River West Apartments, an 18-story building that dominates Downtown's central riverfront, is going condo, according to The Minneapolis-St. Paul Business Journal.
Chip Johnson, a local developer with the Minneapolis-based Turnstone Group, has reportedly signed a purchase agreement to buy the 401 S. 1st St. property from Paul Klodt, the building's current owner, according to the newspaper's Sept. 24 edition.
Johnson said he did not own the 416-unit apartment building and declined comment when asked by Skyway News. Klodt could not be reached for comment.
Real estate sources have told The Business Journal that Johnson intends to convert the current 416 units to condominiums, further fueling the Downtown condo craze.
According to a recent Skyway News report, there are more than 40 projects with 4,690 units in the Downtown condo pipeline. Some local real estate analysts are predicting a glut if several projects come on the market at once.
Construction on The Carlyle, a high-profile, 39-story condo tower planned for South 1st Street & 3rd Avenue South, near River West, is set to begin this week with a groundbreaking ceremony planned for Wednesday, Sept. 29.