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Thursday
Sep212017

City of Minneapolis Exceeds $1 Billion in Permits for 6th Consecutive Year

Via a Septemer 22 News Release from the City of Minneapolis:

City of Minneapolis Exceeds $1 Billion in Permits for Sixth Consecutive Year

For the sixth year in a row, the City has surpassed the $1 billion mark for approved construction projects. Thanks to continued strong growth in the multi-family housing industry, Minneapolis reached $1 billion earlier this September. 

“Minneapolis continues to grow, and that growth is making it possible for all of us to do better,” said Mayor Betsy Hodges. “Great projects, from the YMCA and Select Comfort headquarters downtown, to Thor Construction’s buildout on the Near North Side point to a city-wide investment in our future. I thank everyone who is joining with us to build for the future of Minneapolis in 2017.”

"Minneapolis is a vibrant, health city and I am proud people are continuing to invest in this exciting economy,” said Council President Barbara Johnson.

Following is the total valuation of building permits in Minneapolis since 2000:

2000: $1.142 billion
2001: $975.8 million
2002: $889.2 million
2003: $852.2 million
2004: $944.7 million
2005: $855.2 million
2006: $839.6 million
2007: $761.3 million
2008: $772.5 million
2009: $778 million
2010: $547.6 million
2011: $752.8 million
2012: $1.118 billion
2013: $1.211 billion
2014: $2 billion
2015: $1.389 billion
2016: $1.757 billion
2017: $1.016 billion (as of 9.15.17)

Multi-family housing development continues to play a major role in Minneapolis construction projects, driven by the high demand for urban living. The trend appears to be larger, taller, higher-rent apartment buildings with more amenities. Given the continued low vacancy rate, these trends are expected to continue into 2018.

In addition to housing, there are a significant number of redevelopment projects in the North Loop with large commercial buildings being converted and/or renovated into new spaces for offices, retail and businesses.

The top ten construction projects in Minneapolis by building permit valuation are as follows:

  1. Legacy Condominium at 1240 Second St. S. valued at $123,425,731.
  2. The Hub, a 26-story mixed-use building with 407-units at 600 Washington Ave SE. valued at $57,799,980.
  3. Ironclad, a mixed-use building with 180-units and underground parking at 240 Chicago Ave. valued at $32,621,424. 
  4. The Elliot hotel redevelopment at 523 Eighth St. S. valued at $32,621,424.
  5. The Westminster Presbyterian Church addition with below grade parking at 1200 Marquette Ave. valued at $25,799,117. 
  6. Thor Construction’s headquarters buildout at 1256 Penn Ave. N. valued at $24,568,252. 
  7. YMCA buildout at 651 Nicollet Mall valued at $20,156,283. 
  8. Bancroft Elementary School addition at 1315 38th St. E. valued at $19,377,000. 
  9. Jack Link’s project at Mayo Clinic Square, a remodel at 600 Hennepin Ave. valued at $19,342,136.
  10. Select Comfort’s new headquarters at 1001 Third Ave. S. valued at $19,098,037.

"Our investments in great streets, parks and amenities are paying off and making our city attractive for more people to live and work. I'm proud that as our city grows we are also working hard to ensure everyone benefits and that we minimize displacement for current residents," said Council Member Lisa Bender, Chair of the City of Minneapolis Zoning and Planning Committee.

"I'm proud that for the fourth year in a row, the 3rd Ward leads the way on economic development,” said Council Member Jacob Frey. “Previously vacant areas with nothing more than surface parking lots and tumble weeds are now teaming with life and vibrancy."

The remainder of 2017 will continue to see continued strong building permit activity.  Several large projects are still expected to go before the City of Minneapolis Planning Commission before the end of the year. For more information on any of the City’s upcoming projects please contact CPED Communications, Rose Lindsay at 612.673.5015.

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