Minneapolis/St.Paul Development News

[Dr Dooms Love Child]

thats awesome that the Vikings are building downtown.

[exit_320]

I'm going to be in Minneapolis this weekend, any thoughts on what I should check out?

[vgmLiquid]

Here are a few more updates:

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Bridges of St Paul making a comeback. This project was canceled and rejected pretty much but now they are going to be making a run at it again...

'Bridges' advocate tweaks his plan
The latest proposal for the Bridges of St. Paul development doesn't cut height of most buildings, a key sticking point.
Last update: June 19, 2007 – 9:38 PM
http://www.startribune.com/462/story/1256555.html

Developer Jerry Trooien crossed a long-awaited bridge Tuesday when he resubmitted his plan to build an urban village along the Mississippi River with a few changes from his original plan.

Trooien agreed to withdraw his rezoning request in November after concerns from neighborhood groups about the scale of the $1.5 billion project, known as the Bridges of St. Paul, which would include condos and a Westin hotel.

The new proposal, submitted to the city's Department of Planning and Economic Development, includes height changes to one of the proposed high-rise condo buildings.

But most of the adjustments from the original plan provide more access to the river for pedestrians and cyclists without changing the heights of most of the buildings, the main point of controversy for some groups.

There also were some concerns about the city changing the zoning standards on the land plot on the city's West Side with the possibility that the project would not advance.

Trooien's next zoning request, however, would only apply if the project was approved. City officials have voiced opposition to Trooien's original request for $125 million in tax-increment financing to support the project. He said he'll ask for a similar amount from the city, but he said the project will add $1 billion to the city's tax base and create nearly 4,000 jobs.

"This time, we're going all the way," Trooien said.

Bob Hume, spokesman for Mayor Chris Coleman, said the mayor wanted to review the proposal before commenting on it.

"We just received it," he said. "We'll give it a thorough review."

MYRON P. MEDCALF

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Vikings ready to spend millions on money-losing parking ramp next to Dome

The Minnesota Vikings' owners are ready to pay up to $14.5 million for an underground parking ramp next to the Metrodome that has lost millions and was ignored by developers for years. But it is seen by Vikings owner Zygi Wilf as "integral" to building a new stadium and redeveloping downtown's east side.

By Paul Levy, Star Tribune

The Minnesota Vikings' owners are ready to pay up to $14.5 million for an underground parking ramp next to the Metrodome that has lost millions and was ignored by developers for years. But it is seen by Vikings owner Zygi Wilf as "integral" to building a new stadium and redeveloping downtown's east side.

According a tentative agreement approved Monday by the Metropolitan Sports Facilities Commission, which owns the Metrodome, local developer Bob Lux will sell the 450-stall ramp to the Vikings, who have an option through the end of the 2009 Legislative session or any special sessions thereafter in which to close on the deal.

"We're working towards an agreement," said Lester Bagley, Vikings vice president of stadium development and public affairs. "It's not quite there yet. But this is an important piece for our overall plans."

The timing of the option is crucial for the Vikings, who will seek legislative approval next year for their proposed $954 million, retractable-roof stadium to be built where the Metrodome now stands. Even if the Vikings fail at the Capitol next year, the team hopes to build enough momentum for approval in 2009 -- which enables the Metrodome to be razed and construction to begin after the Twins complete their final season and move into their new open-air ballpark in 2010.

The Vikings last week reached a tentative agreement to buy four city blocks near the Metrodome from the Star Tribune for $45 million, according to sources. Two weeks ago, the team bought three other parking lots near the Metrodome for a total of $5 million.

The underground ramp cost the city of Minneapolis $17.3 million to build, and then, according to sources, lost as much as $15 million while the city owned it.

Wilf, who has contacted several owners of property near the Metrodome, asked in a March 5 letter to City Council President Barbara Johnson that the underground ramp by the Metrodome light-rail station be removed from public auction.

Wilf asked that the city notify the 13 bidders that the land was "potentially to be included in a broader development plan." Wilf said he hoped to turn the station into a Winter Garden, "a dramatic indoor station that would be the heart and soul" of his development plan for the east side of downtown.

Privately, the Vikings worried about the complications they watched from afar as the Twins and city officials struggled with a third party during negotiations for land for the Twins' new ballpark.

