Minneapolis-based Ryan Companies US Inc. and Edina-based Arcadia LLC have teamed up to build Eleven, an uber-luxury condo tower on the downtown Minneapolis riverfront. On Tuesday, the partners announced that more than half of 118 units in the project have been sold. Sales have been solid throughout December and January, typically very slow months for home sales in the Twin Cities.
Technically, sales won’t close until the building is complete. But Carl Runck, director of real estate development for Ryan Companies, said that buyers have made considerable commitments by signing purchase contracts and putting down deposits that would be tough to leave sitting on the table.
“We have significant deposits that the buyers have been putting down,” said Runck. “These are not ‘reservations.’ These aren’t names we’re putting down on a list.”
In an October 2019 announcement of Eleven’s groundbreaking, developers described the condo tower as a $190 million project.
The developers built out a $1.5 million sales center to market the property. Prices for condos in the Eleven tower start at $900,000. The project is set for completion in late 2021.
Shortly after Ryan Companies and Arcadia secured financing and got ready to break ground on Eleven, Minneapolis-developer Alatus LLC pulled the plug on its plans for Alia, a 40-story condo tower with 214 units just across the Third Avenue Bridge from downtown Minneapolis. Alatus principal Bob Lux said that pressing ahead would put too many condos priced over $1 million on the Minneapolis market.
On Tuesday, the developers also announced that they have tapped Chicago-based Sudler Property Management to offer customized concierge services at Eleven.
“Eleven’s design is magnificent and unparalleled in the marketplace,” said Luigi Bernardi, CEO of Arcadia LLC, in a statement. “As a future resident of Eleven, I am looking forward to raising the bar on the standard of living and personal service for each homeowner; and Sudler provides a critical part of delivering that experience.”