Greystar starts Bennett East project

Featured, Real Estate — By on June 26, 2012 10:24 pm

Site demolition and early construction activity started at the Bennett East site, the eastern of three blocks once owned by the Bennett Lumber Company. The site, located on the north side of the Midtown Greenway between Colfax Avenue and Dupont Avenue in Uptown Minneapolis, will be home to a new six-story apartment building with approximately 220 units. As previously reported, Greystar bought the entitled site from Jim Gearen of Zeller Realty who had picked it up after Bennett left the site.

Bennett Lumber Site - East parcel

Construction began on a new apartment building located between Colfax and Dupont on the north side of the Midtown Greenway in Uptown Minneapolis, on what is commonly referred to as the Bennett Lumber Site - East parcel. Photo from 6/26/12.

This construction start falls on the heels of Track 29 starting construction on a 200+ unit apartment project just a block east. That makes over 400 units starting construction in June.

I’m sure you may be asking (like everyone else, it seems) that the apartment market can’t be that strong, can it? Well Flux (just three blocks west) managed to fill 99% of its 216 units and they’ve been open for six months and were still finishing up construction during much of that time.

And there are more units on the way, as Greco Development is hoping to get a project started at 2900 Lyndale this summer. Clark Gassen hopes to knock down Cowboy Slims and replace it with an apartment/retail building, and that was last projected for late summer last I heard.  That could mean about 700 new units in 2013. (And Greystar hopes to eventually build another 400+ units on their other two parcels.)

 

Thatcher Imboden

How cities work and change, how they are the product of their inhabitants and outside forces, and the resulting livability keep me thinking and dreaming about the future. I work in transit oriented development and have a background in urban real estate development. I am Past President of an Uptown business organization, grew up in Uptown, was on an Uptown neighborhood association Board, and am an Uptown and Lyn-Lake historian.

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3 Comments

  1. anon says:

    Between how quickly apartments are filling, and the rent increases you’re seeing in uptown (anecdotally., my rent’s gone up about 10% over the past few years, and most renters I know in uptown have had substantial rent increases this year), there’s plenty of room in the rental market, especially in uptown, for a lot more supply.

  2. Joew says:

    The Minneapolis rental market is no where near saturated yet, we have one of the lowest vacancy rates in the country, low enough to expect many more apartment projects in the coming year.

  3. There is certainly a market for more units. This looks like a decent project and should be a good addition to Uptown.

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