New suburban flight: Apartments take off

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: April 27, 2012 - 9:42 AM

A rental-housing construction boom in the core cities is migrating to the suburbs, but location is crucial.

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eljayeffApr. 27, 12 1:35 AM

Two years ago, the owners of several apartment buildings in Brooklyn Park tried to get the City, County to pay to tear down apartment building because of the high population density in the area. Now this guy wants us to praise his plan. Sounds a lot like the new stadium plan to me.

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mcjoe1Apr. 27, 12 4:47 AM

Apartments can be such a mixed bag. Sure they're always great when they're brand new. Give them 30 years of underinvestment and then you have a potential source of crime and regional property value depression.

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furguson11Apr. 27, 12 6:51 AM

People need someplace to live. The mega complexes are a problem though.

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mnmonkeyboyApr. 27, 12 7:24 AM

At least apartments are run by corporations that tend to care for them. It is the rental of houses that is a real problem. Absentee landlords that are not professionals generally let their properties go into disrepair. All you have to do is look at north Minneapolis...almost all the property owners live in the suburbs.

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ezekial2517Apr. 27, 12 8:01 AM

There is a great demand for affordable apartments. And I don't mean "low income" apartments I mean apartments that are actually in the price range of average folks (like me) and not just high income folks. It seems like the bulk of apartments going up over the past few years are "luxury" AKA waaaay out of the price range for most of us.

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greatg90Apr. 27, 12 8:34 AM

I don't think that too many people will be able to afford a 1000 square foot apartment (fairly small) for $1700 to $1900 per month. Will that include utilities / other amenities? Do people really pay that kind of money to rent? I must be getting old!

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teddygApr. 27, 12 9:42 AM

Flight to the 'burbs will only increase as Minneapolis taxes & builder fees go up to pay for the stadium, Target Ctr renovations, light rail.

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liberaleliteApr. 27, 12 1:47 PM

New luxury rentals open space for non-luxury renters. It creates more total rentals and there's obviously mobility in the market due to new entrants in the luxury supply which in turn frees up other units.

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member11Apr. 27, 12 2:17 PM

Wish I had some money invested in this development, it's a guaranteed money maker. No wonder this guy has such a big smile on his face. Agree that we need more decent apartment housing in the $800-1000 per month range though.

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swatisedApr. 27, 12 2:56 PM

Once the urban density gets up there... the light rail will look like a darn good idea. As these high-density units go up ... morning and afternoon traffic is going to come to a standstill. We can't afford to build roads or buy right of way now... in 10 years... fugedaboutit .. take the bus.

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