[Archived] Uptown Retail & Restaurant News 2012-17

[David Greene]

I'd say any house over $300k (regardless of square footage) means you've got a buyer(s) over $100k gross a year. Considering the recent SFR price trends in the Wedge (David has acknowledged a while back in the 2320 Colfax thread that many are going for well over $500k nowadays), I'd say it's a fair assumption to say that one of two things is happening: 1) person/family pulling in $150k+ a year, 2) person/family receiving a sizeable donation from their parents for a down payment, and they're still pulling in $100k a year. Both of those things are solidly upper middle class. I don't have the ability to slice the data, but I'd wager a good chunk that the economic and racial diversity of people owning detached single family homes in the Wedge is pretty low - wealthier white people and old white people who have been there a while.

I agree the Wedge needs more diversity. My neighbors agree. You make some good points here and it's true that some single-family housing in the Wedge is sky-high. However, not all of it is. There are plenty of houses below $300k, though those tend to be the houses that get taken first for apartment building. 2316-2320 Colfax is a good example and yes, I know they're rooming houses.

Keep in mind that many duplexes in the Wedge used to be single family homes. 80% of the neighborhood is renters, so there's lots of opportunity for lower-income folks to live there. Removing houses isn't going to make single-family homes more affordable. New apartments have not been affordable at all, so I don't buy the argument that tearing down houses for apartments will instantly make the neighborhood more affordable. There are plenty of cheap apartments available today. A cheap apartment is a really good way to save money toward a house.

My house is assessed well below $300k and it's one of the larger ones on the block. It's not in tip-top shape like the houses that have sold recently and it's true that the market value is likely much higher than the assessed value. Still, I think we'd be lucky to get $300k for it. It's not a starter home by any means but I think it'd be very accessible to a family trading up. We're not moving, though.

I will say that I was completely shocked at what a house across the street sold for, so I admit it's entirely possible I don't know anything about the housing market in the Wedge. That house had a complete restoration so it makes sense it would fetch a higher value. I think the buyers overpaid by quite a bit given what I've seen the market do over the last five years. Houses have sold for less than $300k, mostly in the southern Wedge.

All that said, it's a *good* thing to have expensive housing in a neighborhood. Keeping the diversity is important. Northsiders want luxury housing in their neighborhoods as well as affordable options. You just don't hear about it in the papers because it doesn't fit the white liberal narrative of what the Northside "needs."

[David Greene]

Maintaining cultural diversity, yes, and this is totally about gentrification. When an already healthy area is being overly sanitized and homogenized (more of the same crowds at Lyndale, Herkimer, etc)

Someone needs to get out of the bars and walk around.

[FISHMANPET]

There's no way to make SFH in the Wedge affordable. The supply is too low and the demand is too high. But we can make housing affordable, by increasing supply.

You've noticed yourself David, that a building in brand new condition is worth more than an older house in less than pristine condition. You're right to point out that building a new apartment won't "instantly" make the neighborhood more affordable, but eventually that new building will get rundown and the price will go down, as long as new buildings are allowed to take over that upper end segment of the marketplace.

The key to keeping housing affordable on a macro scale is to allow supply to increase to meet the demand, though in many cases that results in cases of housing becoming more expensive on a micro scale.

[David Greene]

I kind of question the idea that the Uptown/Lynlake area is homogenizing. Sure, it's not Harrison in terms of racial diversity but it never has been. If you just walk around the Wedge you will in fact see people of all backgrounds: African American, Asian, Latino, Slavic and so on. Many of them are first-generation immigrants. Again, I'm not claiming it has the diversity even of a Whittier but I think it's more diverse than people generally think it is. Those people tend not to go to the local bars. In fact, few Wedge residents older than mid-20 do. The bars don't at all reflect the makeup of the surrounding neighborhoods. That's true of most of the food/drink establishments in the area. Most people cook meals at home because it's a hell of a lot less expensive.

[mattaudio]

So true. Bars are sort of like churches - probably not the best place to gauge diversity.

[David Greene]

There's no way to make SFH in the Wedge affordable. The supply is too low and the demand is too high.

I guess it depends on how you define "affordable." There aren't starter homes in the Wedge but there are certainly houses approachable as an upgrade from a starter home.

But we can make housing affordable, by increasing supply.

You've noticed yourself David, that a building in brand new condition is worth more than an older house in less than pristine condition. You're right to point out that building a new apartment won't "instantly" make the neighborhood more affordable, but eventually that new building will get rundown and the price will go down, as long as new buildings are allowed to take over that upper end segment of the marketplace.

The key to keeping housing affordable on a macro scale is to allow supply to increase to meet the demand, though in many cases that results in cases of housing becoming more expensive on a micro scale.

