How many $1 million condos does Minneapolis need?

Lux is the aptly surnamed developer behind Alatus LLC and its portfolio of projects and holdings, including residential real estate, commercial projects, and downtown parking lots. 

His development company's next project in the works was perhaps its most ambitious: Alia, a 40-story condo complex a couple blocks away from the St. Anthony Main neighborhood.

As described on its website, Alia's location promised an "unbeatable urban lifestyle," and its design and amenities marked a "modern luxury high-rise condominium-living experience in Minneapolis with a quality level that is unmatched, superior by comparison to any premier high-rise residences available in Minneapolis."

Well, that was the idea. Lux and his firm have since scrapped its plans for Alia, and Lux tells Twin Cities Business his firm was foiled by concerned neighbors, who filed a lawsuit in 2016 challenging the proposed building's height. After Alatus prevailed in court, the neighborhood group appealed to the Minnesota Supreme Court, which declined to hear the case.

With a planned opening date of 2021, construction was to begin this year on Alia's 214 units, 50 of them valued at $1 million or more, and a maximum price tag of $3.5 million. An annoying thing happened along the way: Other developers got a head start on the (very) high-end condo market.

Read entire article HERE.

"How many $1 million condos does Minneapolis need?"; By Mike Mullen; CityPages; November 11, 2019

Keywords: Developers, Gentrification

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