm

mamundsen wrote:
March 4th, 2018, 11:54 am
A coworker just bought one here. 6th floor, east facing. 2br for $390 or so. Blows my mind.
That's not so bad. Over 100 two-bedroom condos costing over $400,000 have sold in Minneapolis proper in just the last 2 months.
Aaron Eisenberg / Realtor, Keller Williams Integrity
612.568.5828 / aaron@agentaaron.com / 1350 Lagoon Ave #900
http://www.agentaaron.com

5th Ave Guy
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby 5th Ave Guy » March 5th, 2018, 11:25 am

mamundsen wrote:
March 4th, 2018, 11:54 am
A coworker just bought one here. 6th floor, east facing. 2br for $390 or so. Blows my mind.
That seems pretty cheap for a 2br condo downtown.

mamundsen
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby mamundsen » March 5th, 2018, 12:11 pm

It was unit 615. Looks like each floor is "worth" $5k, so maybe I misremembered her price. These are all identical floorplans.

215 is sold (this one has a patio instead of balcony)
315 is reserved.
415 for $369.9. http://thelegacyminneapolis.com/property/unit-415/
515 for $374.9. http://thelegacyminneapolis.com/property/unit-515/
She bought 615 for $379.9 (?)
715 for $384.9. http://thelegacyminneapolis.com/property/unit-715/
815 is sold

And the "blows my mind" comment earlier, is just that you can buy SO much more house for $400k PLUS $425/month HOA. Our house in WBL was built in 2002, 4br, 3.5bath, 3k sq ft, w 3 car garage, great backyard and neighborhood (and schools). We paid $405k.

aeisenberg
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby aeisenberg » March 5th, 2018, 12:32 pm

mamundsen wrote:
March 5th, 2018, 12:11 pm
It was unit 615. Looks like each floor is "worth" $5k, so maybe I misremembered her price. These are all identical floorplans.

215 is sold (this one has a patio instead of balcony)
315 is reserved.
415 for $369.9. http://thelegacyminneapolis.com/property/unit-415/
515 for $374.9. http://thelegacyminneapolis.com/property/unit-515/
She bought 615 for $379.9 (?)
715 for $384.9. http://thelegacyminneapolis.com/property/unit-715/
815 is sold

And the "blows my mind" comment earlier, is just that you can buy SO much more house for $400k PLUS $425/month HOA. Our house in WBL was built in 2002, 4br, 3.5bath, 3k sq ft, w 3 car garage, great backyard and neighborhood (and schools). We paid $405k.
Even less than $405k, because you got $5k in seller paid closing costs! So the seller only got $400k. Nice deal. Great house, too. ;)
Aaron Eisenberg / Realtor, Keller Williams Integrity
612.568.5828 / aaron@agentaaron.com / 1350 Lagoon Ave #900
http://www.agentaaron.com

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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby LakeCharles » March 5th, 2018, 1:02 pm

mamundsen wrote:
March 5th, 2018, 12:11 pm
And the "blows my mind" comment earlier, is just that you can buy SO much more house for $400k PLUS $425/month HOA. Our house in WBL was built in 2002, 4br, 3.5bath, 3k sq ft, w 3 car garage, great backyard and neighborhood (and schools). We paid $405k.
But volume/$ is not the main thing most people look for in a house. If it were, those $1 home sales would be extraordinarily popular. Ultimately it comes down to the old saying: Location, Location, Location.

I wouldn't even know what to do with that space. We (a family of 4) have one car, so a 3 car garage would be useless. We have two bathrooms, but we really only use one. I'm honestly mystified as to what we would do with an additional 1.5 on top of that. Backyards are nice, I'll give you that.

amiller92
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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby amiller92 » March 5th, 2018, 2:05 pm

mamundsen wrote:
March 5th, 2018, 12:11 pm
And the "blows my mind" comment earlier, is just that you can buy SO much more house for $400k PLUS $425/month HOA. Our house in WBL was built in 2002, 4br, 3.5bath, 3k sq ft, w 3 car garage, great backyard and neighborhood (and schools). We paid $405k.
Location, obviously, but do you have a pool, spa, sauna, roof deck with lawn bowling, exercise and weight rooms, etc and what can you walk to? They're just different things.

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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby Silophant » March 5th, 2018, 2:14 pm

FWIW, similarly sized condos in older buildings are significantly cheaper.

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Re: Legacy Condominiums - 121 12th Ave S (187' - 17 Stories)

Postby SurlyLHT » March 5th, 2018, 4:17 pm

LakeCharles wrote:
March 5th, 2018, 1:02 pm
mamundsen wrote:
March 5th, 2018, 12:11 pm
And the "blows my mind" comment earlier, is just that you can buy SO much more house for $400k PLUS $425/month HOA. Our house in WBL was built in 2002, 4br, 3.5bath, 3k sq ft, w 3 car garage, great backyard and neighborhood (and schools). We paid $405k.
But volume/$ is not the main thing most people look for in a house. If it were, those $1 home sales would be extraordinarily popular. Ultimately it comes down to the old saying: Location, Location, Location.
This building is a walk or short bike ride away from both the U of M and Downtown Minneapolis and it is along the river and near highway access. The location is great...which also why we need cap the nearby interstate.


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