Minimum Units in New Mpls. Development Could Rise
Dylan Garrison is a leasing agent for Downtown Resource Group. He says the demand for condos, lofts and even apartments is high, but it depends on where you want to live.
"The North Loop, where we are sitting right now, is a very high demand, if not the most high demand neighborhood in Minneapolis," Garrison said.
The other areas in high demand would be around the lakes and the isles.
"In out lying markets, Loring Park, parts of Uptown where the demand being so high in Downtown and in the river, the North Loop , Mill District and St. Anthony Main is becoming a detriment to the other out lying neighborhoods," he said.
To help out, the City of Minneapolis is in the process of modifying the code that limits the number of units a developer can build in a particular zone.
"What really makes sense is to regulate the height of the building, the bulk of the building," said Ward 9 Councilman Gary Schiff.
He says, for years developers needed to ask the city to approve the total number of units in a building. That number could increase, but that would take city permission and time.
For example, The Stadium Village Flats started out with 108 units, with a variance the units went up to 120. The Station on Washington was slated for 74 and ended up with 98. And The Flux on Fremont Avenue got the go ahead for 210 but rose to 237 units. But builders do have some strict rules.
"There's lots of limitations. The building across the street for example had limitations to it's height and the total number of parking stalls that must be required," Schiff said.
Garrison says, it's a winning situation in the end for renters, buyers, sellers and agents.
The City Council will vote on the amendment at the end of the month.