First, the facts: Twin Cities permits taken out tobuild urban multifamily 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 US 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 USpopulation.

"People want to be near the action--and more andmore people are complaining about drive times," saysJim Seabold, a real estate broker who representsseveral projects in Downtown St. Paul."What used to take me 15 minutes now takes me 30, andit's getting worse."If the demand for Downtown condos is going up, then sohas the supply, due in part to urban planners who arebattling urban decay and suburban sprawl.Many cities, including Minneapolis and St. Paul, havespent millions of dollars to clean up their Downtownsand stock them full of sporting arenas, theaters,museums, riverfront parks and fancy restaurants. Somevisitors conclude that if Downtowns are a great placeto visit, why not just stay.