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Get smarter, faster about what’s happening in your backyard with local reporter Torey Van Oot.

Axios Twin Cities

Axios Twin Cities Thought Bubble

These aren't your grandma's playgrounds. 

The big picture: We asked Axios Twin Cities readers to share their favorite places to take the kids in their lives as the days get longer and lighter. You didn't disappoint! 

Why it matters: Playground visits help kids stay active, form friendships and build new play skills. Adding new spots to the rotation just adds to the fun!

What to expect: Obstacle courses, whimsical slides, wheelchair-accessible ramps, sensory play equipment and more! 

Kim I: "Madison's Place in Woodbury is amazing and with a great backstory (parent inspired on behalf of her child). It's an accessible playground, and very well-done."

Mike M: "Shoreview is putting the finishing touches on a massive new playground setup at Shoreview Commons, which has been an absolute hit with my 5-year-old." 

Adds Julie: "Don’t tell anyone because it's always so busy we don't need any more people coming 😉"

Kelly Z: "Schaper Park in Golden Valley, which has a Ninja-style obstacle course and a running track with a timer."

Danae O: "Elm Creek Park Reserve in Maple Grove and Clifton E. French Regional Park in Plymouth!"

Daniel B: "Tamarack Nature Center in White Bear Township; Wabun Park and splash pad in Minneapolis (east of Sea Salt towards the veteran home) and Lake Harriet playground (just north of bandshell) in Minneapolis."

Kari M: "Lake Byllesby, Dakota County Park in Cannon Falls: There is a brand new 'natural' splash pad and playground right next to the beach and lake. And, a short walk down the lake path takes you to another new playground with rubber flooring.

Also: Woodridge Park in Cottage Grove: It's really big and has some cool features I haven't seen anywhere else that keep all ages entertained."

The best Twin Cities playgrounds

What to expect: Obstacle courses, whimsical slides, wheelchair-accessible ramps, sensory play equipment and more!

Madison's Place in Woodbury. Photo courtesy of the City of Woodbury

Outdoor activities

These aren&#x27;t your grandma&#x27;s playgrounds. The big picture: We asked Axios Twin Cities readers to share their favorite places to take the kids in their lives as the days get longer and lighter. You didn&#x27;t disappoint!

Things to Do

Axios Twin Cities, anchored by Torey Van Oot, Nick Halter and Audrey Kennedy, is here to help readers get smarter, faster on the most consequential news and developments unfolding in their own backyard

A more than $250 million mixed-use project in Edina is underway after crews last week began demolishing a former U.S. Bank office building at 70th and France.

Details: Developers Mortenson and Orion Investments will eventually build a 24-story, 267-unit luxury apartment tower, a 275,000-square-foot office/commercial building, a new U.S. Bank branch, and street-level retail space.  

Catch up fast: The developers asked for, and received, a $22 million city subsidy package from the formation of a new tax-increment financing district. That money will go toward infrastructure, a public plaza, art and a 668-stall parking ramp that can be used by the public. 

The subsidy, in one of the wealthiest ZIP codes in the metro, stirred complaints from residents. 

Mortenson development executive Brent Webb told Nick that the parking ramp will serve as district parking, which could help spur more development in the area. 

What's ahead: The developers are working to complete the new U.S. Bank branch first before demolishing the rest of the site for the apartments and office space. 

That phase is expected to begin early next year, with completion in 2024, Webb said. 

A $250 million Edina project is under construction near Galleria

It will bring a 24-story apartment tower and a 275,000-square-foot office building to 70th and France.

A demolished building on the left; a rendering of a new project on the right 

Demolition has begun on the old U.S. Bank building (left). On the right, a rendering of what will replace it. Images: Nick Halter/Axios and ESG Architecture via City of Edina 

Real estate

A more than $250 million mixed-use project in Edina is underway after crews last week began demolishing a former U.S. Bank office building at 70th and France.Details: Developers Mortenson and Orion Investments will eventually build a 24-story, 267-unit luxury apartment tower, a 275,000-square-foot office/commercial building, a new U.S. Bank branch, and street-level retail space.

Real Estate

A downtown Minneapolis tower is slated to become the city's first conversion from offices to apartments since the pandemic hit. 

Driving the news: Minneapolis-based developer Sherman Associates has proposed turning the 13-story Northstar Center East, at 608 2nd Ave. S, into 216 apartments. 

20% of the units will be income-restricted, for those earning 50% or less of the area's median income.

Why it matters: This could be a sign of things to come as remote work has reduced the need for office space.

The project would remove about 300,000 square feet of office space from a downtown Minneapolis office market with a vacancy rate of nearly 30%, according to a recent Cushman & Wakefield report. 

Of note: Sherman is doing something similar in St. Paul with the Landmark Tower, converting the office space into apartments.

