Minneapolis – Downtown
What You Should Know About Moving Into Downtown Minneapolis
Downtown Minneapolis is a thriving and culturally rich city, offering a dynamic blend of arts, music, theater, and culinary delights. Comprising five distinct neighborhoods—North Loop, Downtown West, Downtown East, Loring Park, and Elliot Park—each with its own unique character, the downtown area has become a bustling hub with a population of around 52,000, marking a 60% increase since 2006.
Economically robust, Downtown Minneapolis boasts the second-largest economy in the Midwest, anchored by corporate headquarters like Target Corporation, Xcel Energy, and Ameriprise Financial. Wells Fargo/Norwest Bank also stands prominently, contributing to the area’s flourishing workforce.
Public transportation is seamlessly integrated into the city’s infrastructure, with the light rail, Metro Transit, and buses collectively catering to millions of passengers annually. The Minneapolis Convention Center (MCC), a LEED-certified marvel, hosts a myriad of events, from business expos to cultural gatherings, attracting an average of 750,000 visitors each year.
For arts and culture enthusiasts, the city provides a welcoming environment, featuring notable venues like the Cowles Center, Illusion Theater, Red Eye Theater, and the renowned Orpheum Theatre. Minneapolis is a haven for live music, with iconic venues such as First Avenue, the Dakota, Fine Line, and 7th St. Entry, covering an extensive range of musical genres.
Sports enthusiasts have their pick of games, from football at the U.S. Bank Stadium to baseball at Target Field and basketball at the Target Center, home to the Timberwolves and the Lynx. Surrounding bars like Dulono’s Pizza & Bar, Pog Mahone’s Pub & Grill, Lyon’s Pub, and Stadium Bar and Grill provide ideal spots for pre-game, in-game, or post-game celebrations with friends. Downtown Minneapolis, often overlooked nationally, stands as a cultural powerhouse with a thriving economy and diverse entertainment options.
History
Minneapolis, the largest city in Minnesota, evolved around the central point of St. Anthony Falls, transforming into a milling society focusing on both sawmills and flour mills. Originally inhabited by the Dakhóta (Dakota) and the Anishinaabeg (Ojibwe) before the arrival of white settlers, the city was established in 1837 through a treaty with the indigenous people. John H. Stevens platted the city in 1854, which went through various name changes before settling on Minnehapolis, reflecting its proximity to Minnehaha and incorporating the Dakota word “mni” for water and the Greek “polis” for city.
The city’s incorporation in 1867 marked its official status as a city, and in 1872, after boundary adjustments, Saint Anthony and Minneapolis merged into one entity named Minneapolis. Flour mills, including rivals Washburn-Crosby Company Mill (now General Mills) and Pillsbury Company Mill, played a crucial role in the city’s development. However, as the flour mill industry faced resource challenges in the early 20th century, companies diversified their interests.
Minneapolis faced social and racial challenges, earning a reputation as the most anti-Semitic state in the Midwest and grappling with racial inequality. The 1940s brought efforts to address discrimination, with Governor Thye establishing the Governor’s Human Rights Commission in 1943. Civil rights advocate Hubert H. Humphrey, then mayor, initiated the Mayor’s Commission on Human Rights and worked towards improving the city’s reputation.
In the 1960s, Minneapolis, like the rest of the country, experienced civil unrest, with significant moments such as the establishment of the Minnesota Indian Affairs Council, the federal Civil Rights Act of 1964, and the founding of organizations like the Brown Berets and AIM. The following decades saw population changes and a surge in immigration, bringing diverse communities to the city.
Despite challenges, Minneapolis thrived musically in the 1980s and 1990s, with artists like Prince, Jimmy Jam, Terry Lewis, The Replacements, and Hüsker Dü contributing to its vibrant cultural scene. However, racial integration struggles persisted, with concerted efforts facing setbacks in the new millennium.
What Are The Benefits Of Buying A Home In Downtown Minneapolis?
Investing in a home in Downtown Minneapolis offers several benefits, making it an attractive option for potential buyers. Here are some advantages:
- Big Businesses: Downtown Minneapolis is the economic hub of the city, hosting the headquarters of major corporations such as Target, Xcel Energy, Ameriprise Financial, and Wells Fargo/Norwest Bank. The area’s strong economy contributes to a stable housing market and potential job opportunities.
- Cultural and Arts Scene: Downtown Minneapolis is rich in cultural and artistic offerings. From theaters like the Cowles Center, Illusion Theater, and Orpheum Theatre to music venues such as First Avenue and the Dakota, residents can enjoy a diverse range of cultural experiences.
- Public Transportation: The downtown area is well-connected through public transportation, including light rail and buses. This accessibility makes commuting within the city and the surrounding areas convenient for residents.
