Construction breaks records: Minneapolis issued $1.2 billion+ in permits in 2013
The Pillsbury A Mill redevelopment project topped the list of the city's biggest construction permits in 2013.
All those cranes in the sky? It's not just you.
Minneapolis is in a construction boom, and the city announced this morning that 2013 was a record year for construction building permits.
To understand how big 2013 was, flash back to 2008. That year, just $772.5 million worth of construction projects got building permits. In residential housing -- an umbrella that covers everything from apartment conversions to new condos -- a mere 362 units received permits.
Now, fast-forward five years. In 2013, Minneapolis issued 12,100 -- count 'em -- building permits, including 3,552 to residential housing units. Which makes sense: Per the city, rapid growth in the rental market is fueling much of the construction.
"This great news is more proof that Minneapolis is in full recovery and growing faster than most peer cities," said new Mayor Betsy Hodges in a release.
Here's another big number: All those permits add up to an amount of construction valued at $1.211 billion. That means that 2013 is the second year in a row that Minneapolis approved more than $1 billion worth of construction, after going a decade without hitting that threshold.
The total valuation of building permits in Minneapolis over the past 13 years reads like a map of economic fortunes, with a notable low in 2010:
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
Pushing the 2013 totals up to new highs were a handful of major housing-related projects. On top of that list is the Pillsbury A Mill redevelopment plan, which will transform the historic site into affordable housing for artists, followed by the new downtown Nicollet Mall luxury apartment building.
Here are the top five highest-valued projects that got permits in 2013:
1. Pillsbury A-Mill Apartment Building Complex located at 315 Main St SE valued at $68,104,757.
2. 26 Story Apartment Building located at 465 Nicollet Mall valued at $68,060,970.
3. UTEC Apartment Building Complex located at 1313 5th St SE valued at 59,944,761.
4. Stonebridge Condominium located at 1120 2nd St S valued at $48,398,889.
5. Six-Story Apartment Building located at 2828 Dupont Ave S valued at $36,084,887.
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