MINNEAPOLIS | 1368 LaSalle Ave | 36 fl | U/C

[spectre000]

A new highrise is being proposed by a Chicago based developer for the Loring Park neighborhood near downtown.



$100M+ apartment plan proposed for Loring Park area

"..Chicago-based Magellan Development Group LLC is proposing a 36-story, 355-unit apartment tower on a site it once envisioned for a condo tower.

Magellan Development Vice President Brian Gordon said that the project budget would be “over $100 million.” The site, now a parking lot, is at 1368 LaSalle Ave., one block east of Loring Park and about two blocks from the Hyatt Regency Minneapolis hotel at the southern edge of downtown Minneapolis.

“...It would be the first concrete rental building in probably 30 years. It would be high-rise, which is unusual. This will have great views and balconies and amenities,” Gordon said. “There’s a lot of proposals for stick-built apartments up there, but nothing with all the amenities that we’re proposing. We’ll have a pool; we’ll have a 24-hour doorman, fitness center, business center, movie theater and lounge.”

"...The developer will be applying to rezone the site to the newly created “B4N” zoning district. That district would limit height to 10 stories, but Magellan plans to apply for a conditional use permit to increase the building height."


Loring Park Magellan Apartment tower.html

"...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.

The plan includes about 250 parking spaces that would be in a structured parking garage on floors two through four."

"...Gordon described the apartments as "high-end luxury" with a 24-hour doorman, a health-club facility and pool, movie theater and business center.

Gordon said the company was patient with the site as it waited for financing. He said Magellan is in the preliminary stages of talking to several lenders and equity partners. Magellan hopes to break ground in on the project in 2012."


*another thread for this tower was started in the Proposed Highrise section as well.

[araman0]

That looks great! The developers are currently building similar apartments in Chicago, so is it fair to say that this stands a good chance of being built here?

[Avian001]

^Yes, quite a good chance. The same developers had approval for a 39-story condo building on this site just before the market nose-dived. The near-record low vacancy rate for apartments in Minneapolis (<2%) is spurring a lot of apartment development. And this neighborhood is in pretty high demand.

[spectre000]

Site plans posted on the Citizens for a Loring Park Community's website. Very detailed.

[confused04]

So someone at minnescraper.com said they were performing soil samples with construction targeted at January 2012....

Could they really proceed from "initial proposal" (being this plan, not the original condo plan for the same site) at such a speed? I believe the renders for this came out in August so to start construction in January would be a 5 month turn around which I simple don't believe its possible.

I guess from the city planning side, is this a go? Is financing even lined up? I don't feel like signing up to Minnescraper to ask one question being that I'm really not up to speed with the development process. But something tells me that starting construction in January is automatically fishy to begin with.

[Avian001]

^ The building was simply identified as an "initial proposal" but actually has been in development for a couple of years. Magellan bought the site several years ago and originally had plans for a 39-story condo tower. When that market collapsed they developed another plan.

The existing drawings make it clear that this is nearly finished from a design standpoint, with some quibbling about store frontages. I suspect Magellan simply released the drawings when it became time to go through the neighborhood review process.

The only thing that is waiting is the final report on Traffic Management Demand and dotting the i's on re-zoning. So I don't think it's fishy at all.

[Paule]

I love this design. Hope they get it built! I also wish they'll come out with more different views of the building soon.

[spectre000]

http://www.loringpark.org/minagen/la...minOct2011.pdf

The latest CLPC Land Use meeting minutes were posted online. One item of interest is that Magellan is considering installing elevator parking in the project. Essentially 2 cars could park in one space, one being above the other. That would allow an additional 160 spaces. That would increase the two parking floors in height by 2 feet each. But Magellan states they are only consider installing those elevators if necessary based on the market/tenants demand.

The rezoning application for the site has been submitted as well. The developers goal is to have the project before the city's Planning Commission by Dec 12th.

[spectre000]

The project will be going before the city's Planning Commission next week. The developer is applying for crucial rezoning of the property and some variances.

[spectre000]

The City Planning Commission voted to approve the request for rezoning and all variances for the project. It'll now go before the City Council for final approval. That's usually just a formality. So looks like this one is go!

[spectre000]

A picture of the site from today. They've begun some bore testing.

[spectre000]

Finally some news,

http://www.startribune.com/local/blogs/158462805.html

Mpls. apartment boom underway
Posted by: Eric Roper Updated: June 11, 2012

"...Chicago-based developer Magellan Development said construction will begin in late summer of this year and finish in the spring of 2014..."

[Paule]

Originally Posted by spectre000

Finally some news,

http://www.startribune.com/local/blogs/158462805.html

Mpls. apartment boom underway
Posted by: Eric Roper Updated: June 11, 2012

"...Chicago-based developer Magellan Development said construction will begin in late summer of this year and finish in the spring of 2014..."

Nice! This will be a great addition to the downtown!

[Avian001]

Here are some details gleaned from the plan submitted to the neighborhood association:









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[Avian001]

Great news! The parking lot is closing down on Monday Oct 22nd for site preparation. Looks to be breaking ground quite soon...



Uploaded with ImageShack.us

[Major Deegan]

10/30/12

- fenced off the parking lot and installed the office trailer

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[spectre000]

image hosted on flickr

1368 LaSalle begins construction by spectre 000, on Flickr

[Civilization01]

So far the construction is shaking the plumbing in my apartment building. And the reasons why I can see and hear the humm of the plumbing moving is because the pipes are on the interior outside of the walls and you can see it.

Last time this company built a building in Loring Park it was only a 4 level apartment building. I lived next door to that development as well, in a building that is over 120 years old and on a historical registry. It left a massive crack in the concrete basement flooring. 18 inches wide in some sections of the crack.

Definately don't want to stick around to see what the seismic activity will do to surrounding structures. Yet so far no major loss of parking with this development.

[Major Deegan]

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[Major Deegan]

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