Gaughan Debuts New, Luxury, Multi-Family Property
This Fall, Gaughan opened Lighthouse Lofts Luxury Apartments, a new multi-family property in downtown Forest Lake, Minnesota. This 5-story, multi-use building is the newest luxury apartment community in the neighborhood. As General Contractor and Developer, Gaughan’s vision with Lighthouse Lofts and other developments is to bring new life and vibrancy to the core of the city. Investments like this are made to help fulfill a void in the market.
The first floor features a new location for Snap Fitness, to which Residents receive a complimentary membership with their lease. Mallards Restaurant has also opened their new, second location in the North corner retail space. Above that, Lighthouse Lofts has four floors of luxury apartment homes with several, additional walkout units on the first floor.
The modernity of this project is bringing a new atmosphere to downtown Forest Lake. The 8.5-foot ceilings and 6-foot windows in every unit allow natural light into nearly every room of the apartment, and the patios and balconies provide a beautiful lake view year-round. Residents can enjoy the rooftop patio, equipped with gas grills, in the summer. The adjacent clubroom provides a place to relax, gather in community, or reserve for private events in any season.
For more information about this development, visit www.lighthouseloftsmn.com, and stop in to experience these luxury apartments! The team at Gaughan can assist with your commercial real estate and construction interests. Contact us directly at 651-464-5700.
Gaughan Prepares for Multi-Family Development Project in Shakopee
The Shakopee City Council approved the 126-unit multi-family development for downtown Shakopee, proposed by Gaughan, at their July 3 meeting. Minnesota-based commercial real estate developer, Gaughan has an affinity for sites with the potential of the Shakopee project. Senior VP of Commercial Accounts Dan Hebert says, “[Gaughan’s] primary focus is redeveloping sites and revitalization of downtown markets.”
This piece of land on the north end of downtown faces the Minnesota River. The team at Gaughan has planned for an apartment community with five stories, underground parking, and a restaurant on the first floor.
Gaughan’s most recent multi-family development, Lighthouse Lofts Luxury Apartments located in the downtown community overlooking the lake, will open next month in Forest Lake, Minn.
Read the entire article from Finance & Commerce here.
The Pinnacle of the Project
March has brought with it beautiful sights at one of our construction projects. On March 1, crews at Lighthouse Lofts began working on assembling the “lantern room.” Once complete, the tower will exude light to be seen from great distances. This will be the clubroom for Residents.
For more information on Lighthouse Lofts, visit www.LighthouseLoftsMN.com.
Blessings are Felt Helping Those in Need
At the end of December, we had another team from Gaughan Companies head out to Sharing and Caring Hands to help prepare and serve the lunch meal. (Our first team went in November.) They had a blast, and a few reported that they were blessed to be able to serve others in this way. This season, of course, reminds us to donate our time, talents and means to those that need help. We look forward to the possibility of making these trips an annual tradition.
-Patrick Gaughan
Commercial Real Estate Market Statistics: A Summary of 2016 and a Look Toward 2017
2016 was a hot market year for Commercial Real Estate. Thousands of new jobs were created that are having a dynamic impact on our industry and consumer spending continues to rise.
2017 is looking bright as we head into the New Year, and we are excited to see continued growth from business investments, exports, reconstruction and supply chains.
Here’s a brief look back into 2016 and a projection of what’s to come in 2017.
2016
- Third quarter results show that personal consumer spending rose at an annual rate of 2.1 percent. Most of the spending was on goods and services.
- Export activity increased, which means that companies are coming closer to their goal of serving global markets.
- Business investments are up by 5.4 percent. Owners are interested in growing their businesses and are willing to take more monetary risks right now.
- 619,000 jobs were created. Of those, 28,100 were in warehouse employment. The retail sector added 51,200 jobs and the wholesale trade industry gained 18,300 jobs.
- Demand for industrial properties rose, while older properties such as malls and community centers often remained empty.
- Office and retail space building and leasing remain stagnant as business owners are turning their attention to industrial space.
2017
- The national unemployment rate is under 5 percent. This will allow companies to be more profitable since they have enough workers to commit to their production lines and run their office operations. Low unemployment rates also benefit every other industry because these individuals will keep buying goods and services, in turn, balancing out the old economic scale of supply versus demand.
- There will be a small increase in the need for apartments and senior housing as millennials and baby boomers seek to settle into properties that are not single family dwellings.
- An increase in the need for retail and office space is expected, as business owners take more risks and add products and services to their offerings.
- Investor spending by business owners located outside of the U.S. is expected to increase due to the low lending rates and new opportunities afforded them in this country.
- Old malls and dated commercial properties will be re-purposed, turning into classrooms, last mile supply warehouses, expanding city government offices, and possibly new places for entertainment such as kid’s play zones, bowling alleys, and other family-oriented entertainment centers.
- Lower energy prices will continue to be a factor as companies are able to spend less on operations and more on bringing products and services into an area.
Although 2017 seems brighter, there is still work to be done in each community in order to fully restore economic prosperity. Gaughan Companies is excited for these new opportunities, and we look forward to working with you to meet all of your commercial real estate needs.
-Patrick Gaughan
Village Apartments in Forest Lake Introduces Its New Website
The Village Apartments in Forest Lake, Minnesota is pleased to announce the completion of its brand new website. The website brings a modern feel along with an easy to navigate format. Potential residents will be able view floor plans, look at interior photos of units as well as have the ability fill out and submit their applications directly from the website. If you are a current resident of the Village Apartments, the resident login portal is front as center as you land on the page, making it convenient to access your online account.
The Village Apartments website can be found at:
