Multifamily development in the Twin Cities has been booming for several years, adding thousands and thousands of new residential units to the metro. But almost all of those units have been rental apartments.
In the current climate, the planned Eleven building is a relative rarity: a luxury condominium tower. They don’t need renters, they need buyers. New condo units have been scarce in the market.
The 118-unit Eleven project has taken a major step forward after securing construction financing for the project. Commercial real estate projects are just plans until construction financing is secured.
A statement from Ryan Companies indicated that it is “the largest construction loan ever secured for a condominium project in the state of Minnesota.” But the amount of the loan was not disclosed.
Eleven is being developed by Luigi Bernardi of Edina-based Arcadia LLC, project sponsor and co-developer, and Minneapolis-based Ryan Cos. US Inc., which is serving as co-developer and builder. Ryan Cos. is partnering with New York-based Robert A.M. Stern Architects on the design.
The 41-story Eleven will be 550 feet tall and located in the Mill District area of downtown Minneapolis near the Mississippi River. A statement from Ryan Cos. indicated that Eleven will become “Minneapolis’ tallest residential building.”
Minneapolis-based Dougherty Funding LLC, led by executive vice president Murray Kornberg, arranged the project financing.