"We don't want a problem with other people [owning the land]," Bill Lester, executive director of the sports facilities commission, said Monday.

But Johnson responded that the city asked for bidders and "people responded." One was Lux, who bought a ramp that few cared about three years ago.

It was built to be able to support a six-story office building on the northwest corner of the block. But that never materialized. Now the property supports the Vikings' stadium dreams.

The Vikings could, according to terms of the tentative agreement, pay as little as $12.5 million for the ramp if the deal is complete by Sept. 1. The Sports Facilities Commission, the team's public partner in a quest for a new stadium, agreed to share costs of any purchase options. The city's Transportation and Public Works committee will hold a public hearing July 10 to review the sale.

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Vikings close deal on buying 4 blocks from Star Tribune

By Paul Levy, Star Tribune

Last update: June 20, 2007 – 4:23 PM

The Minnesota Vikings have bought four city blocks near the Metrodome from Avista Capital Partners, new owners of the Star Tribune, Wednesday as part of a broader plan to build a football stadium and develop surrounding land in downtown Minneapolis.

"It's official," OhSang Kwon, one of the owners of Avista owners, said this afternoon.

Sources with knowledge of the transaction say the Vikings paid $45 million for the land.

"It's significant because it demonstrates a real commitment [by the Vikings] to both the Metrodome site and downtown east," said Bill Lester, executive director of the Metropolitan Sports Facilities Commission, owner of the Metrodome and the Vikings' public partner in the team's pursuit of a proposed $954 million stadium with retractable roof.

"The result will be a plus for us as we talk about a multipurpose stadium where the Vikings would also play," said Roy Terwilliger, chairman of the commission. "The whole area will be under development. I would assume that the Vikings will pick up other properties, that other property owners will fall in line with it."

Vikings owner Zygi Wilf, a New Jersey developer, has talked to more than two dozen owners of property in the area surrounding the Metrodome. But the Star Tribune property is seen as crucial for plans to revitalize the east section of downtown.

One of those blocks - the block at 3rd Street and Portland Avenue - has been designated as a future park, according to plans by the ROMA Group, the San Francisco-based urban planner hired by the commission with the Vikings' blessings.

And while Boris Dramov, who revealed ROMA's plans for the area in April, said the Star Tribune's main building at 425 Portland was one of two area buildings deemed untouchable (the other being the Armory), the fate of the Star Tribune's main building also remains cloudy.

As part of the transaction, the Vikings are believed to have a right of first refusal to later buy the newspaper's longtime main office building, sources with knowledge of the transaction said, though that block is not included in the sale.

In an interview March 14, Kwon, one of the Avista owners, did not rule out one day selling the 425 Portland block. But Kwon said it would not likely happen anytime soon. Kwon said that the stress involved with continuing to produce a daily newspaper and, at the same time, relocating a newsroom already reduced in size by recent employee buyouts was not something Avista felt the Star Tribune could bear at this time.

"We can't contemplate selling all five blocks at once," Kwon said in March. "Were would we [the newsroom] go if he [Wilf] said, 'Hand over the keys and be out?'"

The sale gives the Vikings four blocks that mainly have been used by the newspaper for surface parking. But the area also includes another large office building and an older warehouse facility.

Those four blocks have been seen as critical to Wilf's plans to build a stadium on the site of the nearby Metrodome, the team's home since the early 1980s.

The Vikings began negotiations for the Star Tribune property last October, or possibly earlier, when the Star Tribune was owned by the McClatchy Co. Kwon said in March that he was unsure whether McClatchy, strapped for cash after buying the Knight Ridder newspaper chain for $4 billion, contacted the Vikings in October, or whether Wilf contacted McClatchy.

Other area landowners have been waiting anxiously for the Vikings-Star Tribune land deal to be finalized.

"They want to concentrate on the immediate neighborhood," said Basant Kharbanda, who owns property near the Metrodome and was contacted by Wilf's representatives months ago.

Asked whether the Star Tribune sale could have a domino effect among property owners, Kharbanda said he wasn't sure.

"But this was a big step," Kharbanda said.

A month ago, Wilf disclosed he paid $5 million to buy three other parking lots near the Metrodome, whichtogether comprise less than three city blocks.

