Architecture, Development, and Infrastructure of the Twin Cities
https://urbanmsp.com/
Potential development activity continue to be vetted at 801 Marquette Ave, we believe that 801 represents one of the premier development sites that is available in downtown Minneapolis, and we wish to maximize the site for potential value fruition. We do not wish to settle or rush on any possible development that falls short of maximizing value of the site. With this in mind we continue to favor our mixed use development that could contain; residential, hotel, retail and office or some combination there of. And under this vision FSP would be the owner of and responsible for the cost of the office portion only. Which we still believe will most likely be somewhere in the 200,000 sq ft range. Initial estimates for costs are between roughly $325 and $400 a foot, or $65 to $80 million in total potential exposure to FSP. With FSP taking on the office portion of any potential mixed use development, we have interest in the site from a premier national residential group and are now working toward finding the right sponsor for the hotel portion. We view that the potential participation of a hotel group is significant, because it would add a further potential amenity base to the whole development that could further stimulate prospective rents and demand from tenant customers. There are no formal agreements though to report at this time.
In twenty years, land will likely be much more valuable downtown. Developers will have to increase the scope of their projects to make money. It's an evolutionary process. In particular , my hope is some of those older, smaller parking ramps ( i.e the corner of Lasalle and 9th, Marquette and 4th) will be torn down to make way for dense development. There just as bad as the surface lots.That being said, the situation in Minneapolis is a lot different than just a few years ago, and we're probably getting to the point where we want to start asking questions about how densely downtown is built out. If things continue clipping along the way they have been since 2012 or so, we're going to be out of surface lots downtown in the next decade or two.
I sure hope we're our municipal approval processes (which I know little about) are going to insist on multi use projects.The issue is really developers in our downtown have had the luxury of large empty vacant lots to develop their projects. It's much easier here. There's no need to build more complicated and costlier multi- use projects. This is very unusual for an urban core in most cities in the world. 801 Marquette is a small parcel relative to this city standards, however, in many places it would be the norm for a multi-use tower. I do believe as the amount of vacant land shrinks downtown , we will probably see more multi use projects. Until then we're stuck in the provincial outpost
SO are they saying they will have to close all or a portion of the parking ramp to demolish and build new? Or are they demolishing part of the parking along with the short building? With the ramp partly under the TCF Tower I find that hard to believe. But I can understand why they would loss $850,000 with having to close all or part of the parking ramp. Confusing article.Here is the F&C article.
http://finance-commerce.com/2015/07/fra ... -tcf-site/
http://ir.franklinstreetproperties.com/ ... D=31615461Additionally, we have made progress on a redevelopment plan for our CBD Minneapolis, Minnesota property located at 801 Marquette Avenue. Although subject to change, FSP currently contemplates co-developing an approximately 50-story, mixed-use tower that would include a full-service hotel, residential apartments and office space. Under the current plan, FSP would contribute the land and approximately $80 to $90 million in additional capital costs for 100% ownership of the office portion of the project, which is tentatively slated to be approximately 260,000 rentable square feet in the middle of the tower stack. FSP is working with a residential group and hotel company to further evaluate the project. Final costing and development agreements have yet to be concluded and are fully subject to change and/or cancellation. If successful in the costing and pre-development work ahead, we intend to break ground on the project sometime during the second half of 2016. Significant thought and design are being incorporated into the redevelopment of 801 Marquette Avenue in order to integrate it with and enhance the appeal of its next-door neighbor office building, FSP’s tower at 121 South Eighth Street.
Well, that's an interesting turn of events. Hopefully this will continue to move forward!http://ir.franklinstreetproperties.com/ ... D=31615461Additionally, we have made progress on a redevelopment plan for our CBD Minneapolis, Minnesota property located at 801 Marquette Avenue. Although subject to change, FSP currently contemplates co-developing an approximately 50-story, mixed-use tower that would include a full-service hotel, residential apartments and office space. Under the current plan, FSP would contribute the land and approximately $80 to $90 million in additional capital costs for 100% ownership of the office portion of the project, which is tentatively slated to be approximately 260,000 rentable square feet in the middle of the tower stack. FSP is working with a residential group and hotel company to further evaluate the project. Final costing and development agreements have yet to be concluded and are fully subject to change and/or cancellation. If successful in the costing and pre-development work ahead, we intend to break ground on the project sometime during the second half of 2016. Significant thought and design are being incorporated into the redevelopment of 801 Marquette Avenue in order to integrate it with and enhance the appeal of its next-door neighbor office building, FSP’s tower at 121 South Eighth Street.
If I was guessing, I'd say hotel goes on bottom, then office, then apartments up top. An unusual combination in Minneapolis, to say the least.If office is in the middle, what goes on top, hotel or apartments?
I think your guess is pretty much on the mark. The residential component on the upper levels will have breathtaking views which will be one of its biggest selling points.If I was guessing, I'd say hotel goes on bottom, then office, then apartments up top. An unusual combination in Minneapolis, to say the least.If office is in the middle, what goes on top, hotel or apartments?