Between the lines: Northstar Center was struggling even before the pandemic hit after Wells Fargo moved its employees from that building into the new twin towers near U.S. Bank Stadium. Northstar's previous owners had contemplating an apartment conversion back in 2016. 

The deal will be aided by the help of historic tax credits and, perhaps, tax-increment financing from the city for the lower-income units. 

The intrigue: Even with a downtown office vacancy rate of 30%, Houston-based developer Hines is moving forward with a 29-story speculative office tower in the area. 

That might seem crazy, but real estate experts call this trend a "flight to quality." 

Companies may be shrinking their office space, but they're working hard to lure their employees back. To do that, they want new, high-end space with lots of windows, lounges, fitness centers and restaurants. 

What to watch: Sherman, which didn't respond to Axios' request for comment, said in its application that it anticipates buying the building this fall and finishing construction in 2024. 

Downtown Minneapolis office tower slated for apartment conversion

This could be a sign of things to come as the demand for office space plummets.

Northstar Center East will become apartments under a new proposal. Photo: Nick Halter/Axios

A downtown Minneapolis tower is slated to become the city&#x27;s first conversion from offices to apartments since the pandemic hit. Driving the news: Minneapolis-based developer Sherman Associates has proposed turning the 13-story Northstar Center East, at 608 2nd Ave. S, into 216 apartments.

In February, the Wilf family, who owns the Minnesota Vikings, completed a 17-story apartment tower at 240 Park Ave., which is just a few blocks from U.S. Bank Stadium in Minneapolis. 

Designed by BKV Group, the 204-unit building has an exterior heavy on metal and glass. 

Score: Nine out of 10 (scores are based on how close it looked to the renderings). 

The major difference between the rendering and reality is that the rendering didn't show a recessed corner tenant patio on the sixth and seven floors, which is called the "Lanai."

Rendering vs. reality: Minneapolis' 240 Park Avenue apartment tower

The 17-story apartment tower was completed in February.

An image of a rendering of a downtown Minneapolis apartment tower, next to a photo of the actual building after construction completed.

Image courtesy of BKV Group via City of Minneapolis; Photo: Nick Halter/Axios

Minneapolis

In February, the Wilf family, who owns the Minnesota Vikings, completed a 17-story apartment tower at 240 Park Ave., which is just a few blocks from U.S. Bank Stadium in Minneapolis. <ul><li>Designed by BKV Group, the 204-unit building has an exterior heavy on metal and glass. </li></ul>

Homebuyers in the Twin Cities have been able to deal with skyrocketing prices over the past few years thanks to record-low interest rates. 

But with interest rates on the rise, housing affordability is at its worst level since at least 2004, according to a monthly report from Minneapolis Area Realtors/Saint Paul Area Realtors Association. 

Driving the news: Average interest rates on a fixed 30-year mortgage have reached 5.2%, up from about 3% a year ago, according to Freddie Mac.

At the same time, home prices in April were up 10% compared to a year ago, with the median sale price now at a record $370,000. 

Data: Freddie Mac, Redfin; Chart: Simran Parwani/Axios

A Redfin analysis says that the minimum salary required to afford a median priced home in the Twin Cities metro was up 23% in March, compared to March of 2021. 

You now need to make an annual salary of $65,732 to afford a median priced home. 

How it works: For a $370,000 house with a 20% down payment, a jump in the interest rate from 3% to 5% is the equivalent of adding $341 to a monthly mortgage payment. 

The intrigue: The rising rates have so far not cooled the sellers market as homes continue to sell quickly and for above asking price. 

The rising monthly costs have buyers lowering their price targets, said Mark Mason, president of the Saint Paul Area Realtors Association.

"If you're lowering your price point, a lot of times now you're looking in a different neighborhood as well," he said. 

Some buyers are instead choosing riskier adjustable interest rate loans with lower initial rates that could jump later. 

What's next: Mortgage rates are expected to rise throughout the year and remain at or above 5% in 2023, according to Freddie Mac's trend forecast. 

Twin Cities' housing affordability reaches worst level in 18 years

It just keeps getting harder to be a homebuyer.

A house with the top coming off with a red arrow in the middle

Homebuyers in the Twin Cities have been able to deal with skyrocketing prices over the past few years thanks to record-low interest rates. <ul><li>But with interest rates on the rise, housing affordability is at its worst level since at least 2004, according to a monthly report from Minneapolis Area Realtors/Saint Paul Area Realtors Association. </li></ul>

Nick Halter

Featured stories

The best Twin Cities playgrounds

Downtown Minneapolis office tower slated for apartment conversion

Rendering vs. reality: Minneapolis' 240 Park Avenue apartment tower

Twin Cities' housing affordability reaches worst level in 18 years

A $250 million Edina project is under construction near Galleria