Wilf is currently negotiating to buy an underground parking ramp at the light-rail station by the Metrodome. The ramp is owned by the city and put up for auction last fall. The leading bidder, developer Bob Lux, is negotiating with Wilf. According to reports form the Metropolitan Sports Facilities Commission, Wilf is willing to pay up to $14.5 million for the 450-stall ramp, which cost the city $17.3 million to build, but has lost nearly $15 million in recent years.

Paul Levy

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BEST UPDATE OF THIS POST

Dock Street (part of twinsville development). The goal of Dock Street is to create a historic area filled with bars and restaurants. The unique thing about the area is it currently is filled with highway viaducts that will be transformed into city streets creating a "multi-level" street system around the new twins stadium. On one level you will have the dock street and historic feel which will run from the twins stadium all the way to Hennepin Avenue. The buildings and new development would have two street fronts on some of the buildings, one street front facing Dock Street at a "lower level" while the other street front would face the highway viaducts from my understanding. There is going to be a unique set of stairs between two of the viaducts that are close to each other and probably a plaza located there as well to invite pedestrians to dock street from the viaduct level as well as the other way around. Traffic will be slowed to city speeds as well.

The white areas north of dock street are surface parking lots presently to give a perspective.



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Washington Avenue masterplan:
http://www.aia-mn.org/chapters/pdf/W...2006-12-07.pdf
This is a 67 page .pdf file filled mainly with pictures and a few highlighted points periodically. It is really quite interesting and I'd recommend looking through it. Most of it is very reasonable because it doesn't require massive developments in the 50 story range but buildings in the 4-10 story range to infill some of the empty areas to bring more life back into Washington Avenue because the goal is to turn it into a Boulevard filled with life, pedestrian friendly, and of course streetcars.

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thats the rest of the updates i' have for right now.

[Model City]

any info on MOA Phase II?

[Avian001]

Originally Posted by Model City

any info on MOA Phase II?

The $1.8 billion Phase 2 will include a 4-level, 5.6 million square-foot expansion on 42 acres connected to the current MOA, and will also link to the existing IKEA. The developers estimate that the current 40 million visits per year will expand to 60 million when Phase 2 opens. (40 percent of those visitors come from a distance greater than 150 miles.)

All of the plans and diagrams can be found here on the City of Bloomington's website.

The project is approved and designs are well underway by KKE Architects of Minneapolis. A 300,000 sq. ft. Bass Pro Shop, Kimpton Hotel and a 6,000-seat performing arts center are in the mix, along with 450+ new stores added to the current 520. Here are some earlier concept drawings:

[vgmLiquid]

Originally Posted by Avian001

The $1.8 billion Phase 2 will include a 4-level, 5.6 million square-foot expansion on 42 acres connected to the current MOA, and will also link to the existing IKEA. The developers estimate that the current 40 million visits per year will expand to 60 million when Phase 2 opens. (40 percent of those visitors come from a distance greater than 150 miles.)

All of the plans and diagrams can be found here on the City of Bloomington's website.

The project is approved and designs are well underway by KKE Architects of Minneapolis. A 300,000 sq. ft. Bass Pro Shop, Kimpton Hotel and a 6,000-seat performing arts center are in the mix, along with 450+ new stores added to the current 520. Here are some earlier concept drawings:

I've seen the other renderings but never this one. I really wonder what the Future Development thing on the left is going to be. If I remember correctly it is currently a bus loading/unloading area. There is a vacant lot directly to the east of the mall which I always assumed would be Phase III (since it was originally planned to have 3 phases) however it is in direct path with a runway fly area from the MSP Airport and would probably be 2 stories at the very tallest which might make an above ground enclosed connection between the two areas difficult. Maybe Phase III is that "Future Development" part then...just a really small Phase III in comparison to the potential site to the east.

[Avian001]

Originally Posted by vgmLiquid

I've seen the other renderings but never this one. I really wonder what the Future Development thing on the left is going to be...

From the MOA's website, they say that the Kimpton Hotel will be on the south side of the existing mall (which is the left side of the plan shown), so I'm guessing that this "future development" may already be spoken for.

[cmj2k2]

great updates


The photo of the Ivy's progress was kind of weak though..

[Sirus]

MOA II is going to seal the fate of Minneapolis' retail for some time to come. Very disheartening.

