A brand-new residential project under construction in the North Loop has made the switch from apartments to condos.
Yes, you did in fact read that correctly. There are condos available in the North Loop.
Sable is a nine-story residential building currently under construction at 728 North Third Street. The project is being developed by United Properties and Greco and is a part of United Properties larger development, The Nordic.
When Sable opens next month (June 2019) there will be 57 condo units located within the building, 70% of which have already been reserved.
A DIFFERENT TYPE OF CONDO
Sable is different than other condo properties not just because it’s an absolutely stunning building (shout out to BKV Group for their design work), but also because of the types of condos the building includes.
What makes these units so different? The condo units at Sable are geared towards buyers who have the option to use them for short-term rentals in addition to living there.
What does that actually mean? While you’d own the condo, you’d have the ability to decide to call the place home or to rent it out. That’s something that typically other condo properties don’t offer which makes buying a condo such a commitment. At Sable you can not only have a stunning place to live and own but you also have a chance to make an income.
When it comes to renting out your unit, owners at Sable will be able to do so on platforms like Airbnb and VRBO. MINNeSTAY, a Minnesota based company that manages vacation properties, will manage Sable once complete.
SO, WHY THE SWITCH?
When Sable was announced by United Properties and Greco last year the building was planned to include 57 luxury apartment units. Just recently the co-developers decided to make a somewhat major change, switching the units from apartments to condos.
What prompted the change? The slight softening of the rental market.
There are a ton of apartments coming online (we’re talking thousands) not only this year but over the next few years. What are there far less of coming online? Condos. While there are a few condo projects in the works such as Alia and ELEVEN (those two projects ALONE will bring nearly 700 new condos to the city), the city is seeing mostly, if not almost entirely, apartments being built.
The North Loop, one of the city’s most trendiest and affluent neighborhoods, isn’t any exception to the apartment trend. In the last few years a number of apartment buildings have been constructed in the area including Variant, The Paxon, Third North and more. The problem with that is that there are many individuals who live in the North Loop would truly rather own than rent if possible.
With that being said, while evaluating what the future might include for Sable United Properties and Greco decided that it would make more sense for them to sell the units they were developing rather than renting them.
Units within Sable will range in price from $250,000 to $975,000.
The lower end of that price spectrum will get you a studio or alcove with around 450 or more square feet of space. One-bedroom units with around 650 square feet of space will be available from the upper $300,000s. The largest units within the building will go for the upper end of the price spectrum. Those units include a two level one-bedroom penthouse along with a large two-bedroom, two and a half bath penthouse that includes a large living room, gourmet kitchen, a private outdoor balcony and absolutely stunning views of the skyline. You can view the 11 different unit layout options at Sable here.
Amenities for those who decide to call Sable home will include a ground floor private member’s lounge and a fitness center. The building will also have a large outdoor rooftop area that will include fireplaces, an outdoor kitchen area, lounge areas and of course those stunning views of Downtown Minneapolis.
Last but not least, when it comes to parking at Sable it couldn’t get more convenient. Being some of the units within the building wrap around the adjacent parking garage some owners will actually be able to park on the same floor of their unit. That makes unloading that car filled with groceries a whole lot easier.
HOW TO SECURE A UNIT AT SABLE?
With all this conversation on this amazing condo opportunity within the North Loop you’re probably wondering how in the world you can secure one of the units at Sable.
As we mentioned above, there are 57 units in total within the project and nearly 70 percent of them have already been reserved. But that’s not 100%, is it?
So, here’s how you can get your hands on a unit at Sable.
First, visit their website here to learn more. Then, contact Joe Grunnet of Downtown Resource Group (DRG) who is responsible for selling the units at Sable. He’s there to answer any and all of the questions you might have about securing one of the truly unique condos at Sable.