The North Loop Condo Market

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.

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