It seems like only a few months ago we finally had our first urban grocery just across the River from downtown in Northeast Minneapolis. Since then the area has seen quite a uptick in traffic both in cars and pedestrians but it’s been a long time coming.
Once known as a heavy industrial working-class area from the early 1900s till only recently in the 80s when developers started seeing the potential that laid ahead as the exodus of the milling era was abandoning the riverfront. Since then the area has slowly developed all types of residential and commercial projects, most notably of recent addition would be the Lund’s Grocer that opened in the Cobalt Condominiums building off University and Central Ave.
In recent years attention has focused in terms of development on the strip of Riverfront nestled between Northeast and the University of Minnesota East Bank campus called “Saint Anthony Main”. This is the last frontier of area along the riverfront in Minneapolis to develop and already plans have started to clearly take shape. In the 80s this area was the place to be as recent apartments such as the Falls/Pinnacle and condominium projects LaRive and Winslow House had lured tenents and owners alike out of the burbs and into downtown Minneapolis. Riverplace was built along Main Street that housed numerous cafes and restaurants that are still in existence today. There are a cluster of condominium projects now on the market in the area: Phoenix on the River, The Flour Sack Flats and Cobalt Condominiums. Despite the apparent housing glut on the metrowide level this micro market has seen fantastic sales results of pre-construction sales as well as resales in the area and the momentum doesnt look to be slowing anytime soon.
What are the significant drivers of buyers coming to this area of Minneapolis?
There are a number of reasons why this area has been well-received by the real estate market. First and foremost the location is ideal as St Anthoy Main is set directly across the Mississippi River from downtown giving anyone proximity and amazing views of the city. Being along the Riverfront also gives access to some of the main trails running through the city as well as parks complete with the Stone Arch Bridge connecting the area to Downtown Minneapolis. Having the river separating the area from downtown also gives St Anthony Main a more tight-knit, neighborhood feel. During the summer the area plays host to a number of Riverfront events ranging from fireworks displays to weekend art fairs in the parks. The spectrum of residents living in the area varies from large collection of empty nesters that take advantage of the local ammenities to young urban professionals that see the excitement of living downtown but want more of a low-profile neighborhood feel. A fair amount of residents are students and teachers of the University of Minnesota as well given the fact that the college is blocks away.