Residents begin to move into new 374-unit condo community
The tail end of the summer brought a large influx of supply to downtown’s condominium market with the Legacy.
The building, a 1 million-square-foot complex with a 17-story tower, eight-story midsection and 14-story riverfront high-rise, adds 374 units to the northeastern corner of Downtown East. Colleen Ratzlaff LaBeau, a sales manager with the building, said its location — a former printing facility near Gold Medal Park — means residents will feel like they’re in their “own little corner” but still near amenities like the river and bike paths.
“You’re so close to everything, but you’re tucked away,” said LaBeau, an associate with RE/MAX Advantage Plus.
Most of the building’s 372 available units — two are for full-time caretakers — sold prior to occupancy, which began in August. Fewer than 100 units are left with 263 sold and seven reserved.
The large building comes with a variety of condos, ranging from 1,100-square-foot one-bedroom units to penthouse-style units of approximately 3,000 square feet. Most have two bedrooms. Each unit comes with one stall in an enclosed 686-stall parking garage within the building. Most have the option of buying a second space.
Prices start at $359,000 and go up to $1.4 million. LaBeau said homeowners association fees begin at 31 cents per square foot, much lower than the 35–50 cents per square foot typical in this market.
What sets the building apart from Shamrock’s other projects and nearby condo buildings, LaBeau said, is the number of amenities inside the Legacy.
Inside, residents have access to a fitness center and weight room, a community room with a TV and kitchen, an outdoor playground, a pool, a hot tub and a main-floor game room with a golf simulator and games like air hockey, foosball and even “Ms. Pac-Man.” An amenity deck has lawn bowling, gas grills and fire pits. Pet owners have a grooming area, an outdoor dog run and an indoor pet relief area. Staff are on site 16 hours a day.
“When you’re here there’s so much to do inside,” she said.
Buyers get several customizing options prior to closing. There are a dozen granite colors to choose from, as well as six quartz choices on the upper floors. Wood floors are finished on site and are standard in living areas. Ceramic tile is standard in bathrooms and laundry rooms.
The sheer size of the Legacy and its price range have drawn an array of buyers, from single downtown office workers to new families to retired empty nesters. LaBeau said the building has seen a number of buyers moving from the developer’s other nearby buildings who are looking for something more updated and with more amenities.
“We see everything,” LaBeau said. “I think it offers a new twist, especially to anything right here.”
The Legacy is the tenth downtown project from Shamrock Development, Jim Stanton’s development company. The Coon Rapids-based developer is responsible for Stonebridge Lofts next door, as well as the 17-Portland Tower in Elliot Park and Bridgewater Lofts in the Mill District, among others.
Stanton, known as the most prolific developer of condos in downtown Minneapolis, died in June 2017 while the building was being constructed.
LaBeau, Stanton’s daughter, named the building after her father who she said never wanted to put his name on anything. The “gruff, 100 percent Irish” developer would show up to the construction site every day, she added.
“It kind of was a bizarre feeling because never did we dream that he’d pass in the middle of it,” she said.
The developer would roll the sales from his last building to finance his next project, she said. With the Legacy, sales will support a foundation set up in Stanton’s name.
The Legacy, at 1240 2nd St. S., is the only new condo building to open in downtown Minneapolis this year, but several more are on the horizon.
On the same block as the Legacy, Ryan Cos. and developer Luigi Bernardi are planning a 39-story “ultra-luxury” tower with 101 units, a maximum of just five units per floor. The development team announced in March that construction could begin as early as the end of the year.
If a groundbreaking doesn’t happen until next year, the unnamed 40-story tower from Minneapolis-based Alatus may beat it to the punch. The developer, which plans to announce branding for the 214-unit building in early October, expects to break ground during the first half of 2019.