minneapolis, condo

No No Nicollet in Minneapolis?

Even in 2006, when we first wrote about the Nicollet, a dramatic condo project planned for Minneapolis, we were a little skeptical. Now given the the current state of the housing market it's not such a big surprise to hear that the NIcollet might never come to pass. The Minneapolis-St. Paul Star Tribune reports that another development partner has bowed out of the Nicollet. Opus Northwest parted ways with Twin Cities developers Pratt Ordway Properties and Hunt Associates. The project has had a complicated history. The project was originally proposed in 2004. In 2005, Pratt and Hunt bought out the the 50 percent interest of Twin Cities architect Jeff McDonell and home builder Ron Johnson. in @006, they recruited HInes Interests to build the project, Hines then dropped out and was replaced by Opus. The condo units are no longer being marketed by Pratt says he is still hopeful that firm plans for the project will materialize within the next year.

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Tags: condo, condominium, minneapolis, minnesota, nicollet

Ivy Hotel and Residence

by Deidre Woollard (RSS feed) —

Filed under: Estates

In these days of real estate peril here's a tale on pretty smart investment. The Ivy Tower in Minneapolis was once to be destroyed, now it is part of luxury hotel and condo project. John Laux and his business partner Gary Benson bought the Ivy Tower for $400,000 in 2000 with an eye toward creating boutique-style offices. Later they changed plans, getting financing for the $100 million project in 2005. The original tower is now incorporated into two larger structures the Ivy Hotel +Residence, a 26-story tower for condo units and a 19-story building that along with the original 10-story tower, make up the hotel. The condo units were originally priced from around $250,000 to $2 million. The Ivy is now ready for completion and just five of the original 92 condominiums remain unsold. Some purchasers even bought two units to turn them into one larger space. The first condos will be ready next year and the hotel is to open late next month. The Ivy is part of Starwood Hotel and Resort's Luxury Collection and residents will have access to all hotel amenities.

[via Minneapolis Star Tribune]

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Tags: condo, condominium, ivy hotel, IvyHotel, minneapolis, minnesota

The Nicollet to Slice, Not Scrape

by Anton Friant (RSS feed) —

Filed under: Estates

While over-zealous condo developers backpedal a bit all around urban America, the forces behind The Nicollet are still confident that their ultra-modern "sky-slicer" will entice you deep pocketed hipsters to fork over $300k for a one-bedroom 700 sq. ft. mini-loft in downtown Minneapolis. The building certainly plans to succeed in said wooing, having already committed upscale restaurants and posh shops to its street-level real estate. And if you're after one of the building's signature "Summit" penthouses you'd better come with your thinking cap; the $3 mill+ price tags include a personal architect to help you customize your very own 6,000 ft floor plan.

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Tags: condo, loft, minneapolis, nicollet