$4,500 for rent? Calhoun-area "rental condo" development would charge that much

Greystar.jpg
Renderings via Southwest Journal
We know Minneapolis isn't cheap for renters, but this is ridiculous.

Greystar, the same developers who brought you the Elan Apartments on the Greenway, wants to charge $4,500 for apartments in a building proposed for 2626 W. Lake St., adjacent to the Calhoun Beach Club. No, not $4,500 per year -- $4,500 per month. And some units would be even more expensive, as $4,500 would be the average price tag in the eight-story building.

See also:
Mary Franson thinks City Pages blogger should blame his rent increase on Gov. Dayton


Bob Corrick, chair of the Cedar-Isles-Dean Neighborhood Association's Land Use Committee, says that in his 15 years serving as a neighborhood official, he's never seen higher proposed rents.
GreystarSmall.jpg
Another look at the proposal.

"Often you're seeing a lot of the projects coming in at about $2,000 a month, or maybe slightly less," Corrick says. "We look at the design and its effect on the neighborhood, the impact on quality of life, and one might argue that the rents they charge are relevant, but it gets into the economic realm and it would be really hard for us to tell these people how to run their business."

According to the Southwest Journal, David Graham, principal of Elness Swenson Graham, the architectural firm working on the project, characterized the units in the proposed building as "rental condominiums."

"These are much larger than anything available on the market," Graham says.

The Journal reports that the average unit would be 1,600 square feet, with some as large as 3,000 square feet.

In any event, the proposal still has a long way to go before it can become reality. The CIDNA Land Use Committee will hold a hearing about the project on April 7, and Greystar hasn't yet started working through the city approval process.

-- Follow Aaron Rupar on Twitter at @atrupar. Got a tip? Drop him a line at arupar@citypages.com.



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114 comments
bradpants
bradpants

This city needs another Riverside Plaza -- a few huge towers, maybe with a couple thousand efficiencies and 1-bedrooms, low low rent. I wish I could build it. 

Keli Gilbertson
Keli Gilbertson

$2-3/square foot is totally normal for new construction, high-end rental properties across the city. Dock Street Flats, 222 Hennepin, 430 Oak Grove.....

eddogg67
eddogg67

God the planners of Minneapolis are so delusional. There's a reason why this place is called fly over land. Smdh!

Cathy Bailey
Cathy Bailey

Chill people, not like they are going to force anyone to live there. I'm sure there are many people in the city who would have no problem with the rent. Lake Calhoun is just as nice as many other areas. Little bit high for my budget!

Wade Wolter
Wade Wolter

If this were in Cancun it would be full instantly, with $4500 covering only a week there.

Kitty Fernandes
Kitty Fernandes

Seriously!? A developer is wants to build this not the city! Take your nasty snark back to the "big" city! Stupid little dog.....

Kitty Fernandes
Kitty Fernandes

Well Ashley it's you and your generation that gentrified the area, and now you want to complain!

Kitty Fernandes
Kitty Fernandes

Yeah, but why would anyone want to live in Minnetonka.

Jennifer Sell
Jennifer Sell

Doug McAllister...The Cor ain't looking so bad now is it? Lol

RalphRapsom
RalphRapsom

With so many of these projects popping up, does the city actually think they are gonna be able to fill these buildings? I bet most of these condos will partially inhabited and eventually become section 8 housing.

carnivalminds
carnivalminds

Lake Calhoun blows. If I had $60,000 a year to rent it wouldn't, like, be like, a big circle where, like, I have to, like, hear a bunch of, like, white chicks, like, say "like" every other word.

It'd be worth $4,500 to put a sock in that legion of test-tube babies.

Lake of the Isles, man.

Alexander McGregor
Alexander McGregor

We need to protest development structures like this. They are driving good people out of good neighborhoods into bad ones. I can't believe the people of Minneapolis would allow for something like this to be built.

Daren Keith Gladis
Daren Keith Gladis

That's ridiculous, but I can guarantee there are dumb enough people to fill them up.

Jeremy Sanders
Jeremy Sanders

To those that suggest $4500 per month could cover a hefty mortgage, I agree with you. There are wealthy people that also aren't interested in home ownership and dealing with hiring a lawn service, repairs, general maintenance. People may pay to have everything taken care of for them and having that on-site concierge do all the dirty work.

Paige Ampersand Guggemos
Paige Ampersand Guggemos

I like how everyone on here is pissed at Erik Nelson and he can't even spell or put the correct amount of zeroes in his numbers. lol all day

Mildred Bee
Mildred Bee

I'm sure if it doesn't work out they'll just burn it down and collect the insurance on it. So it's a win/win situation for them no matter what.

Sarah Lawl
Sarah Lawl

Erik Nelson you are a POS. If you think that someone has to be homeless in order to think $4500 is a lot of money....not everyone was born with old money on deck and a silver spoon in their mouth....you should do us all a favor and choke yourself to death on your silver spoon....what IS "plane" Lol and simple is your grammar! GFY :)

Laura Elsmore
Laura Elsmore

You can BUY a pretty nice place on Lake Mntka for $4500 a month. There is no way in hell I'd pay $4,500 on RENT, let alone having to share a wall with a neighbor.