[vgmLiquid]

Originally Posted by Sirus

MOA II is going to seal the fate of Minneapolis' retail for some time to come. Very disheartening.

Actually that is what one would think, but it won't be the end result. That is why I favor MOA Phase II. Realistically, if you think about it, its going to do the most damage to Southdale and not Downtown. Mall of America dealt all the damage it ever will to Downtown when it was first built and even now downtown retail really isn't as bad as people claim it to be. I have several reasons for this fact.

Mall of America brings in 40 million people per year and will add an additional 20 million per year through the expansion. The only new anchor going in will be an outdoor sports/hunting/boating store. If one examines the plans also, there are several hotels in the project as well. This is clearly an attempt to draw more tourists. The one new anchor isn't going to draw as well as one might think on a local level because a Dick's sporting goods store would be closer to most people in the metro and simply more efficient.

Downtown Minneapolis continues to increase in population. Traditionally, retail follows where high concentrations of people are located. Take the increasing number of residents and the existing workforce that commute into downtown (which will also increase every time a new office tower is constructed...i'm looking at you 1,000 footer), there is a large base to support a healthy retail scene.

The point I'm trying to get at is its not going to affect Downtown Minneapolis really at all. It will affect Southdale for sure but thats simple proximity. If you look at national trends, people in Minnesota tend to spend more money on stuff which tends to lead to more available retail outlets. This might be partially due to high wages with relatively low living expenses compared to other places (resulting in more disposable income to spend on merchandise).

If anything it will help downtown Minneapolis. 20 million more people per year is a lot. The average person in the metro probably isn't going to go to the mall anymore than they do presently even with more stores in it (this is logical because you only make X number of dollars a year and allocate X dollars to the mall which means X can't be spent more than it did before). This means that the majority of the new 20 million will be from out of town. Mall of America states that 40% of their visitors come from more than 150 miles away and that is using the existing 40 million visitors annually (16 million from out of town). That 16 million tourists will basically increase to 30-36 million tourists and account for over half of visitors. This is clearly evident with placing hotels directly as part of the complex that the mall is attempting to draw on more tourists. I say this will benefit Minneapolis because a great number of those 30-36 million tourists need a bed to sleep in and will probably end up downtown. Odds are if they are downtown they are gonna check the place out a little bit and they will probably wander down Nicollet and start shopping there too.

[Minneapolitan]

vgmliquid,

You have successfully changed my mind on this project. My stomach dropped as soon as I realized this expansion was/is most likely going forward, and for the same reasons as, I'm sure, Sirus' did.

Most local people I know refuse to go to the MOA, which is a good thing IMO. Unfortunately, a lot of them will not go downtown to shop, either. To them, both are intimidating and/or annoying to shop. I am a HUGE advocate to my friends for downtown shopping, and will continue to support my neighborhood and downtown before I go to ANY mall.

It makes a lot of sense to think that the MOA expansion will bring even more people from outside the state and country...thus a lot of them will stay downtown, thus spending their money there as well. What I can see for the rest is that the locals will continue shopping wherever they shop, and probably even less of them at the MOA for reasons of them wanting to avoid the tourists/massive parking lots/confusing layout. This means that people that barely put up with the MOA before but won't after the expansion will shop elsewhere...like Southdale. So this might not all be as bad as it may seem. I believe that the MOA, downtown, AND the local, smaller malls will all be benefitted.

I REALLY hope that's how things pan out, anyway. We can only wait and see.

[vgmLiquid]

^What would help out retail downtown the most NOW would be if the local media stopped portraying the city as a dangerous place and if the condo market turned around (although there are several hundred rental units proposed now which will more than likely get built). Realistically it really isn't that dangerous (in the pure numbers department for a metro our size) but every time something happens the local media starts saying the total murders or armed robberies or whatever for the year along with it and it intimidates people. It is stunning to think the Star Tribune, located downtown, contributes to this and even has complained about empty parking lots not being utilized when they themselves owned 4 blocks next to the Metrodome that were pretty much empty. I hate thinking that a sports team now owns them...by Wilf made his money in real estate development so we should see some quality stuff be put over there now.

