Minneapolis property management company braces for increased luxury rental demand, and optimism soars over the city's economic potential connected with new Vikings Stadium plans.
Despite a stumbling beginning to the 2013 NFL season, the Minnesota Vikings organization and the city of Minneapolis anticipate a huge economic impact from the projected new Vikings Stadium. Slated for completion in 2016, the high-tech, glass-topped stadium is already a leader in the running to host the 52nd Annual NFL Superbowl in 2018. Developed by Ryan Companies out of Dallas, TX, the building design is a rival to the Dallas Cowboy Stadium in Arlington, TX, also designed by Ryan Companies.
MPLS Rent, a top rental property management company is bracing itself for the increased demand for Minneapolis rental properties. According to Minnesota Sports Facility Authority (MSFA) and Mortenson Construction, the impact that this major building project will have on the local economy is staggering. Projected to produce over 13,000 jobs and $300 million in wages throughout the construction period, in addition to a substantial number of jobs for fabrication of materials to support the construction project, Minneapolis Mayor RT Rybak anticipates monumental growth in the local economy.
"We have, to me, a mind blowing opportunity. So, let's not think small." Said Rybak in an interview with a local Fox News affiliate.
In addition to the large increase in construction jobs during the project, nearly 3,400 people will be employed following the stadiums completion. According to Rybak, some 90% of all employed for the project will remain in Minnesota.
"This impact reaches beyond the construction business into real estate and rental properties." Said MPLS Rent owner and founder, Joe Kirkwood. "13,000 people have to live somewhere."
In the first year, alone, the stadium project will produce some 1,600 construction jobs at ground level and hundreds of administrative and Ryan Company staff positions in the front office. Management of the completed stadium, according to MSFA, will employ over 100 upper level managers and executives in addition to the 3,000 plus working at the stadium itself. Already at a very low 2% vacancy rate, Minneapolis rental properties will become more difficult to find as the construction project continues.
"Many home owners are taking advantage of this opportunity and are renting homes they were previously trying to sell in a shaky real estate market." Commented Kirkwood, "Our rental property management services are right in line to help new landlords make the most of this situation."
For more information on MPLS Rent and the Minneapolis rental properties currently available, visit the website: www.mplsrent.com
JD Arbuckle is a freelance journalist, long time Minneapolis resident and Kansas City Chiefs fan.