The latest issue of TWIN CITIES BUSINESS JOURNAL has an interesting article regarding the sale of 20 Uptown apartment buildings from Steve Frenz (JAS Properties) to Spiros Zorbalas (Uptown Classic Properties). This sale was for $10 million which averages $45,000 per apartment unit. According to the article, Frenz is shifting his apartment investments to other cities out of frustration with the regulatory environment in Minneapolis.
"The key issue raising (Frenz's) blood pressure is the way Minneapolis calculates storm-water fees based on the amount of water used within a building. Most cities instead calculate how much runoff storm water a property produces, he said. "Minneapolis' method unfairly penalizes multifamily apartment buildings because those buildings use more water, but that additional water use has nothing to do with storm water, Frenz said." Bill Dooley Kenny _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
