Why You Should Move to Downtown Minneapolis
Construction projects in North Loop, Mill District, and the Downtown East neighborhoods of Minneapolis are expected to generate housing that will make it a magnet for new residents. If you are considering moving to Minneapolis, these immense projects are going to make the city the ideal place to live.
By 2040, Minneapolis officials hope to see the city reach 500,000 residents. By the year 2025, their goal is to have increased the downtown population to at least 70,000. In order to reach this goal, building permits to accommodate future residents will need to be approved.
Minneapolis Director of Transit Development David Frank says that since July, there has been 17 proposed building plans for multifamily residential projects, each with an estimated cost of over $1 million. However, the exact floor plans have not been drafted out yet, a topic which will take more discussions and planning.
As of now, a mixed-use development project by Ryan Companies in under construction in Downtown East. The project has a price tag of $400 million and is the largest real estate project the city has seen in two decades. The five-block project will bring two 18-story office towers for Wells Fargo, a six-level parking ramp, 24,000 square-feet of retail space, 193 apartments, and a four-acre urban park.
The Downtown East construction project is being built in order to neighbor the $1 billion Minnesota Vikings stadium that is being called “a concrete oasis” by Governor Mark Dayton.
All of the construction has either helped or hindered the current residents of the city, forcing some to consider moving out. However, others welcome the redevelopment saying that it will finally make downtown Minneapolis a place that is exciting and fun to visit.
Mayor Betsy Hodges promotes the turnout and explains, “It’s a 21st-century resurgence, as people reimagine downtown living. They rediscover the value of living in a city and what advantages that it brings in terms of recreation, employment, opportunities to live without a car, and be around other people.” Hodges’ idea supports the recent trends that indicate more and more people are relocating to major cities very year in order to gain economic security and live closer to basically everything, cutting daily commute costs drastically.
Back in February, Star Tribune Media Company sold five city blocks to Ryan Companies and the Minnesota Sports Facilities Authority, causing them to relocate.
Vice President for development Rick Collins, said that it took 18 months of “intense” negotiations, a four-day “Diet-Coke infused stretch” involving 30 conference calls, 10 law firms, and 59 documents that ended with the closing of the Star Tribune property.
Michael Langley, chief executive of the Minneapolis St. Paul Regional Economic Development Partnership said that the construction efforts and goals will allow Minneapolis a “do-over” and that they are proud to announce that the city will be hosting the 2018 Super Bowl.