Building Boom in First-Tier Suburbs Attracting Millenials

There is a building boom in first-tier suburbs which is appealing to millennials bringing the urban lifestyle to what some may refer to as a suburban setting.  Several Cities have been targets for multi-family developments in 2015.  St. Louis Park recorded 389 new units, Bloomington 426 new units, and Edina reported 583 building permits for new living units last year.

The City of Edina has had plans to transform the suburb to appeal to people who want a walkable urban lifestyle without living in Downtown Minneapolis.   This shift is attracting millennials and empty nest baby boomers, and the demand for this style of living is apparent, as last year the City of Edina grew past the 50,000 population mark, reported by the U.S. Census Bureau.

Many Metropolitan Cities around the country are experiencing the same trends.  There are some concerns amongst economists as to whether this trend will be sustainable over time.  Many Cities have also expressed the concern that this trend in development is using up in-fill green space which is important to preserve.