- Sports and Recreation: Sports enthusiasts can enjoy games at prominent venues like U.S. Bank Stadium, Target Field, and Target Center, home to the Minnesota Vikings, Minnesota Twins, and Minnesota Timberwolves/Lynx, respectively.
- Dining and Entertainment: Downtown Minneapolis boasts a vibrant culinary scene with a variety of restaurants, bars, and entertainment options. Residents have access to diverse cuisines, trendy bars, and exciting nightlife, enhancing the overall quality of life.
- Arts and Educational Institutions: The downtown area is home to educational institutions, including the University of Minnesota’s campus. Additionally, the presence of arts and cultural organizations contributes to a dynamic and intellectually stimulating environment.
- Historical Significance: With historical landmarks like St. Anthony Falls and a rich history in milling and industry, Downtown Minneapolis offers residents a connection to the city’s past while being part of its continued growth.
- Green Spaces: Despite being a bustling urban center, Downtown Minneapolis incorporates green spaces, parks, and the scenic Mississippi River waterfront, providing residents with opportunities for outdoor recreation and relaxation.
- Real Estate Investment Potential: The downtown real estate market may offer potential for property appreciation, especially given the area’s economic strength, cultural attractions, and ongoing urban development projects.
- Community Events: Downtown Minneapolis hosts numerous community events, festivals, and gatherings, fostering a sense of community and providing residents with opportunities to engage with neighbors.
Before making a home purchase, it’s crucial to consider personal preferences, lifestyle, and long-term goals to ensure that Downtown Minneapolis aligns with individual needs. Working with a local real estate professional can provide valuable insights into the current market trends and available opportunities.
Downtown Neighborhoods:
The Downtown Minneapolis real estate scene is primarily condominiums in several districts. There’s the North Loop (formerly the Warehouse District), Downtown East and Downtown West, Loring Park, and Elliot Park.
North Loop
The North Loop was formerly known as the Warehouse District. Over the past 30 years it has changed to one of the most vibrant areas of Downtown Minneapolis. There are many award-winning restaurants in this part of town like https://www.spoonandstable.com/. It also has the Target Field baseball stadium, and a myrid of condo buildings. These include: 710, 720, 730 Lofts, Bookmen Lofts, Harvester Lofts, Riverwalk Lofts, Security Lofts, Renaissance On The River, Herschel Lofts, and many, many more.
Downtown East
Within Downtown East, is the Mill District. This area consists of numerous cultural institutions, such as the (new) Guthrie Theater, the Mill City Museum, Mill Ruins Park, Gold Medal Park, and the Stone Arch Bridge. Condo buildings within this are include: Stone Arch Lofts, Bridgewater Lofts, Humboldt Lofts, Riverwest Condos, Metropolitan Lofts, The Zenith, and several other buildings. Some of these are new construction, some are reconfigured industrial spaces, some are boutique.
Downtown West
Downtown West is where the tallest buildings are in Downtown Minneapolis. Within this business district core, there are just a few condo buildings, and most are connected via skyway to the downtown buildings making it a quick walk to work. These buildings include: The Ivy Residences, The Carlyle, The Crossings, Centre Village, 6 Quebec, City Heights, and River Towers.
Loring Park
Home in Loring Park can be found in the following: Summit House Condos, The Kenosha, 1200 On The Mall, Loring Green, Loring Way Condos, The Bellevue, Wellington, Clifton Place, 510 Groveland (co-op), The Groveland, and many more unique buildings.
Elliot Park
There are fewer condo buildings in this part of downtown, which is right on the SE corner of downtown. These condo buildings include the Sexton Lofts, Grant Park Condos and Townhouses, 607 Washington, Rappahannock Flats, Skyscape, and American Trio.
Downtown Real Estate
There are only a couple of housing types in downtown Minneapolis, the low-rise condo, and a high-rise condo, and some townhouses, and a couple single family houses. For the most part, low rise condominiums are located in the North Loop area and along the river along Washington Avenue. High rise condos are mostly in the center of the downtown, and along the eastern edge of downtown (Grant Park, Skyscape, The Legacy, and others).
Townhouses are basically near the river in North Loop. You’ve got the Freightyard Townhomes and Flats, Renaissance on the River, The Landings.
For single family homes, most are located on the southern edge of downtown, in Elliot Park
In 2013, Minneapolis adopted their Climate Action Plan, which put into place a comprehensive set of emission reduction strategies. These strategies cover 3 areas: Buildings and energy, Transportation and land use, Waste and recycling. For buildings and energy, the goal is to reduce energy usage by 17%, and generate 10% of electricity from local, renewable sources. On the residential building side of things, Minneapolis is proposing a "home energy audit" as part of the Truth In Housing program (TIH or TISH, Truth In Sale of Housing). This would require sellers to have an energy score when listing their house for sale. They are proposing that the TISH inspectors be trained to perform this component of the inspection process. The end result of this energy score would be a single number, for example 37 on a scale of 1 to 100. 100 would mean that the house would have virtually no energy costs. Another part of this program is to make incentives for sellers to improve their homes energy-wise so that they can get a higher sale price due to energy efficiencies. If they don't, the buyers will at least have some knowledge about the energy efficiency of the house, making it an incentive to them to improve the house energy-wise. Also on the residential side of things, Minneapolis is proposing a "time of rent" energy disclosure for renters. Renters currently have no way of knowing how much their utility bills will be before renting a unit. The disclosure would be mandated so that renters could compare units on energy efficiency. This would give incentives to the landlord (owners) to improve their buildings to make them more attractive to the rental market. On the commercial side of things, some of them already have to do an energy score of sorts and disclose to purchasers. Minneapolis would like to extend that to all commercial buildings. They also have an Energy Reduction Challenge called the "Kilowatt Crackdown" to encourage commercial buildings to reduce usage. For renewable energy, Minneapolis is trying to create policies that promote renewable energy, develop a "solar-ready" certification, and encourage "net-zero" buildings. Making a building "solar-ready" adds virtually no cost at the time of construction, and would potentially have some value to purchasers. This would involve adding some structural supports and electrical conduit so that solar could be installed without adding structural support to the roof trusses, and/or digging in walls to add conduit. Both of these items can be added at a very low cost when in the construction phase. What is a net-zero building? Basically net-zero means the building (or house) would generate all the energy it needs to power the building itself. This generally means that the building is super insulated so that it requires less energy to heat and cool the building, as well as solar panels to generate the energy it needs. Oftentimes this type of building uses geo-thermal heat pumps to heat and cool the building, running off solar energy. You can read more about "Net-Zero" buildings at this link. You can read the entire action plan at the link below. Minneapolis Climate Action Plan: http://www.minneapolismn.gov/sustainability/climate-action-goals/climate-action-plan
In 2013, Minneapolis adopted their Climate Action Plan, which put into place a comprehensive set of emission reduction strategies. These strategies cover 3 areas: Buildings and energy, Transportation and land use, Waste and recycling. For buildings and energy, the goal is to reduce energy usage by 17%, and generate 10% of electricity from local, renewable sources. On the residential building side of things, Minneapolis is proposing a "home energy audit" as part of the Truth In Housing program (TIH or TISH, Truth In Sale of Housing). This would require sellers to have an energy score when listing their house for sale. They are proposing that the TISH inspectors be trained to perform this component of the inspection process. The end result of this energy score would be a single number, for example 37 on a scale of 1 to 100. 100 would mean that the house would have virtually no energy costs. Another part of this program is to make incentives for sellers to improve their homes energy-wise so that they can get a higher sale price due to energy efficiencies. If they don't, the buyers will at least have some knowledge about the energy efficiency of the house, making it an incentive to them to improve the house energy-wise. Also on the residential side of things, Minneapolis is proposing a "time of rent" energy disclosure for renters. Renters currently have no way of knowing how much their utility bills will be before renting a unit. The disclosure would be mandated so that renters could compare units on energy efficiency. This would give incentives to the landlord (owners) to improve their buildings to make them more attractive to the rental market. On the commercial side of things, some of them already have to do an energy score of sorts and disclose to purchasers. Minneapolis would like to extend that to all commercial buildings. They also have an Energy Reduction Challenge called the "Kilowatt Crackdown" to encourage commercial buildings to reduce usage. For renewable energy, Minneapolis is trying to create policies that promote renewable energy, develop a "solar-ready" certification, and encourage "net-zero" buildings. Making a building "solar-ready" adds virtually no cost at the time of construction, and would potentially have some value to purchasers. This would involve adding some structural supports and electrical conduit so that solar could be installed without adding structural support to the roof trusses, and/or digging in walls to add conduit. Both of these items can be added at a very low cost when in the construction phase. What is a net-zero building? Basically net-zero means the building (or house) would generate all the energy it needs to power the building itself. This generally means that the building is super insulated so that it requires less energy to heat and cool the building, as well as solar panels to generate the energy it needs. Oftentimes this type of building uses geo-thermal heat pumps to heat and cool the building, running off solar energy. You can read more about "Net-Zero" buildings at this link. You can read the entire action plan at the link below. Minneapolis Climate Action Plan: http://www.minneapolismn.gov/sustainability/climate-action-goals/climate-action-plan
