Sunday, August 13, 2006

Who's going to buy all the new condos?

With 16 condo projects under construction and another 20 in the planning stages, the Minneapolis market is poised for a shakeout. In some slow-selling buildings, developers are bringing in new marketing teams to boost sales.
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Planners OK luxury apartments in old factory

City planners OK'd a request to rezone a century-old factory to build luxury apartments.

The former American Seating #2 factory, built in 1904, is now owned by Bob Israels. The building takes up an entire square block, bordered by 6th, 7th, Seward and Muskegon NW. His idea to revitalize his childhood neighborhood includes building luxury apartments on the second and third floors of the building.

Thursday, the city planners gave him the first of two approvals he'll need. His request now goes to the full City Commission for a final vote on September 12.

If his plans are allowed, Israels will put 26 units on the second floor and 13 more on the third floor. Those will be larger lofts and may also include indoor parking garages. Some of the apartments and lofts will be a "work at home" style between 2000 - 7900 square feet.Read More