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2019 Downtown Report Introduction

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2019 Downtown Report Introduction 2019 downtown report introduction Downtown Minneapolis continues to grow and thrive. Each year, we see more people choosing to live downtown, more businesses moving their headquarters here, and more public realm amenities that make us a competitive and vibrant 21st Century City. intro | 2 highlights | 3 The Yes Mpls report aims to show how the neighborhoods | 5 mpls downtown council and its partners are fueling development strategies to improve development + investment | 7 the downtown core and build upon its office market + workforce | 9 already solid foundation. Of the $2.1 billion mobility | 11 worth of 2019 new construction permits in Minneapolis, $1.4 billion were from downtown’s navigation | 13 Wards 3 and 7. This new investment provides educated workforce | 15 more amenities to visitors and residents residents | 17 in hotel, office space, healthcare, arts and culture, and more. And it fuels our ability to retail + restaurants | 19 host major events like the 2019 NCAA men’s tourism + attractions | 21 basketball Final Four (at left). contents 2025 plan | 23 Downtown’s residential population continues to rise, and its residents alone would qualify as the 19th largest city in the state. Our healthy workforce is supported by mobility options that make it easy to work and live downtown, retail and restaurants that 2019 make it convenient to stay downtown, and educational opportunities and residential downtown variety that make it hard to leave downtown. report If you’re not here already, read on to discover what you’re missing. 1 2 A VITAL 2019 highlights report boundaries DOWNTOWN a vital dowtown is the heart of mpls 2.1 billion 150,000 218,325 dollars of daily trips to/from downtown new construction downtown employees residential 27.6 square feet of 51,288 population million office space showstopping theatre #1 cities in u.s. #2 best city bike-friendly in the U.S. city in u.s. CN Traveler msn.com metro area city of minneapolis downtown minneapolis 3 4 the five neighborhoods of downtown central core east town loring park north loop northeast A thriving downtown needs Downtown’s East Town is On the southwestern edge Notable for its warehouse- The historic St. Anthony a healthy heart, and that’s accessible by car, light rail of downtown lies Loring style of buildings, North Main stretch of cobblestone what you can expect from or bike via the Hiawatha Bike Park - one of the greenest Loop continues to see a streets is an iconic area of Minneapolis’ Central Core Trail. Recent developments areas of the city, brimming boom in retail, dining, office downtown Minneapolis, neighborhood. Connected include residential housing with artistic expression both space and residential. And offering one of the most by spacious sidewalks and surrounding U.S. Bank indoors and out. Exit the did we mention breweries? breathtaking views of our bike lanes in the warmer Stadium and the Mississippi freeway and you’ll discover Boutique shopping draws beautiful skyline. Along the months and the skyway riverfront, and daytime upscale restaurants lining visitors from the suburbs and north side of the Mississippi system in the cooler months, employees coming in and the lush Loring Park. Traffic restaurants like Smack Shack River, daytime workers and explore world-class dining, a out of newly-constructed remains consistent to the and Spoon & Stable keep nighttime dwellers can enjoy buzzing nightlife, pedestrian- office space. Hennepin Minneapolis Convention them around through the live music, a nostalgic trip friendly Nicollet, plenty of Healthcare provides nearby Center and educational evenings. Target Field attracts to longstanding community hotel options and some medical services and The opportunities await at fans for gametime, the mainstays, and take an of the city’s top business Armory draws crowds for Minneapolis College and farmers market offers local Instagram-worthy walk along players nestled within regional and national musical University of St. Thomas - goods year-round and the the Mississippi Riverfront or Capella Tower, Wells Fargo acts. East Town is livelier than Minneapolis campus. Northstar Line train shuttles in over the Stone Arch Bridge. Center, IDS Center and more. ever before. passengers from as far as 40 miles north of downtown. 