Minneapolis building projects top $1 billion for first time since 2000

Minneapolis is in the midst of a building boom and for the first time since 2000, more than $1 billion of construction projects have been approved in Minneapolis, based on the value of building permits issued for the year – an increase of nearly $500 million since 2010. To date, 12,161 building permits have been issued in Minneapolis.

In 2012, Minneapolis has also issued permits for more housing units than any time during the condo boom years of the last decade. Through Nov. 27, the City has issued building permits for 3,530 new housing units (single or multifamily), compared to the previous high of 2,732 units in 2004. As a comparison, there were 972 units permitted in 2011 and 1,048 units permitted in 2010.

The new housing units permitted so far in 2012 include 2,888 apartment units in 22 new buildings plus 562 units added through building conversions and additions to existing buildings. Building permits were also issued to 74 new single family homes, four townhouses and one new duplex.

Total valuation of building permits in Minneapolis since 2000:

2000: $1.142 billion
2001: $975.8 million
2002: $889.2 million
2003: $852.2 million
2004: $944.7 million
2005: $855.2 million
2006: $839.6 million
2007: $761.3 million
2008: $772.5 million
2009: $778 million
2010: $547.6 million
2011: $752.8 million
2012: $1.005 billion (as of 11/25/12)

Top five construction projects in Minneapolis by building permit valuation in 2012:

  1. Loring Park Apartments, 1369 Spruce Pl., $73.1 million

  2. Whole Foods and 222 Hennepin Apartments, 222 Hennepin Ave., $45.2 million

  3. Orchestra Hall addition, 1100 Marquette Ave., $39.5 million

  4. Soo Line Apartments, 101 5th St. S., $30.1 million

  5. Children’s Hospital/Abbott Northwestern, 902 E. 26th St, $29.1 million

The City’s website has a list and map of major city-wide development projects and major development projects in downtown Minneapolis.  

Published Dec 3, 2012