The other thing our metro needs to do as a whole is advertise. The whole Explore Minnesota campaign really doesn't help the metro (I think that is Pawlenty propaganda to help the state so we look good in rankings but not help the metro...I'm kidding on this, but one has to wonder as he seems to ONLY care about rural areas..). I heard a radio commercial for Sioux Falls trying to advertise as a great, inexpensive place to do business and live. The commercial's catch phrase was "Minnesota Nice without the Minnesota Price." I was stunned. Not because of the catch phrase but because a city with a metro population smaller than 250,000 is able to advertise in major market yet we are unable to do so. There have been Denver advertisements and Milwaukee advertisements around lately too although those are trying to get vacationers and tourists, not actual residents.

One example of what I mean by we need to advertise...all four of our pro sports teams are named after Minnesota. Even our minor league soccer team is named after the state. Our only team named after a city is the St Paul Saints (minor league baseball for those unaware). The average American might not realize when watching a sports game where the team is located in the state. As far as they are concerned its just in Minnesota. This helps out the state's reputation but not the city's reputation. Sometimes I wish we could merge Minneapolis and St Paul and go to a borough system with one being Minneapolis and the other being St Paul and just call the city as a whole Minneapolis (the more well known of the two). Then teams could actually be named after the city and be politically correct about it.

[vgmLiquid]

More updates:

Phoenix on the River
15-Story condo tower being built along the river across from downtown






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Bridgewater
This one is pretty much done...they are just finishing some interior work. This picture is nice because you can see the new Gold Medal Park which really turned out quite nicely.


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The Ivy

This building looked dull during its initial building stages, but it has turned out nice in my opinion so far.





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Zenith

At 55% sold out this baby is gonna break ground for real pretty soon. You can already see some construction crane equipment moving on site. This is the condo/hotel project that is to include an A-Loft hotel as well as a bunch of condos. The hotel is the shorter of the three buildings in the last rendering.







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The Eitel

This really isn't an update as much as it is a reminder that the apartment portion of this project is underway and the condo tower itself was never scheduled to begin sales for a few more years so technically this is still on pace and on track. Below are the apartments under construction followed by the condo rendering:



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Elliot Park Hotel
I think this has been posted before...probably by me...but I don't recall so here it is again. This is a hotel that will hopefully get under construction soon otherwise it won't make it in time for the RNC 2008 convention. However, it is unique because of the site it is being built on which is one that is incredibly under-utilized yet seems an unlikely place to build something on.




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Downtown Parking Ramps
This is was smart move by the city. They have sold off a lot of their parking ramps that were not generating great sums of money and required developers as part of the deal to redevelop land surrounding the parking ramps which would increase the city tax base as a result.

Buyers of city ramps now must redevelop development
Minneapolis / St. Paul Business Journal - 10:31 AM CDT Thursday, July 5, 2007 by Sam Black Staff Writer

Minneapolis' pending $88 million deal to sell eight municipal parking ramps requires the buyers to spend tens of millions of dollars to redevelop adjacent property for housing, retail and other uses.

Areas affected include the proposed Vikings stadium site, the Seven Corners district and the St. Anthony Main district.

In addition to generating cash the city needs to balance its insolvent parking fund, city officials expect the development surrounding three to five of the ramps will boost the city's tax base.

Alatus Partners, which was selected to buy six of the eight ramps for $69 million, made formal development proposals to go along with two ramps and is looking at future development projects near two others.

Alatus principal Bob Lux couldn't be reached for comment. Here are some details from the deals he's made with the city:

The highest-profile development tied to a ramp sale is around the Downtown East Municipal Ramp at 425 Park Ave. S., which abuts the light rail transit station near the Metrodome. Minnesota Vikings owner Zygi Wilf has publicized a plan to include that site as part of a larger Vikings stadium redevelopment project. Wilf is negotiating a option to buy the ramp from Alatus for between $12.5 million to $14.5 million, according to media reports.

If Wilf's option falls through, Alatus has committed to developing a project worth more than $13 million that could include housing, retail or a hotel. Any development, by Wilf or Alatus, would need to obtain LEED certification from the Washington, D.C.-based U.S. Green Building Council, according to terms of the tentative purchase agreement Alatus has with the city. Alatus' penalty for not performing on this commitment is $826,226.

