Not too long ago in the mid 2000s when the development boom was in full swing there was plenty of talk about multiple grocers coming to downtown Minneapolis. In 2006 Lunds eyed a small parcel on 12th and Hennepin with the hopes of putting a multi story grocery in the historic Reno Motor Company which was a car showroom built in the early 1900s. A developer from out west had aquired the old Jaguar site on Hennepin and Washington with an ambitious plan to erect a tower with a Whole Foods at the base of the building. There was even talk of a Trader Joe's going into the Mill District. For a fleeting moment it was all going to happen-until the boom became bust.
Fast forward to 2012 and we are seeing glimmers across the downtown real estate market. Rents are up year over year almost 11% and vacancy is less than 1%. We are seeing pricing for rentals that we have never seen before in this market. With limited supply and maximum demand the market will continue to push pricing upward. Inventory to buy right now is significantly tighter than the past few years, with limited options Sellers are beginning to feel confident. For all the hype that is downtown Minneapolis we didn't have a grocer to call our own...until now.
The Lunds that was supposed to happen long ago...it opened this week and it's ready for Minneapolis.Posted by Ben Ganje on