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.
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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.
