Search
 

Urban Planning and Shifting Demographics Drives Surge in Twin Cities Downtown Housing

MINNEAPOLIS- Urban planners see downtown condos as a way to fight sprawl and traffic snarls. Permits to build multi-family housing in the Twin Cities have soared to 1,038 last year, up from just 60 ten years ago.

By Jim McCartney | Updated on October 29, 2000

MINNEAPOLIS-There seems to be several factors behind the fact thatone of the fastest growing sectors in residentialdevelopment in the Twin Cities is the downtownhigh-rise or townhome development.Urban planners who have become adept at schemes tounsnarl traffic jams and redevelop the inner city anda rise in households with no kids and big incomes.

First, the facts: Twin Cities permits taken out tobuild urban multi-family housing projects haveskyrocketed to 1,038 last year, up from a mere 60 in1991, according to the National Multi Housing Council.Prices in the once-dormant downtown condo market havedoubled in the last few years, and demand isoutstripping supply, say local brokers.

If the aging Baby Boomer has anything to do with it,the U.S. could be in the early phase of what could bea very long boom in downtown housing. The key marketfor the downtown condo is the empty nester from 45 to64 years old. They don’t have to worry about schools.They want convenience and fun, not long commutes andyard work. They have money. But most importantly, theyare the fastest growing segment of the U.S.population.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.