New hi-rise condo development planned for the Mill District
Developer Jim Stanton has another project in the works according to Sam Black of the MSPBJ. It was reported that plans are now officially in the works for a 15 story condo development that could include up to 400 hundred units and even possibly reach higher than 15 stories.
The site for the development is in the process of being acquired by Shamrock Development Inc which is owned by Jim Stanton and will be responsible for the project. They are not new players by any means to developing condos within the city of Minneapolis.
Last year Shamrock Development completed the neighboring StoneBridge Lofts condo project which is almost entirely sold out just a year after construction finished. Shamrock Development also will begin construction within the next few weeks on a 17 story condominium project called "The Portland" (check out the PROJECT PAGE here) in Downtown West and also has plans for a 20 story two phase project on Hennepin Avenue next to the Nicollet Hotel block.
Currently the site at 121 12th Avenue South is home to Riversource Life Insurance Co. That site will be purchased for $8 million and the building will be demolished in order to make way for the new project. The project would be constructed in two phases if all is approved and has the potential to reach even higher than 15 stories in height. It makes sense that the development would occur in phases when you figure out it is over three times the size of the Shamrock Development's StoneBridge Lofts condo project next door.
Depending on when plans are submitted and ultimately approved by the city, construction could begin as soon as Fall 2015 with an occupancy as early as Fall 2016.