| We've watched as out-of-town developers planted their flag in Chicago and the Midwest. So it's nice to see home-grown Magellan Development Group (which helped transform Chicago’s Millennium Park area into a residential neighborhood) assert itself. It broke ground Monday on a $100M apartment tower in downtown Minneapolis. And it's just the beginning. | ||
| Magellan started construction Monday on the 354-unit luxury tower in Minneapolis’ Loring Park neighborhood, slated for occupancy in summer ’14. (To be clear, other high-rises have been built downtown, so this isn't a pioneering move.) Magellan co-CEO Jim Loewenberg (above) tells us the company hopes to expand elsewhere in the urban Midwest; places like Kansas City, Nashville, and St. Louis. While Magellan will continue to work here (it's planning a $150M multifamily high-rise at Wolf Point), Jim says there is a limit to how much can be built in Chicago. To him, Minneapolis was a logical first step in this new growth trajectory. Magellan got to know the area in ’05 when it considered a condo development there. | ||
| Source: Crystal CG | ||
| The 36-story tower at 1369 Spruce Place is one block from the famed Minneapolis skywalk. The design by Loewenberg Architects (Jim is a busy guy) features a boat-shaped building with a curved glass curtain wall exterior and condo-quality interior finishes like granite countertops. Jim estimates that a two-bedroom will go for about $2,500/month, or 18% less than a similar apartment in downtown Chicago. Magellan will seek LEED Silver. The building is financed by BMO Harris Bank, INDURE Fund managed by National Real Estate Advisors, RBS and ULLICO. | ||
| Source: Crystal CG | ||
| On Chicago's North Side, Jim’s team is planning a 500-apartment tower at Wolf Point, being developed with the Kennedy family and Hines. He expects the team to present a proposal to the city council next month. Also, Magellan will open the 519-apartment Coast at Lakeshore East(345 E Wacker Dr) in February. It’s planning two more towers for the complex, which is 97% occupied and has no plans to lower rents. |
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