MINNEAPOLIS—Luxury apartment markets are booming in cities across the US, but so far, new condo developments have been comparatively rare. Minneapolis, however, which has one of the nation's most vibrant economies, is about to get a major new residential condominium project. Officials from San Francisco-based PCCP, LLC say they have provided a $130 million senior loan for a 374‐unit project called The Legacy on behalf of its owners, a joint venture between Provident Real Estate Ventures and Shamrock Properties, Inc.
Located at 1240 S. 2nd St. in the downtown Mill District, the project will consist of an eight‐story podium with a 14‐story and a 17‐story tower, and three levels of subterranean parking.
“There is strong demand for new condos downtown,” Brendan Shanahan of PCCP tells GlobeSt.com. But so far, developers have not been overly eager to launch new condo projects. “This project would not have been as attractive if we saw a lot of competition.”
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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.
