UpcomingTwin City

N E I G H B O R H O O D S

Max Gygi maxgygi.org

There is no doubt that after the recession the localreal estate economy in the twin city area had littlegrowth. Several real estate firms in theBloomington locality agree that much of theindustry was fairly stagnant between two to threeyears after the recession occurred. Mike Ohmes,EVP for Cushman & Wakefield/NorthMarq confirmsthat 2015 as a whole represented a great year forvarious types of commercial and residentialproperty.

Real estate categories such as hotels, retails, office,industrial empty lots and multi-family projects areemerging into the local market around the twin cityarea at an increased rate.Although the real estatemarket made headway last year, there is stillskepticism as to how 2016 will pan out. Accordingto Twin City Business, here are some boomingzones and neighborhoods in the area.

01E A G A N - D A L E

Previously consisting ofprimarily suburbs, this town hasbeen slowly becoming an arearanging from shopping outlets,malls and other stores forin/around the surroundingtowns. The newest project in thearea, Central Park Commons, willadd roughly 400,000 square feetof retail space, in addition to thePremium outlets which wereopened in August ‘14.

02B L O O M I N G T O N

The majority of theupcoming projects, creatinga buzz in this town is theever expanding hotelbusiness. In 2015 alone,560 rooms were added dueto three brand new hotelsemerging in the town’slocal economy, increasingbusiness in the evergrowing e-commerce real-estate sector.

Two hotels, in particular, Radisson Blu &JW Mariott, have both conveniently connectto the Mall of America.Even though the market was slow during theeconomic recession which affected otherareas such as Shakopee and Eagan-dale, it isclear that similar projects will be built thatmay partner with the st.paulminnesotaamount of business which comesto the Mall of America.

03S T . P A U L

Several real estate development projects areup and coming in the St. Paul area, withsubstantial residential apartments locatedthroughout the city along with upscaleapartments (OXBO building), the Minnesotabased Ryan Cos. added a new Whole-Foods.These last two projects opened around mid-March. The Macy’s in the downtown areawhich has been vacant for three years willsoon become an office space, in addition toretail stores such as Walgreens and otherconvenience shops.

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