Separately, Alatus proposed building a mixed-use project next to the Seven Corners Municipal Ramp, 1504 Washington Ave. S., near the University of Minnesota's West Bank campus. Alatus' Lux owns the property that is now home to Grandma's Saloon & Grill next to the Seven Corners Ramp. He has committed to developing a housing complex there, most likely apartments, that would not exceed 35 stories and 300 housing units, according to terms of the sale agreement. The project would have a minimum development cost of $9.8 million and also obtain LEED certification. Alatus' penalty for not performing on this commitment would be $455,582. No information was available on the future of Grandma's.
Alatus also is studying developments at two other ramps. It may build a housing project that wraps around the Loring Municipal Ramp at 1330 Nicollet Mall, as a way to improve the look of the ramp. It also may consider a project near the Gateway Municipal Ramp, at 400 S. Third St., but hasn't made a commitment to do anything there.

But Alatus isn't the only buyer with redevelopment plans. The owners of the St. Anthony Main retail, office and entertainment center are buying the St. Anthony Municipal Ramp at 210 Second Ave. S.E. for $2.525 million.

They've committed to building 70 to 100 residential units plus some neighborhood shops on land next to the ramp at a cost of at least $10 million. They also agreed to obtain LEED certification for the project. The buyers would be penalized $540,500 if they don't do the development.

John Rimarcik, an owner of St. Anthony Main and part of the trio buying the ramp, said it was clear early in the sale process that the city wanted to maximize the sale price, erase parking ramp operating deficiencies and study future developments near the ramps.

The city said surrounding development plans would be "a very important part of the proposal because it would bring additional ... tax revenues to the city," Rimarcik said.

Part of criteria
The prices offered were a huge factor in determining who the city selected to buy the ramps, but so were the buyers' plans for future development, said Patrick Born, the city's chief financial officer who was involved in negotiating the deals.

Two offers stood out from the 11 other groups who submitted bids. One was Alatus and the other was New York-based investment firm Northern Group Inc., which offered $87.75 million, compared to Alatus' original offer of $82 million plus a $5 million capital improvement plan. Both were the only offers received for all eight of the ramps. The city rejected Northern Group's bid.

"To be sure, when we originally looked at these proposals, Alatus was really the only proposer that had taken pretty serious steps to develop these real estate concepts. And that was certainly appealing to us," Born said.

Another factor that worked in favor of Alatus, he said, was its willingness to deduct two of the ramps from its package deal so they could be sold to groups that owned nearby property, such as the St. Anthony Main group. The other such buyer, the Guthrie Theater Foundation, wants to buy the Riverfront Ramp for $16.5 million. Should the Guthrie deal not close by next March, Alatus has a deal to buy the ramp for $16 million.

Born happy with deals
It cost the city $124 million to build the eight ramps, and the city has $68 million in outstanding debt among them. Proceeds of the sale will be used to pay off the debt and to fund other parking-ramp activities.

One way to look at the deal is to compare the sale price, $88 million, to what it would cost to build these ramps today, $151.13 million, not including the land, according to city estimates.

Born, however, said he is pleased with the deals and doesn't consider the comparison to replacement costs a signal that the deal was a fire sale.

"A fire sale would indicate that we sold them for something less than the market price. I think we got an outstanding reception from the market, with 13 proposals. We think the market has set the price for these properties. It was a very active competition by a wide variety of parties," he said.

The sales will be considered at a public hearing 11 a.m. July 10, held by the city's Community Development Committee and Transportation & Public Works Committee. The full City Council will consider the sale on July 20.
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The Nicollet
Despite the lack of updates on The Nicollet their website is still online which is a good sign for any development of this scale. Just for a little tease I included the rendering below:

[vgmLiquid]

Twins Ballpark Webcam is now live:
http://minnesota.twins.mlb.com/min/b...ark_webcam.jsp

[haldcottingham]

What does everyone in the TC think of a new ballpark there? I have never enjoyed watching games on tv from the dome. But I've never been there either. So I can't say how I feel about the place overall. I do love outdoor ballparks!

[vgmLiquid]

Originally Posted by haldcottingham

What does everyone in the TC think of a new ballpark there? I have never enjoyed watching games on tv from the dome. But I've never been there either. So I can't say how I feel about the place overall. I do love outdoor ballparks!

