City surpasses $1 billion mark in construction projects

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August 15, 2014
By: Sarah McKenzie
Photo courtesy of the Minnesota Sports Facilities Authority.
The site of the new Vikings stadium under construction in Downtown East.
Sarah McKenzie

Minneapolis has exceeded more than $1 billion in construction projects for 2014 — more than a month earlier than it reached the benchmark last year.

This is the third year in a row the city has surpassed more than $1 billion in building permits issued. Given the high volume of activity, the city could see $2 billion worth of projects by year's end, according to the city's Community Planning & Economic Development (CPED) department. 

Downtown East is the focus of much of the construction activity with the Vikings stadium and Ryan Cos.' Wells Fargo office towers/apartment developments underway.

The residential housing boom continues as well with no signs of slowing down. To date, the city has issued 1,488 permits for dwelling units, including single family homes and high density housing, according to CPED. 

In a statement, Mayor Betsy Hodges said she's excited the country is experiencing a period of growth and that "Minneapolis is entering it sooner than most."

"Driven by a high level of investment in commercial development, including the new stadium, and multi-family housing developments, the $1 billion in construction permits approved so far this year, speaks to our commitment to working towards creating a more vibrant Minneapolis that attracts increased investment and residents alike to the city," she said.

Here are the top five 2014 construction projects by building permit valuations: 

  1. Vikings Stadium valued at $241,425,000
  2. Downtown East apartments and office tours located 550 S 4th Street, 600 S 4th Street, 510 S 4th Street, and 640 S 4th Street valued at $218,823,120
  3. Wahu Student Housing located at 1000 Washington Avenue valued at $64,235,000
  4. Latitude 45 apartments at 301 Washington Avenue SE valued at $53,915,463.
  5. 15th Avenue Student Housing apartment building located at 501 15th Avenue SE valued at $36,785,000.

Total valuation of building permits 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: $1.211 billion
2014: $1.211 billion (Aug. 14, 2014)