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Old May 3rd, 2019, 01:38 AM   #1241
Bob Loblaw
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Got the following email today:

ALIA Insider,

With spring here and the sun making more frequent appearances, we would like to share a project update with you. Since our celebratory launch event in mid-December, the response to ALIA has been tremendous. We have heard loud and clear over the past five years that Minneapolis is eager for a for-sale condominium of ALIA’s caliber at a preeminent location, and we are excited to be bringing that to the market.

As many of you know, our team is committed to and has a reputation for developing incredibly high quality buildings. In alignment with this commitment, we recently secured a fully executed term sheet with a new financing partner whose values will support us in delivering the best possible homes to our buyers. This is incredibly important and our diligence in assembling the correct team will be apparent by the extraordinary building that results.

Our site preparation is complete and our pre-development and construction planning efforts are continuing. We will be breaking ground as soon as we have completed the construction documents and finalized subcontractors for the project.

Thank you,

ALIA’s Development Team
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Old May 3rd, 2019, 03:17 AM   #1242
go4guy
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Originally Posted by mspguy View Post
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.
Interest rates were still pretty high then. Much lower now and maybe at a point where it was worth finding a new financing package.

Also, an underwriter is going to be able to allow much more favorable terms with proof of reservations higher than they expected.
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Old May 3rd, 2019, 04:29 PM   #1243
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Engineering CD's are still under development, and I know prelim bids for precast on the podium have gone out. Not sure on the status of architectural CD's. I know that doesn't add a ton of new info but thought I'd share.
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Old May 3rd, 2019, 04:47 PM   #1244
RedDutch
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Quote:
Originally Posted by Bob Loblaw View Post
Got the following email today:

ALIA Insider,

With spring here and the sun making more frequent appearances, we would like to share a project update with you. Since our celebratory launch event in mid-December, the response to ALIA has been tremendous. We have heard loud and clear over the past five years that Minneapolis is eager for a for-sale condominium of ALIA’s caliber at a preeminent location, and we are excited to be bringing that to the market.

As many of you know, our team is committed to and has a reputation for developing incredibly high quality buildings. In alignment with this commitment, we recently secured a fully executed term sheet with a new financing partner whose values will support us in delivering the best possible homes to our buyers. This is incredibly important and our diligence in assembling the correct team will be apparent by the extraordinary building that results.

Our site preparation is complete and our pre-development and construction planning efforts are continuing. We will be breaking ground as soon as we have completed the construction documents and finalized subcontractors for the project.

Thank you,

ALIA’s Development Team
That is the update I received as well.
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Old May 7th, 2019, 07:15 PM   #1245
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Quote:
Originally Posted by Bob Loblaw View Post
Got the following email today:

ALIA Insider,

With spring here and the sun making more frequent appearances, we would like to share a project update with you. Since our celebratory launch event in mid-December, the response to ALIA has been tremendous. We have heard loud and clear over the past five years that Minneapolis is eager for a for-sale condominium of ALIA’s caliber at a preeminent location, and we are excited to be bringing that to the market.

As many of you know, our team is committed to and has a reputation for developing incredibly high quality buildings. In alignment with this commitment, we recently secured a fully executed term sheet with a new financing partner whose values will support us in delivering the best possible homes to our buyers. This is incredibly important and our diligence in assembling the correct team will be apparent by the extraordinary building that results.

Our site preparation is complete and our pre-development and construction planning efforts are continuing. We will be breaking ground as soon as we have completed the construction documents and finalized subcontractors for the project.

Thank you,

ALIA’s Development Team
Quote:
Originally Posted by RedDutch View Post
That is the update I received as well.


Looks like you too might be neighbors! Thank you both for sharing, it's nice to have some inside knowledge from those looking to buy here!


My hope is that Alia can get up and off the ground close to the same time as our other big two going up. Three tower cranes for these three projects are going to look great amongst the skyline
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Old May 8th, 2019, 03:14 PM   #1246
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Looks like you too might be neighbors! Thank you both for sharing, it's nice to have some inside knowledge from those looking to buy here!


My hope is that Alia can get up and off the ground close to the same time as our other big two going up. Three tower cranes for these three projects are going to look great amongst the skyline
I simply wanted updates on the project so I signed up for their mailer. A high rise condo with an 8 month old doesn't really excite me.
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Old July 22nd, 2019, 02:35 AM   #1247
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Any word on this thing? Man....I'm starting to wonder about this proposal!
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Old July 22nd, 2019, 04:29 AM   #1248
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If there was any word, I'm sure it would have been shared by now.
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Old July 22nd, 2019, 10:41 PM   #1249
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Any word on this thing? Man....I'm starting to wonder about this proposal!
"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."