My point is that there *already is* affordable housing in the Wedge. And we're building more. I've said repeatedly that I'm not opposed to more apartments in the Wedge. I don't know why people keep ignoring that. But I do want to see much of the inner Wedge remain SFHs and duplexes because they do contribute significantly to the quality of the neighborhood. I've explained how in other threads.

It is entirely possible to increase all kinds of diversity while maintaining a good stock of SFHs and duplexes.

My guess is that the apartment boom in Uptown is almost done. Northeast is going to be the next target and I would not be surprised to see many more apartments in Bryn Mawr/Harrison in about five years. Uptown is cooling off and will naturally become more affordable over time.

[Chef]

No? Gentrification is fine, even desirable, to a certain point. That doesn't mean we have to look the other way as neighborhoods are transformed into wealthy, white enclaves.

So it was fine when the hipsters kicked the previous residents out of Uptown, but now that they're getting kicked out, suddenly kicking people out because of rising desirability is bad?

The "hipsters" have been a part of Uptown/Lynlake since at least the '80s when it was the punk rock ghetto and weirdo magnet of the Twin Cities. One of the things that made Minneapolis different was that our artist magnet neighborhoods tended to stay put so that muse had the ability to put down roots and exist in a generational time scale. If you look at New York since 1980, the center of the creative community has been pushed all the way from the Lower East Side to Greenpoint in Brooklyn. Over the same time period, south Minneapolis' version has moved from Uptown to Whittier. Northeast has been the next big thing on the horizon for 25 years now. I think such a slow pace of gentrification of arts magnet neighborhoods is a good thing. It creates a sense of community and rootedness that places like Williamsburg or Logan Park lack. You have intergenerational layers of subcultures and small scale DIY institutions rather than a bunch of 22 year old cool kids.

[EOst]

I don't disagree with any of that, really. I just think it's hypocritical to say that _now_ the thing that's been happening here for thirty years is bad; a lot of the people complaining now seem to have been fine with the process as long as they personally weren't priced out.

[twincitizen]

New theater to take over old Brave New Workshop space: http://www.startribune.com/entertainmen ... 41341.html

[twincitizen]

Wow good for Cause. I, for one, will frequent the place and support their 'cause'.

We can do more than frequent. You can now contribute directly to the "cause" on IndieGoGo: https://www.indiegogo.com/projects/caus ... ryourright

Give 'em a few bucks and let's get this place open again sooner rather than later. They're trying to raise $25,000 by September 29.

http://www.southwestjournal.com/news/bi ... -to-reopen

With all of the other changes at the intersection (Falafel King closing, building changing hands, Eye of Horus & Country Bar vacant), I think the stability that comes with keeping Cause in place is important. Mostly I just really hate the idea of Uptown having zero music venues.

[mattaudio]

I was playing a gig at a music venue in Uptown last week, and I heard from multiple connected folks that there's still "more to the story" on this, with their lease etc. But nothing I could substantiate, yet I just don't feel this was a black and white situation.

[TommyT]

I was playing a gig at a music venue in Uptown last week, and I heard from multiple connected folks that there's still "more to the story" on this, with their lease etc. But nothing I could substantiate, yet I just don't feel this was a black and white situation.

Wait wait wait wait wait a MINUTE! You mean to tell me there is a second music venue in Uptown? What's all the hoopla about then with losing this one?

[mattaudio]

Yes. Famous Dave's. One of those horrid chains. That just happens to pay bands handsomely.

[Nathan]

also... the beat... say what you will...

[TommyT]

Tatters is closing... I can imagine there will be some outrage around this!

http://blogs.citypages.com/dressingroom ... losing.php

[seanrichardryan]

They were always too expensive.

[Nathan]

They were always too expensive.

agree anyone who could get to an estate sale or two can dress themselves for a 10th of the price, it'll be interesting to see what replaces it though

[clf]

From Minnesota Monthly "Doug Denham, who has long managed day-to-day operations of the store, shared the sad news with me today via email, citing the raising of property taxes in the Lyn-Lake area, which he says “tend to squeeze out independent retailers,” as well as the constant construction of condos and apartment complexes. Other vintage sellers Uptown have recently been squeezed out of the area thanks to rising rent prices, such as furniture store Theater Antiques in 2006 and clothing exchange Everyday People last year."

[grant1simons2]

I'm confused. More potential customers squeezed them out?

[bubzki2]

I'm confused. More potential customers squeezed them out?

Yeah, I fail to see how hundreds of housing units in the near vicinity replacing open fields and surface lots didn't at least partially offset increases in property values. Heck, isn't that why property values would go up in the first place? Sounds like excuses for poor business decisions (e.g., pricing, etc.)