Look toward downtown Minneapolis from most directions, and it’s hard to miss the Eleven riverfront condominium building, the new thin, tall, sleek white tower in the Mill District that sprouted from a former parking lot into the skyline. The 550-foot-tall riverfront condo at 1111 West River Pkwy. (which is slated to roll out the welcome mat to residents early next year) will be the city’s tallest residential building.
Earlier this year, the Eleven on the River condo tower topped out, which meant work on the building’s interior ramped up. Now, the building’s developers, Minneapolis-based Ryan Cos. US Inc. and Arcadia, is ready to show off a pair of completed model units within the 42-story structure ahead of its opening in February.
Co-developers Arcadia LLC and Ryan Companies US, Inc. are changing downtown Minneapolis’ skyline with the construction of ELEVEN, a condominium tower that will become the tallest residential building in the state when it officially opens. The tower will also be the tallest building to rise in Minneapolis since 1992.
Developers have reached a milestone in the construction of Eleven on the River, which when complete will be Minneapolis’ tallest residential building — and maybe the priciest. The Star Tribune reports that Ryan Cos. US Inc. and Arcadia have “topped off” the 42-story building overlooking the Mississippi River, meaning the last beam has been put in place. Completion is still a year away.
The developers of the 42-story Eleven on the River condo tower in downtown Minneapolis recently gathered to celebrate topping off what is now the tallest — and one of the most expensive — residential buildings in the city. On average, buyers will have to spend $1,000 per square foot — or $3 million per unit — to live in the building, which will be decked out with classic touches including paneled walls, marble counters and herringbone floors.
Starchitect Robert A.M. Stern put his signature design stamp on Eleven on the River, the new luxury condo building being built downtown. “There’s an elegance to his design,” said Martha Dayton, founder of Martha Dayton Design. “The building is classic, stately, sophisticated and classy — a beautiful mix of traditional form while keeping it current.”
Kroll said he’s been selling downtown condos for 20 years and nothing has wowed him like the Eleven project. “At this stage of construction, there isn’t much to be excited about other than being under construction, but as it goes up and people see how significant this project is, I expect their sales will jump,” he said. “Some will need to see the height, some the exterior finish, and some will need to see a finished project. There aren’t that many units, and I don’t expect they’ll have any trouble selling out this building.”
On Tuesday, the developers also announced that they have tapped Chicago-based Sudler Property Management to offer customized concierge services at Eleven. “Eleven’s design is magnificent and unparalleled in the marketplace,” said Luigi Bernardi, CEO of Arcadia LLC, in a statement. “As a future resident of Eleven, I am looking forward to raising the bar on the standard of living and personal service for each homeowner; and Sudler provides a critical part of delivering that experience.”
The condo mania of 2004 to 2006 is long gone. Nearly all of the construction cranes you see today are for new rental apartment complexes. The only condos under construction in downtown Minneapolis are so expensive that no one will tell you exactly how much the units cost.