Transitioning to the post-pandemic world is bringing both challenges and opportunities for apartment developers in the metro area.
During a Wednesday event, development leaders from Doran Cos., Schafer Richardson and Sherman Associates discussed pandemic-influenced project alterations and new tenant expectations, along with inclusionary zoning’s impact on housing stock. NAIOP Minnesota, also known as the Commercial Real Estate Development Association, held the virtual and in-person event.
“We still have big issues to resolve in the Twin Cities and specifically in Minneapolis with public safety, with inclusion, with equity,” Chris Sherman, president of Sherman Associates, said during the event. “The spotlight’s on us, and I think there’s a lot of people that want to make those changes and be the leaders to do those changes.”
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Sherman Associates has broken ground on a 10-story 222-unit apartment building next door to Thrivent Financial s downtown Minneapolis headquarters.
Thrivent sold the land to Sherman s Moment Minneapolis unit earlier this month for $3 million, according to the Minnesota Department of Revenue s electronic real estate listing.
Sherman broke ground Wednesday on the $80 million project, at the corner of 7th Street S. and Portland Avenue.
Designed by ESG Architects, the apartment building s first floor will house a day care center. The second floor will be leased by Firefighters for Healing, a transitional recovery center for burn victims and their families. The rest of the building will become apartment units.
Here’s what industry professionals are saying about the Twin Cities apartment market
Image via Creative Commons 1.0/Groveland Media
A year after the pandemic led to widespread closures and a seismic shift in the workplace, we’ve reached out to local Twin Cities real estate industry professionals to highlight some of the key themes from this past year, as well as a look ahead at what’s in store for the coming months. Despite the hardship many faced in 2020, the outlook remains optimistic for the next couple of years as vaccinations increase and cities begin to slowly, but surely, open back up for business.