Luxury apartments to rise 26 stories on Nicollet Mall

  • Article by: JANET MOORE , Star Tribune
  • Updated: November 19, 2012 - 8:27 PM

Nic on Fifth will be core city's first new high-rise rental in 30 years.

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erikj3Nov. 19, 12 8:49 PM

"Rental rates have not been determined"...wanna bet they won't be affordable to anyone other than the 1%?

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sharkysharkNov. 19, 12 9:03 PM

Developers are also involved in the Carlyle, really? What's the occupancy rate there?

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liberaleliteNov. 19, 12 9:08 PM

erikj3 seriously? Of course it will be luxury rentals, because people will pay a premium to live at 5th and Nic. And why is it a developer's job to build a rental complex that would command less rent than possible? And people moving out of other places into this place drives up supply at other more affordable locations, and an overall increase of rental supply lowers equilibrium prices even at lower price points. Affordable housing comes from two things: Allowing the marketplace to satisfy rental demand, and building an economy where people have good jobs.

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Wally_99Nov. 19, 12 9:19 PM

Socialists unite!!!!! Pack as many people into high rises as possible near downtown, and make sure they're on light rail routes!!!!! This type of thinking will surely bring the urban sprawl concept to its knees!!!

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m_oplandNov. 19, 12 9:26 PM

That two story building that is on the site was a McDonalds for years.

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mjcmspNov. 19, 12 9:27 PM

"wanna bet they won't be affordable to anyone other than the 1%?" --- I don't think you even have a concept of just how RICH the 1% is. The 1% could just buy the entire building 100x over. I'm sure the units won't be cheap, but I'm not 'rich' and I used to live in a nice high rise downtown for awhile - it's not as expensive as you may think, especially if you work downtown too. These may cost a bit more because they are brand new, but they can't go way outside the market on the prices either (there are other nice high rises downtown).

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thisislameNov. 19, 12 9:46 PM

Why do they talk up the light rail, doesn't downtown have everything they would ever want? Where do they need to go?

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LisaMplsNov. 19, 12 9:47 PM

Hooray! More unaffordable housing. Just what we need.

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pipdipchipNov. 19, 12 9:49 PM

I'm glad to hear this. We need more units like this downtown. If the rates aren't too crazy, I'd consider moving into these.

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Mplsuptown1Nov. 19, 12 9:59 PM

Odd that the 39 story Loring Park Apts being built at 1368 LaSalle isn't considered the core of downtown.

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