The Dayton's Project

Downtown - North Loop - Mill District - Elliot Park - Loring Park
uptownbro
Landmark Center
Posts: 234
Joined: February 10th, 2020, 11:00 pm

Re: The Dayton's Project

Postby uptownbro » March 22nd, 2021, 11:39 am

Any word on how much space they will take up vs what they currently have downtown?

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trkaiser
Landmark Center
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Joined: June 1st, 2012, 9:05 am
Location: Northeast Minneapolis
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Re: The Dayton's Project

Postby trkaiser » March 23rd, 2021, 11:17 am

They finally landed an office tenant: Ernst & Young for a little over 30K square feet: https://t.co/fCiNKXJVkM?amp=1

MNdible
is great.
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Re: The Dayton's Project

Postby MNdible » March 23rd, 2021, 12:46 pm

39 more tenants like that and they'll have the 1.2m square feet filled up!

SurlyLHT
Wells Fargo Center
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Re: The Dayton's Project

Postby SurlyLHT » March 23rd, 2021, 12:56 pm

I thought they had more space than that in US Bank Plaza. I can't find how many floors they have.

MinnMonkey
Nicollet Mall
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Joined: July 6th, 2012, 11:31 am

Re: The Dayton's Project

Postby MinnMonkey » March 25th, 2021, 1:06 am

I thought they had more space than that in US Bank Plaza. I can't find how many floors they have.
https://www.bizjournals.com/twincities/ ... -work.html

This article says the had 2 floors for a total of 42k sq/ft at US Bank Plaza.

I would think consolidating to a single floor you could easily save a couple thousand square feet (only needing a single break room, possibly fewer conference rooms etc), so they are downsizing office space, but not by that much.

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grrdanko
Nicollet Mall
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Joined: December 21st, 2014, 3:14 pm
Location: Downtown

Re: The Dayton's Project

Postby grrdanko » June 10th, 2021, 6:16 pm

Looks like the Dayton's Project isn't in compliance with the terms of their loan. Their lender is moving to foreclosure because they aren't meeting their agreed upon leasing requirements.

https://finance-commerce.com/2021/06/da ... bt-holder/

amiller92
Wells Fargo Center
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Joined: October 31st, 2014, 12:50 pm

Re: The Dayton's Project

Postby amiller92 » June 10th, 2021, 6:28 pm

Looks like the Dayton's Project isn't in compliance with the terms of their loan. Their lender is moving to foreclosure because they aren't meeting their agreed upon leasing requirements.

https://finance-commerce.com/2021/06/da ... bt-holder/
Based only on that write up, it seems the opposite. The borrow seems to be seeking injunctive relief to avoid foreclosure based on changed circumstances.

SurlyLHT
Wells Fargo Center
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Joined: February 21st, 2017, 3:50 pm

Re: The Dayton's Project

Postby SurlyLHT » June 11th, 2021, 9:36 am

This speaks of larger issues we have as a city and how they're spilling over into other areas. The Mayor and Council need to get on the same page and start governing and stewarding this city.

"As of January this year, two prospective tenants have backed out of lease commitments, citing continued civil unrest in the downtown area. The prospective anchor tenant, a national accounting firm, deferred and “drastically” reduced the scope of its original commitment to lease four office floors, the complaint said."

alexschief
Foshay Tower
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Re: The Dayton's Project

Postby alexschief » June 11th, 2021, 10:38 am

I don't mean to downplay crime as a serious issue, but just because someone says something like that doesn't mean you have to believe them. You are free to use your common sense in evaluating these claims. The pandemic and uncertainty about space needs in the future is the clear overriding reason why a company would back out of a long-term lease commitment. A spike in violent crime that's being seen across the country, in small towns, suburbs, and cities, is probably not the major reason.

Remember that it's in the political interest of certain people to emphasize some factors, especially external ones that they can blame other people for, over others.

amiller92
Wells Fargo Center
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Joined: October 31st, 2014, 12:50 pm

Re: The Dayton's Project

Postby amiller92 » June 11th, 2021, 10:57 am

As I sit in my office, there is maybe one (I've heard noises but not actually seen them) other person on the floor today. Didn't see anyone when I was in on Wednesday. Didn't come in yesterday.

Which is to say I've been rethinking my faith that people are mostly going to start coming back to the office.

uptownbro
Landmark Center
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Joined: February 10th, 2020, 11:00 pm

Re: The Dayton's Project

Postby uptownbro » June 11th, 2021, 11:19 am

A big factor will be how many days does a employer push people back into the office. My company has stated they want us all back in person and expect people to go back at the end of summer.
The other will be once a larger portion of the work force is split how will that all work

alexschief
Foshay Tower
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Location: Philadelphia

Re: The Dayton's Project

Postby alexschief » June 11th, 2021, 11:36 am

As I sit in my office, there is maybe one (I've heard noises but not actually seen them) other person on the floor today. Didn't see anyone when I was in on Wednesday. Didn't come in yesterday.

Which is to say I've been rethinking my faith that people are mostly going to start coming back to the office.
Going to be impossible to say with any certainty until after Labor Day. Currently many office employers are waiting to bring back staff because they understand that there's not a ton of summer childcare options until school starts again. Additionally, COVID numbers, while low, are still not zero, and so there are still health concerns.

TroyGBiv
US Bank Plaza
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Re: The Dayton's Project

Postby TroyGBiv » June 11th, 2021, 9:43 pm

I worked in a tower downtown Minneapolis in 2001… I remember after September 11 everyone said that New York was “over” and that the corporations would move out of town. People really felt that way. And I worked with CEOs in New York, heads of major companies and they were not sure if the city would rebound… now the towers there rise higher than before. After September 11 we didn’t go backwards we went forwards. It is very likely that our new “forwards” will be less people in the office and more flex schedules. But we knew that. We’ve always known that. I’ve had friends “telecommute” for decades. My sister in law worked for IBM and she telecommuted back in 92… and she lived in the same city as her office.

My point here is that we are not any where near the new normal yet. We likely won’t need anywhere near the same amount of office space for the same number of employees. My friend in Target Marketing said that there is a lot of “new Corporate culture” being worked out and that they might not be back in the office until December now. I truly hope we get the new workplace that many of us are looking for. One with more collaborative spaces and more flexible schedules.

People will be back, in new and better and maybe more human sensitive ways.

But offices aren’t dead. I worked for RT Rybak at the Downtown Council back in the mid to late 80s. We were developing a brochure to encourage more residential downtown. People said no one would live there, other than “The Towers”… things change. Downtown may be fewer office towers but may become more dynamic and more diverse.


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