As the economy continues to make slow progress, many developers remain on a cautious path. While some sectors-for example, multi-family residential and industrial-are showing strength, developers are shying away from speculating on other markets. "Coming out of the downturn, the market isn't providing tremendous opportunities," says Tom Shaver, CEO of Opus Group, Minneapolis. "It's a very slow growth market, so we're proceeding cautiously." The firm is pursuing a variety of project types but holding a tight focus on the sectors in which it sees the highest demand. Like many developers, Opus is pursuing multi-family residential projects. VELO, a luxury apartment building with 101 units in Minneapolis, and Verve, a 10-story, 284-unit high-end complex in Denver, are both scheduled to complete in the spring.
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