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.
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.)