A snapshot of the Southwest condo market
As condo projects begin to sprout up in Southwest, developers are watching the crowded market carefully to make sure their buildings will be successful.
Only a handful of projects are underway so far this summer, but many are planned to start by fall - at least for the time being.
The Lander Group recently changed its plans for condominiums at 38th Street and Nicollet Avenue, deciding to build a commercial development at the site instead. Recognizing a need for rental property, the Ackerberg Group plans to build an apartment complex along the Midtown Greenway.
The Ackerberg group is also working on a couple condo complexes and, like many other developers, doesn't plan to back out of those projects because of an oversaturation fear.
Developer Clark Gassen, president of Financial Freedom Realty Services, said his projects and others that are planned should bring much-needed density to Uptown. Along with the people, he hopes, will come more options for transportation.
Each developer has his/her own vision, building style and offerings. Some developments are selling out. Others are hardly sold.
“This area will always be in high demand,” said Jon Hornig, vice president of Hornig Companies, which is scheduled to start building an environmentally friendly condo building in Uptown this fall. “The right types of projects will be well received.”
Here is an overview of major condo projects under construction or set to break ground soon:
Along the greenway
Loop Calhoun
Developer: Mathwig Development
Address: 3104 W. Lake St.
Buildings: two
Stories: four stories and five stories
Units: 122
Status: construction is underway
Completion Date: April 2007
Status of Sales: 85 units sold
Comments: hardwood floors, Italian kitchens
Website: www.loopcalhoun.com
Track 29
Developer: RMF Group
Address: borders are W. 28th St., the Midtown Greenway, Bryant Ave. S. and Aldrich Ave. S.
Buildings: seven
Stories: one two-story town home, one four-story condo
Units: 54 town home units, 71 condos
Status: construction is underway
Completion Date: first units Sept. 2006, final Jan. 2008
Status of Sales: 10 town homes sold, 34 condos reserved
Comments: Italian kitchens, hardwood floors
Website: www.track29uptown.com
Calhoun City Apartments
Developer: Ackerberg Group and Village Green Companies
Address: 3100 W. Lake St.
Buildings: one
Stories: four stories plus mezzanine
Units: 160
Status: scheduled to begin mid-July
Completion Date: fall 2007
Status of Sales: N/A
Comments: N/A
Website: N/A
Greco Real Estate
Development (unnamed)
Developer: Greco Real Estate
Development
Address: between Lake Street and the Greenway and Lyndale and Bryant avenues
Buildings: five
Stories: four to 10
Units: 400
Status: seeking city approval, construction planned for next spring
Completion Date: summer 2008
Status of Sales: N/A
Comments: will include 70,000 square feet of office space and 25,000 square feet of retail space. The development could include a 100-room hotel. Residential will include affordable and market-rate housing for sale and rent.
Website: N/A
Mozaic
Developer: CAG Development and Ackerberg Group
Address: Lagoon and Girard Avenues
Buildings: three
Stories: three, seven and 10
Units: 140
Status: construction scheduled for fall 2006
Completion Date: 2008
Status of Sales: more than 100 units sold
Comments: will include 17,000 square feet of ground-level retail and restaurant space, 40,000 square feet of office space, an 800-stall parking facility, 1,600-seat Landmark Lagoon Cinema, 23,000-square-foot public plaza and a pedestrian bridge over the Midtown Greenway. The greenway will be connected to the development.
Website: www.uptownmozaic.com
By the lakes
The Edgewater
Developer: CAG Development
Address: 1805 W. Lake St.
Buildings: one
Stories: six
Units: 22
Status: underway
Completion Date: building will be complete this week and construction of individual units will begin
Status of Sales: four units remain
Comments: All but four units will be custom designed by owners
Website: www.gatewaytouptown.com
2626
Developer: Lander Group
Address: 2626 W. Lake St.
Buildings: four
Stories: three, four, six and seven
Units: 46
Status: demolition and construction planned to begin fall 2006
Completion Date: spring 2008
Status of Sales: public launch Aug. 2006, 10 private offers confirmed
Comments: will include 2,000 square feet of commercial space, lake and Downtown views, 50 percent of units to be custom designed by owners.
Website: www.landergroup.com/cur_2626.html
in midtown
Le Parisien Flats
Developer: Velocity Investments
Address: 2301-2309 Lyndale Ave. S.
Buildings: one
Stories: five
Units: 13
Status: construction is underway
Completion Date: fall 2006
Status of sales: seven units reserved
Comments: no hallways, cathedral ceilings more than 28-feet tall, wine bar, courtyard, acoustic engineering
Website: www.leparisienflats.com
In uptown
Lumen on Lagoon
Developer: CAG Development and Ackerberg Group
Address: 1201 Lagoon Ave.
Buildings: one
Stories: five
Units: 44
Construction Status: underway
Completion Date: April 2007
Status of Sales: 60 percent sold
Comments: The first floor will have 11,000 square feet of office and commercial space.
Website: www.lumenonlagoon.com
The Portico
Developer: Hornig Companies
Address: 1601 Lagoon Ave. S.
Buildings: one
Stories: six
Units: 30
Status: demolition and construction scheduled to begin this fall
Completion Date: fall ‘07
Status of Sales: marketing w/in week
Comments: Leadership in Energy and Environmental Design (LEED) certified, meaning it's an environment-friendly building.
Website: N/A
lyndale neighborhood
3310 Nicollet Condominiums
Developer: Prima Lands
Address: 3310 Nicollet Ave. S.
Buildings: one
Stories: four
Units: 35
Status: complete
Completion Date: May 1
Status of Sales: four units sold
Comments: free bike and bus pass offered to buyers, two units have 80-foot terraces
Website: www.3310nicollet.com
Know of a Southwest residential development we didn't list? Contact reporter Jake Weyer at
612-436-4367 or jweyer@mnpubs.com. We'll be compiling a Southwest Journal condo watch soon.
Reporter Jake Weyer can be reached at 612-436-4367 and jweyer@mnpubs.com