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For more than 32 years, Steve Minn has owned and developed property in the metro with his wife, Lucy Brown, while enjoying a parallel career as a public servant.
Ed MorrisseyPosted at 1:27 pm on December 17, 2020
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Elections and unrest have consequences. Why should investors put capital into rebuilding Minneapolis when its city council won’t put resources in place to keep the peace? With violent crime exploding in the Twin Cities, the prospects of recovery would normally be slow anyway. However, the council’s efforts to abolish the city’s police department has investors looking for greener pastures, all but ensuring decline in the short run, as the Washington Examiner reports:
Since violent unrest broke out over the summer, local developer Kelly Doran said he estimates around 10% to 20% vacancies in downtown apartment buildings that had just 2% to 3% vacancies in the last five years. Newer, modern buildings in the downtown area are also at 20% vacancy rates.