TCF Bank Building Redevelopment
Re: TCF Bank Building Redevelopment
^Yeah, Perkins + Will is the architect for Duval's tower.
Re: TCF Bank Building Redevelopment
From Franklin teleconfrence
http://seekingalpha.com/article/2927486 ... ipt?page=6Moving on to development in our 801 Marquette Avenue South Side, as opposed to our adjacent tower at 121 South 8th Street. At 801 Marquette Avenue South, we are currently contemplating two development scenarios, one an office-only development and two a larger mixed use development that would contain or could contain, hotel, office, and residential components or some combination thereof.
FSP reports growing interest in the site at this time. The interest is coming from prospective office customers; our leasing team from CB Richard Ellis is tracking approximately 1.9 million square feet of active office prospects in the market that could be a potential fit for the new development at our site.
Interest is also coming from prospective and premier hotel groups. FSP has through CB Richard Ellis been engaged in active discussions with hotel groups, interested in 250 to 300 rooms four star full-service hotels on our site.
Interest is also coming from prospective and premier residential groups, FSP has met with several premium residential developers who have significant interest in building between 220 and 250 rentals or condos on our site and strong experience makes these developments.
So where are we now? Our studies have shown that approximately 200,000 square feet of office would best serve the demand that we see in the marketplace. This could fluctuate upwards that seems about right at this time. We have begun discussions with one specific tenant interested in approximately 100,000 or half of the 200,000 square feet of contemplated space.
It is still too early to tell whether or not this discussion will lead to a positive conclusion and so we are unwilling to speculate beyond that we are encouraged by the interest. Our work with our development team at Ryan Properties and Perkins and Will have indicated that depending on which scenario is selected costs could approximately roughly $325 to roughly $400 per square foot in total cost for the office portion to FSP or approximately $65 million to $80 million in very rough numbers. These are still preliminary and so please expect variance.
More` specifically, this breaks down to roughly $325 per square foot or $65 million for our new six to eight storey Class Double A building that utilizes some aspects of the existing structure and is without any associated mixed use components.
Or in the alternative approximately $80 million or $400 per square foot for approximately 10 storeys of office within a potential 45 storey mixed use development that would contain or could contain a four star full-service hotel at the base of approximately 200,000 square feet of Class Double A office space in the middle and 220 to 250 residential units in the top.
Under the mixed use scenario, FSP would likely only invest into and own the office portion of the tower and respective hotel and residential groups would owned and fund their respective portions of the tower. Although the high rise mix use scenario would represent a higher total cost per square foot in the low rise office-only project, it is likely that FSP would receive cash and/or construction credits from its co-developer partners for the air rights/land contribution from FSP. Such credits would serve to adjust the $400 per square foot estimated cost to FSP downward.
Additionally, a high rise mixed use project with office would also command a higher rental rate in return for superior use from the high and superior amenities. Conversations develop further. Now at this time, I’d like to turn the call over to Janet Notopoulos, our President of Asset and Property Management to discuss leasing.
Meet me in Wells
Re: TCF Bank Building Redevelopment
Hmm. 20ksf floor plates. That explains how they'll fit all that in 45 levels. Cool.
Unless, of course, they go with an office midrise instead.
Unless, of course, they go with an office midrise instead.
Joey Senkyr
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[email protected]
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Re: TCF Bank Building Redevelopment
Is there any possibility that the tower portion of Duval's proposal for the Nicollet Hotel Block is the design used here? It's the same architect and It seems to have very similar proportions of the mix of uses: Office ~200K, ~250 Apts, and some hotels to put icing on the cake.
I know it's a long shot but everybody loves a conspiracy.
I know it's a long shot but everybody loves a conspiracy.
Re: TCF Bank Building Redevelopment
With this proposal being 45 stories, and Duval's being 80 stories, I'm thinking probably not.
Joey Senkyr
[email protected]
[email protected]
Re: TCF Bank Building Redevelopment
The rendering was commissioned for Duval so the architects can't make it available to another client. That is not to say that an architecture firm doesn't have signature looks or can't create similar renderings. The original Cesar Pelli Norwest (Wells Fargo) design ended up (sort of) being built in Cleveland and in Charlotte... Min-chi-cbus - you are right though... the similarities are freaky.
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Re: TCF Bank Building Redevelopment
No new updates on this from the Q1 report. They did say they've gotten very strong interest from multiple hotels around the world.
Re: TCF Bank Building Redevelopment
Yup still saying they have strong interest from residential, hotel, and Office. There is no way there is not going to be a hotel here, unless Franklin is incompetent.
Meet me in Wells
Re: TCF Bank Building Redevelopment
With the W next door in the Foshey, I find having two hotel butting each other some what overkill on a block. But if Franklin can make an Office/Hotel mixed use, I'd be much more impressed with it.Yup still saying they have strong interest from residential, hotel, and Office. There is no way there is not going to be a hotel here, unless Franklin is incompetent.
Re: TCF Bank Building Redevelopment
My guess is the hotel on the TCF block would be geared more towards business travelers. It certainly in a prime location almost at the center of the CBD. It would be connected to the same atrium and skyway access as W. 200+ rooms isn't too big. I think the market could handle it.With the W next door in the Foshey, I find having two hotel butting each other some what overkill on a block. But if Franklin can make an Office/Hotel mixed use, I'd be much more impressed with it.
There was also some mention of housing developers interested in the residential component. Again 200 units or so is a relatively modest number for the market to absorb. Likely someone familiar or involved with downtown already.
Re: TCF Bank Building Redevelopment
Well at least on that block there is parking available in the TCF Ramp that is part of the block. LOLCough* Cough* Magellan Cough*
Re: TCF Bank Building Redevelopment
lol. Glad you could cough it up! Definitely possible.Cough* Cough* Magellan Cough*
Re: TCF Bank Building Redevelopment
Was reading today that TCF is planning to have all of their downtown employees out to Plymouth before Christmas. Not sure how many SF that will open up for vacancy rates. I think they are only a partial anchor and not the complete tower building.
Re: TCF Bank Building Redevelopment
TCF only occupied maybe 2 or 3 of the 16-floor tower itself. I know there are fairly long leases currently in the tower portion, so I doubt that part of this complex is going anywhere. They also just updated the elevators in the skyway lobby, perhaps partially due to the fact that the lower, bank portion was slated to go away.
Re: TCF Bank Building Redevelopment
The tower was never part of the plan. They want to demolish the 4 story building and build a tower.
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Re: TCF Bank Building Redevelopment
^Exactly. That's why this thread is titled TCF Bank Building, and not TCF Tower
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Re: TCF Bank Building Redevelopment
Tomorrow is the Q2 report for FSP. And. I think this will be the time we get a full report of what's happening with the block. At least I hope it is. Heard plenty of rumors of the 6 story office being a smoke screen for he bigger project but who knows. The podcast for the report airs at 9 am CT.
Re: TCF Bank Building Redevelopment
Hope so. Recent posts of mine have made it clear that I know nothing about office building construction economics, but I find it hard to see how it can be worthwhile to tear down a four-story building in reasonable shape to replace it with only a six-story building.
Joey Senkyr
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Re: TCF Bank Building Redevelopment
I didn't see anything bout new developments in today's Quarterly report...
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