Insights from Experts: Nick Murnane at MREJ’s Saint Paul Development Summit

Nick Murnane, Senior Manager, Real Estate

Years with Opus: 6

Project Credits:

• 365 Nicollet Luxury Multifamily
• North Loop Residences
• Oxbō Luxury Mixed-Use Development
• The Nic on Fifth®
• VÉLO®

Event: Minnesota Real Estate Journal’s 3rd Annual Saint Paul Development Summit

Key Points

• We began to focus on developing projects in Saint Paul again more than a year ago while developing and beginning construction on Oxbō. We have more projects in Saint Paul in the pipeline.
• Five years ago we began to look at Saint Paul. We saw a lack of new, quality housing. As we researched the city, we found many reasons to develop projects there.
  • We recognized that our ‘Live. Work. Play.’ multifamily model fit well on West Seventh street.
  • The success of other market rate projects spurred our decision, and the early success of Oxbō Apartment leasing, which is performing ahead of expectations, shows promise for future multifamily development. Additionally, retail leasing is going well with New Bohemia Wurst & Bier Haus opening their new bar and restaurant in the lower level of Oxbō – before the building opens for residents.
  • Capital markets interest in Saint Paul is growing with large institutional debt and equity partners taking a look at opportunities in the capital city.

• More about Oxbō