Development, Population Growth Reshaping Downtown Minneapolis
"Downtown Minneapolis is now home to nearly 50,000 people, thanks to newcomers who have moved into apartment towers rising from the Mill District to the North Loop to Loring Park," reports Miguel Otárola. The area's population jumped by 14.5 percent in 2017, the largest jump in more than a decade, but growth has been steady for years.
Otárola details the large developments giving residents new housing options—mostly at the upper end of the market. An article from May 2018 describes the market in Loring Park as a building boom. "About half of the $1.8 billion in new construction permits were issued in downtown wards, according to the association. Currently, 2,321 apartment rental units are under construction," according to Otárola.
The next step in Downtown's evolution, according to stakeholders and local politicians, are more retail and entertainment offerings. Steve Cramer, president and CEO of the Downtown Council, is quoted in the article saying he expects new downtown residents to demand more park and open spaces as well.