From developers to hospitals to homeowners, more than $1.5 billion worth of construction was set in motion in Minneapolis in 2023, city officials said Monday.
Minneapolis’ 10 biggest developments permitted in 2023, mapped
City leaders Monday said the $1.5 billion total value for residential and commercial construction permits last year shows the city remains desirable.
The Minnesota Star Tribune
January 22, 2024 at 10:01PM
It’s the 13th straight year that figure —the total dollar value of building permits issued by the city in a calendar year — has surpassed $1 billion, a trend “indicative of a city that continues to grow,” Mayor Jacob Frey said at a news conference touting the numbers.
Frey and Director of Planning and Economic Development Erik Hansen acknowledged that the pipeline for 2024 is slim at the moment, making the prospects for 2024 less clear. The potential slowdown is likely the result of multiple factors, including high interest rates for financing such projects, as well as uncertainty in Minneapolis over the future of the city’s 2040 plan, which affects what can and can’t be built there and is mired in legal wrangling.
Projects range from homeowners remodeling theirs kitchens to Abbott Northwestern’s $23 million hospital expansion.
The bulk of those investments — nearly $1.2 billion —came from about 1,700 commercial building permits. Nearly 16,000 residential building permits were granted for smaller projects that added up to about $340 million in construction.
Here are the top 10 projected permitted in 2023, based on their dollar value. All have broken ground.
The governor said it may be 2027 or 2028 by the time the market catches up to demand.