I would say most favor it, especially anyone living outside Hennepin county as they pay nothing for it. Currently the area is under-utilized as surface parking lots with highway access ramps basically hanging directly overhead and adjacent. The idea is to create a neighborhood there that is connected to the north loop and downtown. Something needs to be there though to spark interest (Twins stadium). The Guthrie theater arguably brought interest back into the river front which is why the Mill District area is seeing strong development despite the poor housing market. The Twins stadium along with the Target Center is believed to be enough of a draw (especially since they don't really overlap on the seasons to much) to create a vibrant neighborhood with a lot of condos, bars, and restaurants. In fact they are creating a two level street system. One level of it would feature bars, restaurants on a very narrow street designed to be very walkable and historic feeling (due to the narrow street) while the upper level streets would slow traffic on the ramps to street speeds and serve another level of bars, etc...although they wouldn't have the same feel. These would probably be done using taller condos as the lower parts of the condos would border dock street and the second or third levels would probably be facing the other newly created streets.

Overall, the whole idea is to take very imposing infrastructure and turn it into a very unique asset. However, it could take 4-10 years to fully realize its potential. Its not a HUGE area...maybe 3 blocks in length...but its large enough that it might take some time to do it right. I'd rather have them build 15+ story condos on each spot to enhance the experience than wimp out and go with 6 story condos due to market conditions. Both could get the job done, but one would bring more people in which would let a two level street system work better. Its kinda confusing to explain, so there are some pictures below to give you a better idea...

[haldcottingham]

If it's anything like the impact Petco Park made in downtown San Diego, you guys are in for a treat.

Back when there was no ballpark in that area of downtown and bums were all the eye could see, it was nasty and horrible. No police presence or no feeling of safety whatsoever. Plus every building felt run down and abandoned.

Not any more though. Now it's full of condos, restaurants, lounges and more. The police presence is awesome now. I can walk around anywhere down there and feel perfectly safe. Not that I couldn't walk around before(I lived in Detroit and Philly). But it's just a better feel.

It's impacted the entire downtown area overall. So I wish you guys well and I hope it has that same type of impact.

[Sirus]

I don't think there will be a downturn in Minneapolis' current retail scene. I just think it will remain stagnant. I guess what I was trying to get at is there are a lot of stores that have maybe one location per major metro market and usually that store will be in the heart of downtown or at least in the main city's major retail district. Take a Virgin Megastore for example, or a lot of your high-end boutique stores like the Diesel, Prada and Louis Vuitton types. What motivation would they have for opening a downtown Minneapolis store over a MOA store?

I don't want Minneapolis retail to be second to a massive mall.

[vgmLiquid]

I know where you are coming from on that but keep in mind this: a great number of high-end boutiques don't do malls. Top that with the fact that the goal of twinsville and the vikings development is to bring life back into two ends of town that are kind of bleak. In 5 years we will be having a different conversation on where all the retail is going to go. MOA Phase II will only bring more attention to the area as a whole and put us back in the spotlight on a national stage..include that with the national attention we are getting as an architecture mecca as well as having a thriving arts scene plus the hosting of major events (like the RNC)...that kind of stuff really helps out a lot.

When people live downtown retail follows. We are about to add a ton of people Downtown in the next 5 years with both the twins and vikings stadium. The twinsville development will be able to sell even if the condo market is in a slump because it fills a niche we don't have in the market. We really don't have any large quantity of condos (or any quantity for that matter) that are within walking distance of two professional sports team that combine for 122 games (81 and 41), light rail distance to where the vikings are for an additional 10 games plus other sporting events, but the proximity to night life on that end of town also is very easy to access. The sports teams alone account for 1/3 of the year (although there are a handful of overlaps). Like when the population downtown will be increasing in the multiple thousands over the next 5-10 years that will attract retail...then you throw in the existing commuters which are in the hundreds of thousands not including new commuters that will come out of future office space (which we are very close to getting something announced)...that is just to many people to pass up for it to not have a successful retail scene. Sure it is possible it won't happen, but its just so many people in such a small area relatively speaking that it seems impossible for retail groups to pass it up in the near future. There have been a few groups that have left but I'm sure others of similar quality will replace them in the next 5-10 years.