5 6 development downtown continues to be filled with new investment Hotel Public Space Moxy by Marriot Peavey Plaza Element by Westin WaterWorks Emery Hotel (rebrand) Office Space Residential Thrivent Rafter The Marq City Club Apartments IDS Center Vicinity Canadian Pacific Plaza Sable Mixed Use Music Venues RBC Gateway The Fillmore Investment in The investment in improving downtown Minneapolis has been consistent for nearly a decade. For eight New Construction Healthcare Retail Permits City-Wide straight years, the City of Minneapolis has granted more than $1 billion worth of new construction permits, Hennepin Healthcare City Center and downtown’s wards typically lead the way. 2019 was no exception, as two-thirds of Minneapolis’ $2.1 billion Readleaf Center for lululemon Family Healing West Elm in new construction permits were granted downtown. • Since the mpls downtown council’s 2025 plan’s inception in 2011, more than 120 businesses have invested in downtown by moving their office space to United Properties and Pohlad the city’s core. In addition, an “amenities arms race” is taking place as The Companies have believed in and Marq, IDS Center, Canadian Pacific Plaza and other buildings are re-investing to attract new companies. invested in downtown Minneapolis for decades because we care about our city. • Peavey Plaza wrapped up its $10 million renovation and opened in July. Peavey Plaza features revitalized fountains and water basin, added greening, Our newest project, RBC Gateway, will not heightened accessibility and lighting while maintaining its historic look. This only deliver the Four Seasons as the Twin Cities’ re-imagined space is a must-visit destination on Nicollet. only 5-star hotel, but it's what investments The Nordic Ironclad RBC Gateway Canopy by Hilton • Water Works, a 6-acre development project along the Mississippi Riverfront, like RBC Gateway provide and do for our The Nordic opened in 2019 and features Ironclad is a new mixed-use development United Properties officially broke Located in historic Thresher Square, broke ground in 2019. When complete, the project will add new features that an incredible vision for mixed use located in East Town’s Mill District. The ground on RBC Gateway in June. Canopy by Hilton opened in 2019 and community, that make it stronger." space. Located in the North Loop, the 14-story, 172-unit upscale apartment building The project will be a 34-story tower, received the Minnesota Preservation will more prominently connect the downtown core to the riverfront. Nordic-inspired development features features indoor and outdoor terraces, sky include a Four Seasons—the Twin Impact Award by RETHOS for office space including new tenants like lounge and deck, fire pits, a swimming pool, Cities’ only 5-star hotel—corporate re-imagining this turn-of-the-century —Bill Katter, President & Chief Investment Officer, Ovative and WeWork, shared community hot tub, sauna, theater and media center. office space featuring tenants RBC, space. Canopy by Hilton features 183 United Properties space, FRGMNT coffee shop, Thr3 The building also includes the Moxy Hotel, a JLL and seven businesses owned by amenity-rich hotel rooms, trendy food Jack Golf Simulation, the 31-unit Sable trendy Marriott property featuring 148 rooms the Pohlad Companies, residential and beverage stops including UMBRA condominiums, and a public plaza. with private outdoor terraces, an open-air units, a public plaza and street level and Bacon Social House, and more. glass pavilion and bar, a fitness room and yoga retail. Expected completion is 2022. 7 studio, and a business lounge. 8 office market + workforce Downtown Minneapolis Employment Growth Trends 240K The Twin Cities are home to 19 Fortune 500 companies, and many of the top players choose to settle downtown to keep their employee 230K retention strong. Factors like accessibility, residential opportunity and a nice mix of restaurants and retail are an attractive combination. 220K • Downtown’s central core accounts for 27.6 million square feet of office space, approximately 37% of the Twin Cities’ total market. • Approximately 42% of recent business migrations into downtown have been companies 210K with previous offices on the I-394 and I-494 corridors, while 32% come from out of state. • Downtown is home to 10 companies who made the 2019 Forbes Global World’s Best 218,325 Employers List: Accenture, Amazon, AT&T, Hilton, NRG, RBC Wealth Management, Target, 200K U.S. Bancorp, Wells Fargo and Xcel Energy. 2017 2018 2019 2020 2025 downtown employees • Target Corporation, U.S. Bancorp, Ameriprise Financial, Xcel Energy and Thrivent Financial are Fortune 500 companies with headquarters in downtown Minneapolis. Together they employ approximately 22,025 people 6,050+ Top 15 Downtown Employers businesses downtown Target 8,500 RBC Wealth Management 1,495 Hennepin Healthcare 7,175 Federal Reserve Bank 1,161 Wells Fargo 7,000 Strategic Education, Inc. 1,157 Hennepin County 6,260 Thrivent Financial 1,075 Ameriprise Financial 5,051 SPS Commerce 1,037 U.S. Bank 4,921 Deloitte 1,004 Xcel Energy 2,478 Star Tribune 926 City of Minneapolis 2,095 9 10 mobility Big Lake Northstar Commuter Rail • 787.3K total rides Minneapolis and mobility go hand-in-hand. From light rail to Brooklyn commuter rail to buses, there are endless ways to get to, from and Park around downtown. METRO Blue Line • Downtown Minneapolis workers, visitors and residents have access to mobility options • Projected to open in including two rail lines that service more than 40 stations, the North Star Commuter Rail, affordable bus rides at 50 cents in the downtown zone or free rides along Nicollet, 16 Top LRT Destinations • Marq2: 16,000 average weekday boardings parking ramps and metered curbside spaces, car sharing, bike lanes and trails.
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