JLL’s Chart of the Week:
Who will build the next office development in the North Loop?
Of all the speculative development occurring in the Minneapolis CBD, 4 out of 4 projects are occurring outside the traditional downtown zone. And unlike the skyscrapers that dot Nicollet Mall, these new projects range from 3 to 7 stories tall, reflecting the shifting demands of office tenants. Increasingly, unique customizable space is trumping the standard offerings found in steel and glass high-rise buildings.
This fall, T3 was the first speculative office development to deliver in Minneapolis since the Recession. What will break ground next? United Properties, Schafer Richardson, Hines, Swervo and CPM Cos. all have proposed developments in the North Loop. The Duffey Paper site at 528 Washington Ave N is also on the docket for redevelopment. Although a developer has not yet been named, the property has been vacant since Duffey Paper was acquired in early 2016. The site is actually comprised of three historic warehouses on 1.3 acres in one of the most attractive North Loop locations along Washington Avenue.
Due to rising demand, it’s only a matter of time until a proposal lands a cornerstone tenant and construction begins again.
Click to download JLL’s Chart of the Week: October 31, 2016