I just don't see retail in downtown getting any worse than it is now...and to be honost...its really not that bad right now. There is still enough there to make it worth while to shop at and make it a quality experience as well. Sure, its not as hot as it was 10 years ago or so when we had like 500+ stores along Nicollet in a 12 block stretch making it arguably the densest shopping strip in any major city in north america...but with people moving back into downtown it will get back to that point eventually. We are already making improvements with Best Buy, Whole Foods, and a few other big name stores wanting to get downtown. You can't take one giant step to get back, its gotta be a little here and a little there...but over 5-10 years that adds up to a lot.

[vgmLiquid]

I kind of feel obligated to make an update on this page because there are no updates with pictures yet...

So here are a few....

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Wireless
This one really isn't new...in fact it is rather old but nobody has posted it before.
There are wireless internet hot spots all over Minneapolis in an effort to give the entire city internet access. They are plainly visible and not exactly massive either which helps disguise them into their surroundings at the same time.



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1,000 Footer Rumors

From the Downtown Journal:
Skylab Imaging has closed in the TCF Tower after operating there for about 20 years, the owner said.

Skylab Owner Randy Lynch said that when Ryan Cos. bought the building, the firm raised rent prices and he said the building owner didn’t want to sign another lease.

Lynch said opening a new store Downtown doesn’t seem feasible.

“With a photo lab ... you move even a block away and you’re in trouble,” he said, noting competition from large retailers and the changes that digital photography have brought to photo development.

.......(my comments)......
While this is sad a photo lab is going to be gone, it might be an indication that Ryan is A) Testing tenants staying power for slightly higher rates...sort of the way a new building would have or B) pushing out certain tenants to justify tearing down the TCF tower rather than upgrading it in order to build the new tower...of course it could also simply mean they are trying to raise money to renovate some of the building. This last scenario seems most logical though.

Even if the last scenario is the case, it still might mean that Ryan is upgrading the existing TCF Tower so its interior and amenities can complement the new tower built adjacent to it (assuming the TCF Tower is still standing). One thing is for sure, if Ryan goes ahead with renovating the interior of the TCF Tower it will mean the TCF Tower will not be torn down as part of the new office building, which will result in a for sure super tall if the 1.2 million square feet figure is held true and the site doesn't change. For a super tall not to exist there with 1.2 million square feet the city of Minneapolis would have screwed up horribly because it will mean much of the new building would essentially be touching the Foshay tower and over run it more than a super tall would that has setbacks away from the Foshay. For that to occur it has to have early setbacks otherwise it will over power the Foshay. Early setbacks implies height.

For reference, the TCF Tower currently is unknown if it would be torn down or part of the rumored 1,000 footer. The TCF Tower is a 17 story building built in 1981. The office space of the tower rests on top 4 levels of a parking ramp. The buildings directly adjacent to the Tower (excluding the Foshay area) is underutilized and would make for a great tower, especially if the existing TCF Tower was torn down. One might speculate the TCF Tower would need to be torn down to create the demand for the office space to be built (even though the demand in this central of a location exists based on current vacancy rates). It is speculated however, that if the TCF Tower is indeed torn down the building might not reach 1,000 feet but will be around the height of the IDS instead...giving us a fourth tallest to add into the "which building is tallest out of the big three debate." However, if the TCF Tower is not torn down, it will easily be over 1000 feet and could even approach 1200 based on conservative estimates I have done using the 1.2 million square feet and the square footage of the base of the site without the TCF Tower.

With the proximity to the Foshay Tower any building here would need to have major set-backs away from the Foshay (which might mean a massive front against one of the streets)...regardless the 1.2 million square feet would be in a building constantly getting slimmer as it reaches the top meaning it very well could reach a few hundred feet above 1,000.

The best part about the project is 1.2 million square feet is a lot, but it isn't so much that it would halt the market for new office space. It is in just the right location that it could fill up quickly without damaging new office space construction on a significant scale. Sure, it might take a few years to recover before new proposals are made, but it won't take more than a few years based on the rates many downtown companies continue to grow and the way many companies in the suburbs are outgrowing their spaces. What I'm trying to say is even with a supertall it won't take decades to recover before more office space can be built (I actually think a supertall could help the downtown office scene fill up existing vacancies faster because it would create a stir and buzz to being located downtown).

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Thats about all I have for now...although I might add some more later tonight or tomorrow on some other projects.