Stalled 36-story condo tower relaunched as rental


Loring Lake

Image via Wikipedia

I am beginning to wonder how many more apartments the market will be able to absorb.  The market is great for rentals right now with vacancy down around 2%, but  housing affordability is at an all time high.  There is going to be a shift back to ownership at some point…  I suspect it will be relatively soon. (once employment begins heading in the right direction…) 

The developer of a long-stalled 36-story condo tower near MinneapolisLoring Park has returned to the city with a similar plan, but this time for apartments.

Magellan Development Group  , based in Chicago, is meeting with the Minneapolis Planning Commission this afternoon to discuss its preliminary plans for a new 355-unit apartment project at 1368 LaSalle Ave.

The project would have about 18,000 square feet of commercial space on the first floor that would include the residential lobby and leasing office as well.

Full Story from Minneapolis St Paul Business Journal

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1 Comment

Filed under real estate, new construction, development, wayzata real estate, foreclosures, economy

One response to “Stalled 36-story condo tower relaunched as rental

  1. Pingback: Stalled 36-story condo tower relaunched as rental ? craigkamman | deembristow

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