I was a little surprised to hear that Shamrock Development is considering breaking ground on a new 169 Unit condominium building in downtown Minneapolis. The condominium market was the first to hit trouble as the bubble burst, it was short lived focus in the news as the sub-prime quickly took over the spotlight. The condo market has managed to sell off the surplus inventory and now it looks like the market may be ready for new units to hit the market.
Shamrock Development’s long-delayed condo project near Gold Medal Park could break ground as soon as this fall, making it the first new condo development in Minneapolis for several years. The project is planned for two parcels of land near the park, the riverfront and I-35W, 110 and 124 12th Ave. S. According to Shamrock Development’s Jim Stanton, the project calls for 169 total units with a mix of one-plus-den, two-bedroom and three-bedroom units. The plan also includes 319 units of parking, a swimming pool, a playground and a dog park. Read Full Article from Southwest Journal
After checking the MLS stats on monthly absorption rate, I was a little surprised to see how quickly that market had come back. Below shows us there is only a 3.2 month supply of condominiums in Central Minneapolis. As the developer states in the article, they are experiencing strong demand – which gives them far more insight into the market dynamics than this kind of data can provide us. I am excited to see that there is new development beginning to take place.