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Old September 25th, 2019, 11:40 PM   #1341
CityofLakes
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Quote:
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Glad i stayed silent. Earnest money is everything. They delayed too long. I'm pretty sure they're done being a player. No material inquiries, no architecture commits, this was just too big for them. The financials were to spotty. Loke alwzys. Follow the money. Hope I'm wrong on the long run.
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Minneapolis construction is still a boom, still robust. They're actually going to re propose. Dead on the water. Btw. Nimbys are not winning. Even they tire.
Let me guess - they will propose something in the three to six-story range. Whatever it is, I doubt it will be worth 60+ pages of discussion. Also, I can't imagine potential buyers will have confidence in any new Alatus proposal.
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Old September 26th, 2019, 12:33 AM   #1342
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Let me guess - they will propose something in the three to six-story range. Whatever it is, I doubt it will be worth 60+ pages of discussion. Also, I can't imagine potential buyers will have confidence in any new Alatus proposal.
I certainly wouldn't trust them moving forward when it comes to anything.

Last edited by mspguy; September 26th, 2019 at 05:35 AM.
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Old September 26th, 2019, 02:08 AM   #1343
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They haven't hit their magic number of earnst monies yet. They're close. And opposition is muted. This will happen.
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Glad i stayed silent. Earnest money is everything. They delayed too long. I'm pretty sure they're done being a player. No material inquiries, no architecture commits, this was just too big for them. The financials were to spotty. Loke alwzys. Follow the money. Hope I'm wrong on the long run.
I guess it didn't happen?
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Old September 26th, 2019, 08:27 AM   #1344
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Dp, yes i was convinced. But leading up to the cancellation all of a sudden you get truth bombs. It's tiring. After awhile only when shovels start digging can you be sure. Right now unless there's a ground breaking I'm no longer convinced 11 is a go. Maybe we should just be thankful for any development. It's a lovely city. Just not special i guess.
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Old September 27th, 2019, 08:37 AM   #1345
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Good spot for a Parking Lot!
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Old September 27th, 2019, 08:42 AM   #1346
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They need to remove the Alia sign first.

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Old September 28th, 2019, 05:22 AM   #1347
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Due to the lack of parking down town, this would be a great spot to throw up a big middle finger and put in a 10 floor ramp to help alleviate the parking issues downtown
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Old September 28th, 2019, 08:46 AM   #1348
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Good One!! LOL!
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Old September 30th, 2019, 06:45 PM   #1349
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I mean, just beacuse it wont be condos is it really out of the question they switch gears to High-end apartments? I dont think there was any language from the articles or quotes from Lux himself that indicated they were scrapping the tower completely, just that it wont be for condos anymore. They can largely keep the exterior design of the tower while changing floorplans, correct? could it even translate to more units in the same size building? Maybe Im being naive thinking the cost of construction will be worth the return on investment from apartments but I gotta believe it's an option.
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Old September 30th, 2019, 06:58 PM   #1350
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I mean, just beacuse it wont be condos is it really out of the question they switch gears to High-end apartments? I dont think there was any language from the articles or quotes from Lux himself that indicated they were scrapping the tower completely, just that it wont be for condos anymore. They can largely keep the exterior design of the tower while changing floorplans, correct? could it even translate to more units in the same size building? Maybe Im being naive thinking the cost of construction will be worth the return on investment from apartments but I gotta believe it's an option.
TBH, if Lux got cold feet and thought the Minneapolis condo market is becoming oversaturated, I'm sure he'll feel the same way about the luxury apartment market as well, especially in Northeast with NordHaus, Odin, Rafter, and The Expo. I know someone who has worked with Lux in the past and he describes him as someone who will only move forward with things if it's 100% safe and there is minimal risk. The person I know had doubts about an ambitious project like Alia coming to fruition way before it was even cancelled. When the news about Alia broke out, he was sure to let me know with a "I told you so!"

If Lux is part of another project on this site, I assume it'll be a smaller/"safer" proposal. If we want something more ambitious for this site, we'll probably have to hope another developer comes in and buys the land.
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Old September 30th, 2019, 07:43 PM   #1351
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I think Mr Lux may sit on this land for awhile and watch the market. If he sees an opportunity he will go for it. But I doubt we will ever see anything as ambitious as Alia, whether he or another developer goes forward on the site.
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Old September 30th, 2019, 07:55 PM   #1352
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I think Mr Lux may sit on this land for awhile and watch the market. If he sees an opportunity he will go for it. But I doubt we will ever see anything as ambitious as Alia, whether he or another developer goes forward on the site.
You're probably right.

But I wouldn't be surprised if there was eventually demand for office space in NE, due to its proximity to downtown. Maybe we can get an ambitious mixed-use proposal with retail, office space, and condos/apartments down the road if the market continues to stay strong.
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Old October 1st, 2019, 12:02 AM   #1353
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No hotels over here that I can think of. Maybe a mixed use project.
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Old October 1st, 2019, 12:18 AM   #1354
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There is the Nicollet Island Inn and Alma Hotel in that area but I have no idea how many rooms they have or how nice they are. I think a major hotel would do well as part of a mixed use tower
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Old October 1st, 2019, 07:10 AM   #1355
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How many more hotels can we build before that market gets saturated? This site is probably too far away from the office core to go after business travelers so they would have to find another niche. If you are a hotel anywhere near downtown, business travelers would be your main market so the location would hurt them.
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Old October 1st, 2019, 08:05 AM   #1356
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Actually , an office project might be a good fit for this site with convenient parking already existing next door in the ramp. And having the riverfront at your doorstep combined with the numerous amenities of this neighborhood would make it a desirable workplace.
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Old October 1st, 2019, 10:20 PM   #1357
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I wonder how Riverplace is doing on office vacancy. If they're still struggling to fill leases, I guess I'd be perplexed as to why. But maybe a signature tower with office space on the other side of the river may be an attractive game-changer for some companies.
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Old October 1st, 2019, 10:53 PM   #1358
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The only good thing that came out of Strib article is that at least we know the groundbreaking for eleven is slated for Oct. 7th. I can live with that for now. As for re purpose of Alia I'm curious about it. I know the view of downtown from here is unquestionably the best and virtually zero chances of that view ever being impeded by any other developments, I would like to see something of magnitude of Alia go up here albeit apartments, hotels, office or mixed used. I hope Alatus takes notice of that.
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Old October 2nd, 2019, 04:29 AM   #1359
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Re: ALIA.

So what? Does the failure of a single building somehow reflect upon your own identity? Projects come and go. Alia didn't have the right financials. It has nothing to do with you. And it has nothing to do with me. And it has nothing to do with Minneapolis. It has everything to do with Alatus.

Sure, I'm disappointed that this didn't happen. But there are a thousand projects in the future that will happen and will help evolve this metro area into something no one here alive can foresee.

Go to the Milwaukee forum and revel in the gnashing-of-teeth project that was the Couture. These things happen everywhere. They say nothing about the city and everything about the company.
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Old October 2nd, 2019, 05:03 AM   #1360
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I like the idea of some office space...(Back Office processing, busy work jobs like the burbs get). A signature office tower on the other side of the river would be a "Bridge to Far"...considering how Tepid developers are here!
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