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Old 09-14-2013, 07:00 AM
 
Location: Bel Air, California
23,766 posts, read 29,361,606 times
Reputation: 37337

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The Twin Cities leads the nation in construction of new retail projects, according to a national report released this week by Colliers International.No, it’s not the expansion of the Mall of America in Bloomington that pushed the area off the charts. It’s largely a $100 million outlet mall under construction in Eagan — just a short hop away from the nation’s biggest shopping mall....

...But beyond the outlet mega-project, Colliers Senior Associate Sara Martin says square footage surged locally in part because of the apartment boom here, whether it’s upscale digs targeting millennials and baby boomers, or student housing. “Many of the cities are requiring a retail component on these projects,” she said...

...
In the U.S. markets tracked by Colliers, only 719,814 square feet of new shopping center space was built in the second quarter of 2013, although another 7.3 million square feet is under construction. The Twin Cities leads the nation with 1.2 million square feet under construction and 85,036 square feet delivered in the first half of 2013, the report said.

http://www.startribune.com/business/223391101.html
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Old 09-14-2013, 09:18 AM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,275,529 times
Reputation: 4412
It's weird that we're first, but it's probably because we're the only city currently building another mall this quarter, which is not very surprising that other cities aren't building more retail right now. It'd be MORE interesting if the TC's led retail construction quarter after quarter after quarter. It'll probably be #1 again when the MOA officially begins its massive Phase II expansion!
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Old 09-18-2013, 07:23 PM
 
Location: Saint Paul, MN
280 posts, read 476,088 times
Reputation: 251
More shopping. Yay. Hey, if it creates local jobs and commerce, I guess I am all for it...
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Old 09-18-2013, 09:18 PM
 
1,258 posts, read 2,470,145 times
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Sorry but how are millenials - the cohort most affected by the recession - able to afford upscale apartments?
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Old 10-01-2013, 09:52 PM
 
Location: Salinas, CA
15,408 posts, read 6,269,719 times
Reputation: 8435
Quote:
Originally Posted by pete6032 View Post
Sorry but how are millenials - the cohort most affected by the recession - able to afford upscale apartments?
Roommates...several roommates!! I would imagine most millenials are in the less upscale apartments, though.
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Old 09-19-2014, 02:23 PM
 
Location: M I N N E S O T A
14,773 posts, read 21,673,337 times
Reputation: 9268
East Metro is booming with construction... a Wal-Mart Supercenter just opened up in Cottage Grove, Cabelas just opened up in Woodbury.

Plus construction is underway in Woodbury for a new shopping area on Bailey Road
Woodbury Attracts Retail Center Bielenberg Gardens, Grocery Store Amid Boom In Metro Projects

I beleve another shopping area is going to be built by the old State Farm building but im not 100 percent sure.
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Old 09-19-2014, 07:07 PM
 
Location: Southwest MPls
191 posts, read 383,129 times
Reputation: 90
Quote:
Originally Posted by pete6032 View Post
Sorry but how are millenials - the cohort most affected by the recession - able to afford upscale apartments?
A 1 br in Uptown with basic amenities starts around $930. A studio luxury apartment is not that much more, starting around $1200.
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Old 09-27-2014, 03:40 PM
 
Location: Minneapolis
416 posts, read 565,796 times
Reputation: 687
Apartment/multi-unit construction is what is driving housing right now. Home sales nationwide have been stagnant.

Amazed at Minneapolis economic growth. But I hope we are not biting off more than we can chew. What goes up, must come down eventually.
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