$100M+ apartment plan proposed for Loring Park area

Friday, August 19, 2011

Herb Tousley, director of the Shenehon Center for Real Estate at the University of St. Thomas, said the large-scale, high-end project is ambitious.

“I know that that high-rise concrete construction is expensive. You need to get some pretty husky rents to make that work,” Tousley said.

Tousley noted that while the vacancy rate is low in the local apartment market, it’s not known how that will change as new buildings are completed and open to residents.

“I don’t think there’s anything else quite like it in town. Nothing like that’s been done for a long, long time,” Tousley said. “They would definitely be blazing new ground.”

Read more: http://finance-commerce.com/2011/08/chicago-developer-proposes-100-million-minneapolis-apartment-tower/

Originally published: 08/19/2011, Finance and Commerce