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.
Welcome to the North Loop – a neighborhood just north of Downtown Minneapolis comprised of converted warehouses, new construction projects, ultimate walkability, and some of the best dining and entertainment one can find. But it wasn’t always this way.
Before the 2000s, the North Loop, or “Warehouse District,” was just that – a district filled with old warehouses used for textile and equipment manufacturing. It was bleak, bland, and probably not the neighborhood you would want to walk at night. However, in the 1980s, the first condo project was completed. Itasca Lofts, a warehouse conversion just south of the Mississippi, started the revolution that has brought us to where we are today. But buyers were still wary. Is the neighborhood safe? Is there anything to do down there? Will the Warehouse District even turn into a neighborhood?
Jump ahead to the early 2000s, and the first new condo product was delivered to the North Loop. The developers named it RiverStation, stretched the development over multiple city blocks, and delivered a product the North Loop badly needed: new construction condos! Since then, more developments have gone up including Lindsay Lofts, Rock Island Lofts, 5th Ave Lofts, and Bookmen Stacks, to name a few. Further, more warehouses started to be converted to lofts that offered the “industrial feel” while delivering modern finishes and amenities. Now, those same buildings – 801 Washington, Bookmen Lofts, Harvester Lofts, and Security Warehouse Lofts – provide a cozy place to call home in the heart of the hottest neighborhood in Minnesota.
Today, the North Loop thrives. One can expect to pay anywhere between $300-$400 per square foot for a condo or loft space. However, plenty of competition can be expected. Since most North Loop condos are only on the market for a few weeks before being snatched up, buyers can expect to pay close to 100% of the list price.
Zach Kirchoff lives in the North Loop, offices in the North Loop, 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.