Downtown Minneapolis population up as Millenials and empty nesters drive demand
(FOX 9)
MINNEAPOLIS (FOX 9) - More people are living in downtown Minneapolis than likely ever before, new statistics from the Minneapolis Downtown Council show.
According to the council, downtown has seen the largest year-to-year residential population increase since 2006, with 51,288 calling the urban center home last year.
According to the council, downtown has seen the largest year-to-year residential population increase since 2006, with 51,288 calling the urban center home last year.
"It’s kind of like if you build it, they will come and that is exactly what happened," said realtor Cynthia Froid.
Minneapolis topped $1 billion in new construction permits for the 8th straight year, as developers continue to turn surface parking lots into apartments.
Froid says it’s both Millennials and empty nesters who are driving the development and prices.
"On one end of the barbell, you have the younger demographic, the millennials," explained Froid. "And then on the other end of the barbell you have the baby boomers."
For 28-year-old Hallie Lundell, it was the walkability and the amenities that prompted her to buy only blocks from where she works.
"When I’m spending so much time here, I might as well relocate here," she said.
Big residential projects currently in the works downtown include the Four Seasons Residences and Eleven condo tower. Both projects are high end developments, with units said to be selling for seven figures.