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Construction boom continues in Minneapolis as 2015 permits top $1 billion

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The construction boom in Minneapolis shows no signs of letting up, with the value of permits for approved projects passing the $1 billion mark in 2015.

It is the fourth year in a row that at least $1 billion worth of construction has been approved by the city, a press release says. Mayor Betsy Hodges says it highlights "the growth that is leading our transition into a 21st century city."

This year's final permit figures are likely to exceed the $1.1 and $1.2 billion levels of projects approved in 2012 and 2013. Last year, construction projects in the city reached the $2 billion mark, much of which was due to the $1 billion U.S. Bank Stadium.

The impact of the stadium is still prominent in the 2015 figures, via the regeneration of the wider area around the Minnesota Vikings' future home.

With a permit valued at just under $80 million, the Downtown East development at 550 and 600 South 4th Street is the largest project approved in 2015.

It's part of a $400 million mixed-use development by Ryan Companies that will incorporate offices for 5,000 Wells Fargo workers (in the two 17-story building known as the Wells Fargo Towers), a Radisson Red hotel, 26,000 square feet of retail space, a parking ramp and a two-block public green space.

Here are the top five projects approved by permit valuation in 2015:

  1. Downtown East, $79.896 million.
  2. Embassy Suites Hotel at 12 S. 6th Street, $50.868 million.
  3. Xcel Energy headquarters at 401 Nicollet Mall, $44.363 million.
  4. Portland Towers at 740 Portland Avenue, $38.746 million.
  5. Greystar apartments at 2622 W. Lake St., $35.966 million.

The city notes that The Embassy Suites project is a remodel of an existing building while the Xcel Energy is an extension to its existing headquarters building, adding a new nine-story office tower.

Steve Poor, the director of development services for the city, said he doesn't expect the construction boom to slow down next year, saying there are "several big projects in the pipeline."

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