East Town sits to the southeast of the Minneapolis CBD Core and hugs the Mississippi River. Despite being surrounded by districts and architecture dating back to the 1800s, East Town is becoming more known for its recent development and public green spaces.
Working in East Town
The recent wave of investment in the area was catalyzed by the construction of the U.S. Bank Stadium and Wells Fargo’s 1.1 million square foot build-to-suit towers. East Town is also home to Hennepin County Medical Center (HCMC), a premier medical facility that just underwent a $225 million expansion.
In addition, two prominent construction companies invested in new East Town headquarters in 2017. Ryan Companies’ headquarters is now located in The Millwright, taking up 65,000 square feet of the 174,000 square foot creative office structure. Kraus-Anderson also grew their home in East Town calling it the Kraus-Anderson Block, which will include a 17-story apartment building, an eight-story hotel, and a destination microbrewery for Finnegans.
These two companies are not the only ones located in this growing submarket. Below is the map of the largest companies within six blocks of the light rail station of US Bank Stadium.
Living in East Town
Many new buildings and historic conversions are multifamily development, primarily attracting high-earning downtown workers. Here are just a few driving factors:
- Nearly half (45%) of residents in East Town are definitive Millennials, falling between the ages of 18-34.
- Population rate is expected to grow an additional 7% over the next five years, with approximately 12,500 residents by 2022.
- Easy access to mass transit
Light Rail stations also sparked initial interest in the area, offering transit that connects East Town to the St. Paul CBD via both banks of the University of Minnesota campus, as well as to MSP International Airport.
A few other fun facts about residents of this submarket:
- The majority (51%) of East Town residents have at least a Bachelor’s degree – this is remarkably higher than the national average of 33 percent of adults
- The current median home value in East Town is $340,000. That value is expected to increase by 18 percent to just over $401,000 in 2022
Playing in East Town
East Town is also quickly becoming Minneapolis’ top destinations for evening and weekend recreation.
One thing that comes with the big game is a star-studded lineup of music. The newly refurbished Armory has always been an architectural attraction in East Town, but now for the first time, it will be a major music venue. With its prime location near U.S. Bank Stadium and the ability to hold 8,400 people, this venue will host numerous concerts leading up to the game. And even after the game, it will continue to be a big player in Minneapolis’ music scene.
Fun fact: The Armory was the filming location for the Aerosmith video “I Don’t Want to Miss a Thing”
A few other noteworthy East Town destinations include:
- The Mill City Farmers Market, which is open year-round
- Guthrie Theater, known internationally for its productions and its Jean Nouvel architecture
- The Commons, a 4.2-acre public space in the middle of East Town that opened in early 2017 – the park holds free concerts, markets, etc… also year-round
- The iconic Stone Arch Bridge, that crosses over the Mississippi River