Minneapolis building projects top $1 billion one month sooner than 2012

On Monday, October 28, the City of Minneapolis surpassed the $1 billion mark in construction projects for 2013.  This is the second year in a row Minneapolis has had more than $1 billion in construction projects approved since 2000 based on the value of building permits issued for the year. The milestone was reached a month earlier than 2012 with 10,371 building permits issued to date for new buildings, additions and remodels, and miscellaneous work with the valuation of $1.002 billion.

The construction boom continues for housing as well with permits issued for 2,880 housing units to date and plans for 3,500-4,000 total units by year end based on plans that have been or will be submitted in the near future.  In 2012, the housing until total was 3,917 units.

Following is the 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: $1.118 billion
2013: $1.002 billion (as of 10-31-13)

Below is the list of the top five 2013 construction projects in Minneapolis by building permit valuation.  The A Mill project is a remodel of an existing property and the other four are new buildings.

  1. A Mill Apartment Building Complex located at 315 Main St SE valued at $68,104,757.
  2. 26 Story Apartment Building located at 465 Nicollet Mall valued at $68,060,970.
  3. UTEC Apartment Building Complex located at 1313 5th St SE valued at 59,944,761.
  4. Stonebridge Condominium located at 1102 2nd St S valued at $48,398,889.
  5. Six-Story Apartment Building located at 2828 Dupont Ave S valued at $36,084,887.

The City expects to not only surpass the 2012 construction valuation total sometime in November or early December 2013, but to set a new building projects record by surpassing the 2000 permit valuation total. 

Published Oct 31, 2013