Apparently there is so much interest that... construction isn't going to start for another few months - maybe years - perhaps never.
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Old July 22nd, 2019, 11:38 PM   #1250
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Originally Posted by CityofLakes View Post
"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."

Apparently there is so much interest that... construction isn't going to start for another few months - maybe years - perhaps never.
I like Alatus' projects on paper, but none of the major proposals seem to get off the ground.

Eleven just secured the largest financing deal in the state without any issues, while Alatus' PR is trying to spin that there is so much interest in their condos, yet here we are 2+ months later without a single update on the project. Makes you wonder if Alia will actually be happening any time soon.
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Old July 23rd, 2019, 01:37 AM   #1251
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Time to get nervous!
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Old July 23rd, 2019, 02:02 AM   #1252
Bob Loblaw
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I will say that I got weekly emails from their marketing team and have not received one in a month.
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Old July 23rd, 2019, 02:30 AM   #1253
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Quote:
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I like Alatus' projects on paper, but none of the major proposals seem to get off the ground.
Exactly. I've been noticing this over the years. There always seems to be some drama or clusterfook that other developers don't have to that extent, and comes across like they want the excuse to pull the plug.
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Old July 23rd, 2019, 03:12 AM   #1254
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All that f*cking courtroom drama and bvllshit is gonna all be for nothing.
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Old July 23rd, 2019, 05:46 AM   #1255
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All that f*cking courtroom drama and bvllshit is gonna all be for nothing.
Well, the NIMBY group got to spend a shitload of disposable cash on it, suffer stress, anguish, and premature aging/death. The lawyers got to buy a few new cars I reckon.
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Old July 23rd, 2019, 06:55 AM   #1256
mspguy
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Quote:
Originally Posted by Bob Loblaw View Post
I will say that I got weekly emails from their marketing team and have not received one in a month.
Interesting.

Also, is it me or does the taller portion of the latest North Loop proposal look a lot like Alia? Could ESG be recycling the design because Alia may not be happening anymore? ESG has a habit of recycling designs when it's not used on other projects. They recycled the original Gateway tower design for the 12th Street Apartments proposal.




Last edited by mspguy; July 23rd, 2019 at 07:04 AM.
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Old July 23rd, 2019, 11:51 AM   #1257
John Nicollet Mall
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Quote:
Originally Posted by mspguy View Post
I like Alatus' projects on paper, but none of the major proposals seem to get off the ground.

Eleven just secured the largest financing deal in the state without any issues, while Alatus' PR is trying to spin that there is so much interest in their condos, yet here we are 2+ months later without a single update on the project. Makes you wonder if Alia will actually be happening any time soon.
I'm beginning to think Alia is becoming a bit stale, if not stalled, if not being put on hold, if not dead. The construction cost of the project has definitely ballooned over the last few years. They may be having difficulty with financing. Their competition of Eleven, TMBR, and 800 Washington were not even on the radar less than two years ago.

The 12th Street Apartments seem to be in a similar situation. For whatever reason (and not necessarily their fault), Alatus' timing for these projects is not very auspicious. Frequently in the right place at the wrong time.

Last edited by John Nicollet Mall; July 23rd, 2019 at 12:03 PM.
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Old July 23rd, 2019, 02:26 PM   #1258
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I reached out to Jessica Lux yesterday...….no reply, Not Good!
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Old July 23rd, 2019, 04:35 PM   #1259
mspguy
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Originally Posted by John Nicollet Mall View Post
I'm beginning to think Alia is becoming a bit stale, if not stalled, if not being put on hold, if not dead. The construction cost of the project has definitely ballooned over the last few years. They may be having difficulty with financing. Their competition of Eleven, TMBR, and 800 Washington were not even on the radar less than two years ago.

The 12th Street Apartments seem to be in a similar situation. For whatever reason (and not necessarily their fault), Alatus' timing for these projects is not very auspicious. Frequently in the right place at the wrong time.
I think you're right. Increased construction costs and greater competition have threatened this project moving forward.

I do blame Alatus for some of it, though. The courtroom drama was resolved over a year ago and they decided to back out of their financing deal at the last minute. The longer they wait, there will be increased competition in this market with all the new condo proposals that are regularly popping up.
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Last edited by mspguy; July 23rd, 2019 at 04:46 PM.
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Old July 23rd, 2019, 04:44 PM   #1260
mspguy
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As of 2-3 days ago, Alia's Instagram account has still been active. Maybe that's a good sign?

https://www.instagram.com/aliampls/
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