Twin Cities Suburbs See Apartment Boom
Everywhere you look, it seems there are apartment buildings sprouting up like spring flowers.
Throughout the metro, 10,000 units are in the works. And many of those are in the suburbs.
Chuck Young feels like he lives in the heart of the city. In fact, he can see it from here. Only he's in the suburbs, St. Louis Park, "I like the lifestyle, I never have to drive, the grocery store is here, restaurants, it's all walkable, it's wonderful."
Although they're ages apart, Chuck Young and Ellery Burns are the two key demographics driving the suburban apartment building boom. She's a typical young professional, who prefers to rent, not buy. He's a senior who downsized.
"It's becoming the new normal," says Larry Lee, head of Development for the City of Bloomington. It's all about access: to the metro, public transit and parks.
In Golden Valley, there are plans for three big projects. A welcoming change for a suburb whose population hasn't changed in decades.
Mark Grimes, who leads Development for Golden Valley said, "600 total units for Golden Valley which is a lot when you consider 1,000 new residents coming to the city when it's all developed that's pretty exciting."
In St. Louis Park, some 900 units have just been built. And Bloomington has earned the nickname "Boomington". It's population jumped 2% in just two years.
Lee says, "Bloomington always benefits from new development because it keeps the city fresh and the reason there's a rental demand is because there's an unmet need."
Both community development leaders says more residents in each town bring more money and opportunities. Plus increased valuation of properties.