Characterized by some of the city’s best dining, largest park, and award-winning theatres, the Mill District has become a staple for city-goers looking to pick up a condo downtown. Falling in the northeastern most corner of downtown Minneapolis, the Mill District is also home to some of the priciest condos downtown. But it wasn’t always this way.
Once the epicenter of flour production for the state, the Mill District functioned as an industrial hub until the ’60s and ’70s. After that, the area fell into disrepair. Using the Mill District Master Plan, developers began to turn dilapidated warehouses into condos in the early 2000s. Sales were strong, yet prices didn’t soar until after the crash of 2008.
From 2008 on, the condos in the Mill District have skyrocketed in value. Converted warehouses, directly overlooking the river, command the highest prices – Whitney Landmark Residences, North Star Lofts, Stone Arch Lofts, Washburn Lofts, and Humboldt Lofts. Additionally, developers delivered three new buildings – Bridgewater Lofts, Stonebridge Lofts, and Legacy Condos – to help satisfy the desire for new construction condos.
However, more reasonably priced options can be found in the Mill District as well. Places such as RiverWest, Park Avenue Lofts, and Metropolitan Lofts offer buyers solid options for under $500,000. Outside of these buildings, a buyer can reasonably expect to pay $300-$500 per square foot. Additionally, competition will be present as most options sell in under 45 days.
Zach Kirchoff lives downtown, offices downtown, and focuses his efforts on helping clients buy and sell downtown condos. To connect with Zach, or request a real estate market update, he can be reached at 651.587.3942 or Zach.Kirchoff@LakesMN.com.