Mpls. Exceeds $1B In Permits For 4th Straight Year

MINNEAPOLIS (WCCO) -- Minneapolis has again passed the $1 billion mark for approved construction in 2015, the city announced Wednesday.

It marks the fourth year in a row since 2000, based on the value of permits issued for the year.

"We have all worked hard to achieve the growth Minneapolis is now experiencing, the growth that is leading our transition into a 21st century city," Mayor Betsey Hodges said. "Once again for the fourth consecutive year our city has reached an impressive milestone; the one billion dollars in construction permits is a strong testament to the confidence in our economy."

As of Sept. 11, 2015, Minneapolis recording $1.036 billion in permits. The year 2014 saw a staggering $2 billion in permits in Minneapolis due to the U.S. Bank Stadium, which acquired a majority of its permits in 2014.

"From a sea of surface parking lots and minimal activity, a great city is rising," Council Member Jacob Frey said. "In the Third Ward, we recognize the value of this growth, and appreciate those putting their money on the line to make our city world class."

The top five projects in Minneapolis this year include Downtown East ($79.9 million), Embassy Suites ($50.9 million), Xcel Energy headquarters ($44.4 million), Portland Towers ($38.7 million) and Greystar apartments ($35.97 million).

With the exception of the Embassy Suites and Xcel Energy, three are new buildings.