Minneapolis construction continues onward and upward

Minneapolis construction continues upward

MINNEAPOLIS - Around nearly every downtown Minneapolis corner you might hear construction work.
Inside the IDS building on Nicollet Avenue the Building Community Exhibition showcases ongoing, upcoming or recently finished city construction projects.
Peter Bruce: "Growth has been higher, than many years," says Peter Bruce, founder of the Building Community Exhibition.
Super Bowl 52 in February, no doubt is garnering attention and has attracted builders but it is the long view that you'll find here.
"That will be just for a moment. The long haul is what we are trying to do and I think the downtown council, the downtown improvement distrct is really working well on that," says Bruce.
Although all of the construction of residential buildings in Minneapolis may seem like a lot - from 2016-2017 Minneapolis increased its apartment units by about 3,500 and added only 96 new condos.
"For many of the folks that do real estate investment and finance new projects we probably have another good 3-5 years for rental housing. We hope that more condos will be built," says Steve Cramer with the Minneapolis Downtown Council.
Cramer says for the past six years, each year Minneapolis has permitted more than a billion dollars in new construction projects and the highest growth in residential construction is from 2014 and on.
"So really across the board we have seen investment. New hotels. We have seen broad based investment in our downtown that has been transformative," says Cramer.

© 2017 KARE-TV


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