Downtown Minneapolis building boom still strong

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Even a casual visitor to parts of downtown Minneapolis can't help but notice the building boom, and so far there aren't any indications it's slowing.

KSTP-TV reports that there's a need for retail, office and rental space.

The station cites the director of the city's Community Planning and Economic Development Department, who says that a normal construction year for downtown Minneapolis is about $770 million. Last year saw $1.2 billion, and this year's pace is ahead of that.

The director, Jeremy Hanson Willis, says that there's an influx of millenials in their 20s and 30s that are driving the boom, and that may be true as far as a growing rental market. KSTP calls the rental market growth "historic."

Of course, there's skepticism that such unbridled growth will lead to a crash, something that a University of St. Thomas prof warns about for the 30,000 people already living in downtown Minneapolis.

The downtown crash has been warned about for years, and certainly took a dip in the deep recession the last four or so. But back in December, the Star Tribune reported that $1 billion in construction projects were approved for the upcoming year.

In April, MinnPost explored the current wave of construction projects.

And Finance & Commerce was predicting the boom back in November.

Here's just one map tracking the many projects going on downtown.

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