Eleven (Ryan Condo Tower) - 1111 West River Parkway - 41 stories / 550'

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UrbWave
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby UrbWave » April 20th, 2019, 6:14 pm

Silophant wrote:
April 18th, 2019, 12:30 pm
It's gonna be sort of nuts if they start digging on this before Alia.
Yep, looks like they will begin before Alia since they already have equipment on site!
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5th Ave Guy
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby 5th Ave Guy » April 22nd, 2019, 9:04 am

When this was announced I was discussing it with one of the realtors involved in the listing, and he said they were getting a lot of calls about availability, and they were primarily asking about the most expensive units first.

Silophant
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby Silophant » April 22nd, 2019, 10:10 am

Wow. Sounds like they should think about buying out Padilla's lease and getting started on a second one.

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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby luigipaladio » June 3rd, 2019, 3:39 pm

I have not had a chance to drive by this site for a long time. Is there much activity? Anyone have pictures that are current or recent? I've been watching other Stern towers go up and most of them look like scaled up or scaled down versions of 11. I have no doubt this will be a handsome tower but for a new urbanism advocate like Stern, it seems like it will be completely out of touch with it's context.

TroyGBiv
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby TroyGBiv » June 3rd, 2019, 10:11 pm

luigipaladio wrote:
June 3rd, 2019, 3:39 pm
I have not had a chance to drive by this site for a long time. Is there much activity? Anyone have pictures that are current or recent? I've been watching other Stern towers go up and most of them look like scaled up or scaled down versions of 11. I have no doubt this will be a handsome tower but for a new urbanism advocate like Stern, it seems like it will be completely out of touch with it's context.
That is a great point about Sterns who architectural philosophy!

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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby SurlyLHT » June 3rd, 2019, 10:20 pm

I biked past here within the last week. Nothing has happened except to put up the fence and apparently the current building on the corner is getting a new parking lot. Behind the fence the cars are still using the lost where the tower will go. The Gateway Tower is farther.

TroyGBiv
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby TroyGBiv » June 3rd, 2019, 11:41 pm

I clearly need to wear my glasses - the point about Stern was great - I’ve read his books from years ago and he was all about designing his buildings within an urban context. I really like this building but it is pretty “plopped” in that location.

alexschief
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby alexschief » June 4th, 2019, 7:50 am

RAMSA's buildings are carefully designed within an urban context. That urban context is "Central Park West" no matter wherever the building is.

TroyGBiv
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby TroyGBiv » June 4th, 2019, 11:11 am

Yeah, I'm thinking more his "Pride of Place" period.

luigipaladio
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby luigipaladio » June 4th, 2019, 10:10 pm

So we are ending up with Central Park Far, Far West!

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Re: RE: Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby David Greene » June 5th, 2019, 8:46 am


go4guy wrote:Just think of the number of doctors, NPs, PAs, CRNAs and other professions at HCMC and the U of M hospital. That is large number of people, many that may prefer to live close to work.
I can guarantee you that NPs and PAs make nowhere near enough to afford these. Maybe a couple both working as NPs and/or PAs could do it but even that is a big stretch.

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Re: RE: Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby bubzki2 » June 5th, 2019, 12:35 pm

David Greene wrote:
June 5th, 2019, 8:46 am
go4guy wrote:Just think of the number of doctors, NPs, PAs, CRNAs and other professions at HCMC and the U of M hospital. That is large number of people, many that may prefer to live close to work.
I can guarantee you that NPs and PAs make nowhere near enough to afford these. Maybe a couple both working as NPs and/or PAs could do it but even that is a big stretch.

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I'd wager it's enough if they are trading a house (i.e., equity) and only upgrading a few hundred thousand over their old place. PAs make 120k+ often, as do some specialized types of nurses (anesthetists). I definitely think a DINK or dual-income few kids couple could afford 850k condo. Factor in not paying for parking/bus and time savings and you have an appealing place to move.

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Re: RE: Re: RE: Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby David Greene » June 6th, 2019, 7:25 am


bubzki2 wrote: I'd wager it's enough if they are trading a house (i.e., equity) and only upgrading a few hundred thousand over their old place. PAs make 120k+ often, as do some specialized types of nurses (anesthetists).
With a 120k salary, a generous 170k down payment and minimal living expenses someone could afford around 570k of house, so these are way out of the piece range of a PA.

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bubzki2
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby bubzki2 » June 6th, 2019, 8:14 am

I'm referring to dual-income household, so doubling 570k of house puts this in easy reach.

transplant
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby transplant » June 6th, 2019, 2:06 pm

HOA on the cheapest unit here is probably $800 to $1,100 per month. Property taxes are approaching $1,000 per month plus the mortgage. Unless you are coming with some major equity from a previous property then you probably need a pretty high salary to live here. People often forget the HOA dues on condos are pretty significant. Of course you get some stuff in return but compared to a house the dues are much higher than you would need to maintain the house and pay for the gym membership, etc.

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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby xandrex » June 6th, 2019, 3:21 pm

Yeah, units here really aren't for typical DINKs. They're for the folks who can afford Lake Minnetonka or Chain of Lakes homes -- investment bankers, some higher-paid doctors, corporate execs, etc.

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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby go4guy » June 6th, 2019, 5:32 pm

PA's and NPs: $120k
Pharmacists: $130k
CRNA's: $180k
Physicians: $200k
Specialty Drs: $250k+
Pharm Sales Reps: $160k+

Combine any of the top two for a dual income household, buying a $750k unit with 20% down with taxes, insurance and HOA dues of $1000/month and you are looking at a mortgage payment of $5k. That puts them at 25% DTI for housing. Any lender would approve that in a heart beat! That is a slam dunk and a price very much within their means. And this is just one professional field in the neighborhood that has employees with high paying jobs.

My brother-in-law is in pharm sales and is looking at this building. He was told to look at this because friends of his that work at HCMC and the U have bought units. His realtor told him the building is 70% sold, so they aren't having too much trouble finding buyers.

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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby jtoemke » June 7th, 2019, 7:12 am

go4guy wrote:
June 6th, 2019, 5:32 pm
PA's and NPs: $120k
Pharmacists: $130k
CRNA's: $180k
Physicians: $200k
Specialty Drs: $250k+
Pharm Sales Reps: $160k+

Combine any of the top two for a dual income household, buying a $750k unit with 20% down with taxes, insurance and HOA dues of $1000/month and you are looking at a mortgage payment of $5k. That puts them at 25% DTI for housing. Any lender would approve that in a heart beat! That is a slam dunk and a price very much within their means. And this is just one professional field in the neighborhood that has employees with high paying jobs.

My brother-in-law is in pharm sales and is looking at this building. He was told to look at this because friends of his that work at HCMC and the U have bought units. His realtor told him the building is 70% sold, so they aren't having too much trouble finding buyers.
Hey 70% sold is pretty great. Not that I could ever imagine being able to get into buildings like this, but I'd love to see like 3 more of them pop up.

Keep the energy rolling.

SurlyLHT
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby SurlyLHT » June 7th, 2019, 11:34 am

70% sold is a nice precedent. Now only if we could combining a tower like Eleven with hotel or office is our best bet at getting the type of tower many have hoped for. We have one item of demand..the others? We'll see.

Silophant
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Re: Eleven (Ryan Condo Tower) - 1111 West River Parkway - 48 stories / 550'

Postby Silophant » June 7th, 2019, 12:26 pm

It does seem to make UP's decision to only include ~30 condos in the Gateway Tower seem pretty dumb.


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