MINNEAPOLIS—The luxury apartment market in the Twin Cities' region is hitting new heights, and the Opus Group has taken advantage of the remarkable level of demand for space in the urban core by launching its largest Minneapolis project in some time.
As reported in GlobeSt.com, officials from the firm said this week that they were ready to launch a 30-story multifamily and retail development on the north end of Nicollet Mall in the heart of downtown Minneapolis. The company recently completed two major projects on adjacent blocks – The Nic on Fifth, a 26-story apartment tower, and Xcel Energy's headquarters at 401 Nicollet.
“What we're seeing is very strong job growth around the Twin Cities' metro area,” Matt Rauenhorst, vice president, real estate development, Opus Development Co., LLC, tells GlobeSt.com. In fact, the unemployment rate here just hit 3.5%, lower than any other major metro area except Denver, according to the US Bureau of Labor Statistics. And that growth has not just been in overall jobs numbers, but in earnings as well.
Furthermore, several key segments of population show a strong desire to live downtown, especially the Nicollet Mall neighborhood, due to the quick and easy access to the abundant shopping, transportation networks and the Skyway, the city's all-weather pedestrian footbridge system. The company has already seen a strong response among empty nesters, in addition to younger renters, at The Nic on Fifth, which opened in 2014. “There is a strong desire to go urban,” says Rauenhorst.
The goal that Opus has set for itself with this newest luxury apartment project is to “kick it up a notch,” when it comes to providing downtown residents with amenities. This project will have the full suite of amenities that residents enjoy at The Nic, but Rauenhorst says the company will put special effort into fully utilizing technology so residents can easily access package delivery services from Amazon, ride-sharing, and other transportation options.
Other downtown apartment projects of this scale will almost certainly get underway in the next few years. But the space needed is getting somewhat tight.
“The area covered by surface parking lots continues to decrease,” says Rauenhorst. This new Opus site is one of the last remaining surface parking lots that sits adjacent to a portion of the Skyway system. Still, some opportunities of this kind remain, and “this project is just another phase in Opus' effort to reshape the north end of Nicollet Mall.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
MINNEAPOLIS—The luxury apartment market in the Twin Cities' region is hitting new heights, and the Opus Group has taken advantage of the remarkable level of demand for space in the urban core by launching its largest Minneapolis project in some time.
As reported in GlobeSt.com, officials from the firm said this week that they were ready to launch a 30-story multifamily and retail development on the north end of Nicollet Mall in the heart of downtown Minneapolis. The company recently completed two major projects on adjacent blocks – The Nic on Fifth, a 26-story apartment tower, and
“What we're seeing is very strong job growth around the Twin Cities' metro area,” Matt Rauenhorst, vice president, real estate development, Opus Development Co., LLC, tells GlobeSt.com. In fact, the unemployment rate here just hit 3.5%, lower than any other major metro area except Denver, according to the US Bureau of Labor Statistics. And that growth has not just been in overall jobs numbers, but in earnings as well.
Furthermore, several key segments of population show a strong desire to live downtown, especially the Nicollet Mall neighborhood, due to the quick and easy access to the abundant shopping, transportation networks and the Skyway, the city's all-weather pedestrian footbridge system. The company has already seen a strong response among empty nesters, in addition to younger renters, at The Nic on Fifth, which opened in 2014. “There is a strong desire to go urban,” says Rauenhorst.
The goal that Opus has set for itself with this newest luxury apartment project is to “kick it up a notch,” when it comes to providing downtown residents with amenities. This project will have the full suite of amenities that residents enjoy at The Nic, but Rauenhorst says the company will put special effort into fully utilizing technology so residents can easily access package delivery services from Amazon, ride-sharing, and other transportation options.
Other downtown apartment projects of this scale will almost certainly get underway in the next few years. But the space needed is getting somewhat tight.
“The area covered by surface parking lots continues to decrease,” says Rauenhorst. This new Opus site is one of the last remaining surface parking lots that sits adjacent to a portion of the Skyway system. Still, some opportunities of this kind remain, and “this project is just another phase in Opus' effort to reshape the north end of Nicollet Mall.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
