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Old March 14th, 2019, 06:41 PM   #1221
uptownbro
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Agreed. This one is as done of a deal as it gets until the dirt starts moving in a few weeks.
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Old March 16th, 2019, 03:58 AM   #1222
John Nicollet Mall
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It will be hands down my favorite high rise to go up in Minneapolis in decades. Of course , Eleven across the river will be beautiful, but I think this tower reflects the modern , progressive character of the city better. Hope it gets built!
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Old April 30th, 2019, 10:22 PM   #1223
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According to The Business Journal, the ground breaking for May has been postponed while Alatus seeks a new financial partner. That can't be good at this stage with a market this competitive right now...
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Old April 30th, 2019, 10:33 PM   #1224
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This was supposed to break ground next week I thought? This has me concerned after they postponed there other tower last week.
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Old April 30th, 2019, 10:39 PM   #1225
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The 12th St. tower delay is concerning.
(The Alatus Company posts on the other forum.)

But, from Biz Journal today:

"Alatus Director of Development Chris Osmundson said the December event got so many reservations that Alatus decided it could leverage the interest to get a better financing deal."

"...still anticipate a groundbreaking yet this summer.”

Mr. Babster?
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Old May 1st, 2019, 05:13 AM   #1226
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Quote:
Originally Posted by DaveEss View Post
The 12th St. tower delay is concerning.
(The Alatus Company posts on the other forum.)

But, from Biz Journal today:

"Alatus Director of Development Chris Osmundson said the December event got so many reservations that Alatus decided it could leverage the interest to get a better financing deal."

"...still anticipate a groundbreaking yet this summer.”

Mr. Babster?
I hate to state it, but if this doesn't break ground by August...
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Old May 1st, 2019, 05:31 AM   #1227
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Well this one's done good work NIMBYS all the racket in court got you what you wanted tower going bye bye
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Old May 1st, 2019, 04:07 PM   #1228
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They've still been moving forward with engineering design, so I doubt this one is done done. Sounds like because of the high number of pre-sales they think they can leverage a better financial deal. I wouldn't be too worried. Assuming there isn't some big financial meltdown I would bet this gets done.
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Old May 1st, 2019, 04:25 PM   #1229
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That is still going to be a very large amount of money to come up with in a relatively short period of time. Unless they've had some behind the scenes conversations with another lender I'd be surprise if they could close anytime soon.
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Old May 1st, 2019, 04:35 PM   #1230
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I think it’s safe to assume they have done some behind the scenes on this and hopefully done there homework. The questions of course is how far along are the new negotiations. But I agree this needs to start before the end of this summer.
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Old May 1st, 2019, 05:42 PM   #1231
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I'll give Alatus the benefit of the doubt, but until the shovel is deep in the ground, there's always the possibility of a project not happening. This is an expensive, high quality project so I do get the need to reduce finance costs if the opportunity arises.
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Old May 1st, 2019, 07:19 PM   #1232
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Quote:
Originally Posted by uptownbro View Post
I think it’s safe to assume they have done some behind the scenes on this and hopefully done there homework. The questions of course is how far along are the new negotiations. But I agree this needs to start before the end of this summer.


There's no doubt about this. There is a substantial amount of money in this for bankers on this project, and with the lease numbers they have that is going to be a no-brainer for many banks - it's getting the terms finalized.


Rates have floated down since they likely secured financing, the 10 year is essentially at 2.5% and you have a large amount of units leased - it only makes sense for them to shop the deal again.


You've heard it here, and I'll eat my words if I'm wrong, this tower is going up.
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Old May 1st, 2019, 11:48 PM   #1233
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Dead Duck. Like I predicted a couple weeks ago...dead duck. Can't build a tower without an erector crane...and this site is not on the list for a crane lease from the general, which pretty much eliminates a spring or summer groundbreaking. I wouldn't be surprised if this is the location being rumored to be turned into a city playground. If anyone see's wood chips being dumped here in the next couple months, then assume we have a new recreation park instead. Minneapolis...keeping em' stubby, chubby, grubby, and ugly.
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Old May 2nd, 2019, 03:25 AM   #1234
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Quote:
Originally Posted by Hammy3 View Post
Dead Duck. Like I predicted a couple weeks ago...dead duck. Can't build a tower without an erector crane...and this site is not on the list for a crane lease from the general, which pretty much eliminates a spring or summer groundbreaking. I wouldn't be surprised if this is the location being rumored to be turned into a city playground. If anyone see's wood chips being dumped here in the next couple months, then assume we have a new recreation park instead. Minneapolis...keeping em' stubby, chubby, grubby, and ugly.
Just quoting you for posterity, so your post never disappears. When this tower opens, we'll look back on this moment. Then we can all gauge whether someone has a good reputation or a bad reputation.

"Alatus Director of Development Chris Osmundson said the December event got so many reservations that Alatus decided it could leverage the interest to get a better financing deal."

Sounds like Alatus is in the driver's seat. High demand for units in the tower is enabling Alatus to re-negotiate the interest rates the banks wanted to charge due to their risk assessment. This is very good news. I think it's an argument that the building perhaps could have been even 10 stories higher, though it wouldn't happen today with this project due to architectural and engineering issues.

And it bodes well for future high-end condo projects, as Eleven seems to have demonstrated.
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Old May 2nd, 2019, 03:52 AM   #1235
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Quote:
Originally Posted by Hammy3 View Post
Dead Duck. Like I predicted a couple weeks ago...dead duck. Can't build a tower without an erector crane...and this site is not on the list for a crane lease from the general, which pretty much eliminates a spring or summer groundbreaking. I wouldn't be surprised if this is the location being rumored to be turned into a city playground. If anyone see's wood chips being dumped here in the next couple months, then assume we have a new recreation park instead. Minneapolis...keeping em' stubby, chubby, grubby, and ugly.
You forgot to say that even Oklahoma city has a tall building. This is like Tallbob and TexasRe all wrapped in to one annoying troll.
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Old May 2nd, 2019, 04:33 AM   #1236
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Interest rates are down a full 1% since when they likely got their original financing deal. On a regular mortgage that is huge savings. Can you image the savings for a project like this getting that lower interest rate?
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Old May 2nd, 2019, 07:01 AM   #1237
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Materials and labor costs have increased , so I wouldn't be surprised if this project's budget is close to 200 million dollars.

I certainly wish Alatus well and hope they can get the $ to finance, and make a profit. It's a gorgeous tower and they spent a lot of time getting feedback from the neighborhood to make this high quality.
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Old May 2nd, 2019, 12:56 PM   #1238
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Interest rates are down a full 1% since when they likely got their original financing deal. On a regular mortgage that is huge savings. Can you image the savings for a project like this getting that lower interest rate?


^This, and how!
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Old May 2nd, 2019, 03:53 PM   #1239
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Why did they wait so long to get a better financing deal if they knew there was high interest in December!? That was six months ago. It could take several more months before we have any clarity on the status of this project.

We were a week away from the groundbreaking. Very disappointing.
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Old May 2nd, 2019, 06:18 PM   #1240
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Why did they wait so long to get a better financing deal if they knew there was high interest in December!? That was six months ago. It could take several more months before we have any clarity on the status of this project.

We were a week away from the groundbreaking. Very disappointing.
I reached out to Jessa Lux. Alatus is sending out a statement tomorrow updating the timing of ground breaking. She said it is 1000% happening!
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