If you’ve been paying any attention to the Minneapolis real estate market lately, chances are you’ve seen how hot many segments of the market have been over the last 12 to 18 months. The housing downturn that swept the nation back in 2008 and continued through much of 2010 now feels like a distant memory, which of course is a good thing, but with somewhat of a shortage of condos in and around downtown Minneapolis, having the extra inventory of units inside a number of projects that never quite got off the ground would certainly go a long way for many young home buyers just trying to enter the marketplace for the very first time.
Believe it or not, condos in downtown Minneapolis were absolutely on fire about a decade ago and couldn’t be built fast enough. But as you might remember, even with demand through the roof, a number of very prominent condo developments never came to fruition thanks to the recession that ensued, starting with these three projects:
One of the larger condo towers that was never built in Minneapolis is the Nicollet. Proposed back in 2004, The Nicollet would’ve stood 50 stories high and housed 300 individual condo residences at its planned site at Nicollet Mall and 10th Street South. Today, the site is now home to Target Plaza Commons, which opened back in 2012.
Most long-time Minneapolis residents should recognize this one. Construction for The Reserve actually got under way, however, after the project was inevitably stalled, it sat vacant for almost 10 years. Today, the project is now completely finished, however its now known as the Paxon and instead houses 140 apartments, which just debuted last year.
Two Twenty Two
Two Twenty Two was a mega development that was proposed that would’ve cost $180 million to build. The 33-story tower would’ve included 290 condos and a Whole Foods grocery store and possible a Best Buy on the ground floor. Today, 222 Hennepin occupies the site, which is a 286-unit apartment development. And lucky for its current residents, the Whole Foods was also included.