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MPLS: The Nicollet

NorthStar

By NorthStar
in The Twin Cities

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FSUViking9 Unincorporated Area

FSUViking9

Posted
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Your view on the North-Nic won't be so bad in a few years either. Carlyle, The Eclipse, the new library, and possibly the Opus tower on 5th there, by the LRT station.......

I also heard that either Circut City or Best Buy wants a store similar to Target's on the north end of the Mall.

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MrSmith Whistle-Stop

MrSmith

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I think the Nicollet developers did an awesome Job of designing a building to the proper scale and using the proper materials for the location. It is a great location. Like the Carlye, it will do well.

I am starting to believe, however, that the high rise market is a bit saturated. All the buildings with sales offices will get built... and perhaps a few more, but between apartment conversions the market seems a bit saturated.

(To the person who owns a River West unit --I think they are a good buy!)

I've heard several developers (including Michael Lander) say they would not want to be sitting on a loft type condo. Developers see that market as saturated and the market limited.

The Market for smaller condos seems strong. If I were going to buy a unit for an investment, however, I'd buy a brownstone/townhome type model. Having a front door and big patio is still pretty hard to find.

It seems to me that the best hedge against a bust market would be a combination of the following:

1. Good views

2. Lots of private outdoor space

3. Proximity to Nicollet mall, the river or NE

4. Spacious, contemporary -- yet traditional floorplans and features.

5. Two parking spots (if your unit is above 750 square feet)

thoughts?

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Taxman Crossroads

Taxman

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I don't quite follow what they are talking about when they refer to lofts being saturated - soft-lofts, hard-lofts, low rise? Realistically, most of the lofts are no different than the highrise units in Grant Park, etc.

I prefer:

historical/rehab buildings

Low-rise

Unique characteristics - exposed brick, High Ceilings, etc. Things they don't really build anymore.

Close to retail.

I think people pay too much for views that will eventually get obstructed.

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NorthStar Whistle-Stop

NorthStar

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It's official now. They bought the Scientology site and it will now be between 54 and 62 stories, and top out at around 624' feet or so and be the 5th tallest in the city.

<{POST_SNAPBACK}>

Actually, before the developers bought the Scientology site, the tower was set at 53-storeys and a height of 625'-4". Now that they have a deal with the Scientologists, the height might increase (taller floors), but there's no indication that there will be more floors added. There's an article about it in this week's Skyway News

Here's the model in the sales office:

FTarch0710a.l.jpg

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bluefansmc Unincorporated Area

bluefansmc

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The city approved the project today and construction will start this summer, in June.

It will have 50 floors of condos, and 6 floors of mechanical, etc.

<{POST_SNAPBACK}>

50 floors of condos?!!! Yay!!!! At the rate housing is being built downtown, I get the feeling that in a couple of years I'm going to be able to buy a condo or loft fairly cheap... :D

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sushisimo Whistle-Stop

sushisimo

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50 floors of condos?!!!  Yay!!!!  At the rate housing is being built downtown, I get the feeling that in a couple of years I'm going to be able to buy a condo or loft fairly cheap...  :D

<{POST_SNAPBACK}>

Yeah, like a 600k condo going for 500k, LOL! Whatta bargain. Or maybe there will be "Buy Two Condos, Get the Third Free!" deals.

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AvianKeahi Whistle-Stop

AvianKeahi

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have any of the units been sold yet? what can i get for 300k?

<{POST_SNAPBACK}>

There are over 200 people who have placed reservations so far. Each of them had to put up $1000 in earnest money. How many of these will translate into hard sales is unknown right now.

What you can get for 300k is still dependent on the final design since the costs will change. However, this tower ain't gonna be cheap. It will almost certainly be the highest cost per square foot residential building in the metro area.

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NorthStar Whistle-Stop

NorthStar

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Where in God's name did you hear that?

<{POST_SNAPBACK}>

I know someone who works for one of the local papers who claims there's been a lot of talk about it. Anyway, this shouldn't come as a surprise considering the developer has recently hinted at taller floor plans for the original tower, which was roughly 625ft. The following is from this week's Skyway News:

By having a bigger footprint at ground level, the Nicollet could rise higher than its 50 stories (54, according to the city's technical count, which includes architectural details at the top.) City zoning rules include something called a "floor-to-area" ratio that governs heights.

A public notice posted on the site says the development would be 62 floors. However, Fesler said The Nicollet developer Jeff McDonell told him that the floor count wouldn't change, but left open the possibility that some floors - and thus the building - would get taller.

http://www.skywaynews.net/articles/2005/07.../hot_dish03.txt

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sushisimo Whistle-Stop

sushisimo

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So, I understand the tower is going to have Valet parking?  Wouldn't that be a pain.  Everytime you want to run a quick errand you have to call someone to get your car.  I'd rather just have a regular heated ramp.

<{POST_SNAPBACK}>

I have a friend who bought at American Trio, and I think they have the valet thing, too. I agree, it would be a pain even though its sold as a "value added" feature.

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MrSmith Whistle-Stop

MrSmith

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I don't quite follow what they are talking about when they refer to lofts being saturated - soft-lofts, hard-lofts, low rise?  Realistically, most of the lofts are no different than the highrise units in Grant Park, etc.

I disagree...There is a HUGE difference in the level of finishes between traditional condos and lofts.

Grant Park Condos, for example, are completely sheetrocked, have 9 or 10 ft ceilings, have moldings around the windows and doors and either carpet or hardwood floors. In addition, all mechanicals and duct work is hidden behind the walls. They are built with finishes similar to those found in a house.

Hard -Loft type condos such as the 801 lofts or Sexton have concrete floors, exposed duct woork, exposed brick, 12-20 ft ceilings, metal stair railings and other industrial type finishes.

Soft lofts are generrally the same as hard lofts except they are new construction instead of rehab --so they are often lacking the brick walls and other characteristics of the rehabs.

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Taxman Crossroads

Taxman

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My question was what is over-saturated? - hard v. soft lofts or Low rise v. high rise, both etc.

Lindsay lofts, Rock Island (the Shamrock stuff which is a lot of the soft-loft stuff) is not really much different from Grant Park (where my bro lives) its the same kitchen and wood floors, bedrooms as opposed to open floor plans, sheet rock, trim around doors, except for the exposed ductwork (which is actually more expensive then the flexible stuff in Grant Park).

I lived in 801 lofts and they (hard lofts) are different but there really aren't a whole ton of them anyways.

I guess I see most soft lofts as regular condos with exposed ductwork. The cielings are usually only 9-11 ft. They generally aren't industrial, etc.

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