Matt Prendergast
Matt Prendergast

Stupid. You can get a top floor condo over looking Lake Michigan in downtown Chicago for that. No ones gonna pay that to get a view of Calhoun.

truckmeyer
truckmeyer

I wouldn't live near Lake Calhoun for reasonable rent. That area is a giant pain in the ass. There's no space, no parking, it's the worst travel bottleneck in the metro, and every weekend nearby Uptown turns into a drunken cesspool (which can be fun, so live somewhere else, take a cab down there, and have a blast).

There's only two types who own property in that area. 1. People who want bragging rights. 2. People who make money off #1. Good luck to them. It's a solid investment.

However, if you rent 1600 square feet at $4500 a month because you wanna live next to friggin Calhoun, you are a chump. Granted, you are a wealthy chump, but still a chump.

Malik 'Mally' Watkins
Malik 'Mally' Watkins

I'm copping the rooftop. Yes, the whole rooftop. Who needs an apartment when you can rent the roof for $5,000? #BALLING

MikeMpls
MikeMpls

Another thing to consider is that obviously someone who can afford $4500 a month on rent can obviously afford to buy a high end condo/house. But the thing is, with a $2 million condo/house in a prime area such as across from Calhoun, you're going to be paying about $25k a year in property taxes. That, plus the mortgage payment and insurance may make renting one of these a steal, especially for those who aren't committed to buying yet. Still, they're ugly. 


If I had that kind of money, I'd buy a high rise condo over in DT St. Paul where you get a hell of a lot more for your money plus you get gorgeous views of 4 counties and even DT Mpls.

Erica Anderson
Erica Anderson

There, there, Minneapolis...how many times do I have to tell you that trying to create artificial demand by inflating your real estate prices to ridiculous levels won't make you LA, NY or even Chicago? Poor little dog...

Jey Dee
Jey Dee

Eriks girlfriend is maybe a 4 at best.

Ashley Samulenas
Ashley Samulenas

Uptown is being overrun with douchebags with all these new lofts and condos. Part of uptowns appeal was that it was a mix of socioeconomic classes. I hate to see it get too gentrified.

Mike Obradovich
Mike Obradovich

Go ahead and rent there Erik. We can keep the smug and self righteous contained. Besides you'll be the only one there. I'm sorry you didn't get much love as a child and need to flaunt your alleged income. Good grief, modesty used to be a desirable trait.

Aida Cantu-Reza
Aida Cantu-Reza

Oh and Erik Nelson, it's 4,500 not 45,000.. Be honest you still live with your parents.

Aida Cantu-Reza
Aida Cantu-Reza

Hahah!! Uptown sucks! It should be called north edina! Have fun jokers

Renee Saiko
Renee Saiko

Erik Nelson...maybe you should learn how to spell..and proper grammer Mr. Moneybags..you have issues

Erik Nelson
Erik Nelson

more like they are people who arent fucking loser and gross. if you think 45000 is a lot of money you are poor. if you really think about it is plane and simple. how about these people get ACTUAL jobs for once in there life.

Erik Nelson
Erik Nelson

seriously laughing at all the poor people who think that 4500 is THAT much money, if you are going to whine about that yo might as well be homeless I think.

carnivalminds
carnivalminds

That's a fair point from a real estate, market value point of view, here's a calculator. Lake Calhoun serves its purpose, but it's not private or interesting to people after the age of 20. It's a chemybath with obscene traffic that never stops.

Minneapolis, I love, but it's trying way too hard to be Chicago or Boston or New York. You can't just plunk coins in the meter and have a culture develop and say "We are a big city, now!" It's not, it ain't. Lie to yourself all day if that makes you feel better.

Go downtown on a Sunday once - nothing. Dead. You're going to pay $4,500 a month to look at cars and sailboats in your postcard? Stoopid.

tony545
tony545

Oh I'd say about 392,880 people.

digitalprotocol
digitalprotocol topcommenter

@carnivalminds  more stupid comments


from a hick

MikeMpls
MikeMpls

It's been gentrified for about 10 years now.

MNjoe
MNjoe topcommenter

Wow! Are you actually smoking meth while you write this stuff? 

P.S. Look up the difference between there, they're and their, for starters. 

maryann_777
maryann_777

Erik , go get a job. . . and quit acting like your a wanna be. .. Poser!!!

truckmeyer
truckmeyer

This guy is either trolling, or he's a major tool.

allyourbasearebelong
allyourbasearebelong

Ironically, using proper punctuation and grammar would really help your argument when talking about people that have ACTUAL jobs. Unless in your case you managed to get yourself a job somewhere just being an asshole for a living.

maryann_777
maryann_777

gosh Erik, what kind of job do you have?

lifelessons
lifelessons

when you link your comment to your facebook page your employer can find out.... just sayin', Tip, watch what you say, where you say it and who you represent. 

digitalprotocol
digitalprotocol topcommenter

@carnivalminds  chemybath? what is that?


no city has populated downtowns on Sundays fool, thats where people work and on sundays there is no work.


stupid statements you have made

maryann_777
maryann_777

OK, So you're from Germany and likes to run his mouth just to start a fight. . so you're as poor as the rest of these people , acting like a wanna be Biotch, LOL   , yeahhhh

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