Developers drop $1B to create metro construction boom
MINNEAPOLIS (KMSP) -
Few industries were hit harder during the recession than construction, with jobs drying up within weeks of the market's turn for the worse. Now, however, there's a big boom on the horizon.
Developers are spending more than $1 billion in the metro area, and more is on the way.
Joe Kuna is the project manager for what is currently the largest building project in Minneapolis based on cost -- a 36-story luxury apartment building. Right now, there are about 35 workers making the holes for the foundations of the tower; however, by the time it's finished in the summer of 2014, more than 1,000 people will have worked at the site.
Downtown on 2nd Street and Hennepin Ave, the city's second-largest project will feature six floors of luxury apartments above a Whole Foods. That project is estimated to create another 500 jobs.
"It's been rare in the last four years to see a tower crane in Minneapolis. It's nice to have it back," Project Senior Superintendent Mark Ford said.
Ford estimates that 100,000 paid hours have already gone into the project, but it's only halfway done.
In addition to those work sites, the OrchestraHall addition, Soo Line apartments and Children's Hospital are also contributing well over $200 million in much-needed construction work.