Minneapolis: Developers Preaching Patience With Condo Projects

Tom Lohmann of Pinehurst Properties has big plans for his condo project in SW Minneapolis at 3500 50th st W. Lohmann has been pitching the site as the future home of The Bancroft Condominiums, a high-end project just a few blocks from Edina. Bancroft LLC paid $3.5 million for the 1.6-acre site in December 2005. Lohmann isn't expecting to get much traction until next year at the earliest. " We don't want to make the mistake of going ahead with a project in a market that's just limping along...We're just biding time and hoping for a resurgence in the market." Lohmann has sold 8 of the planned 52 units and deposits have been refunded to some buyers who couldn't wait for an uncertain delivery date. Unit prices at The Bancroft with pricing at $510 per square foot range from $583,000 to more than $2 million for a penthouse. Downtown projects, the Nicollet and the Penfield are still on the drawing board until the market tides turn.