Nic on Fifth - (290' - 26 Stories)

Downtown - North Loop - Mill District - Elliot Park - Loring Park
MSPtoMKE
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby MSPtoMKE » November 10th, 2012, 12:43 pm

OK, OK, but is it going to be stick built? ;)

Good news!
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Andrew_F
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Andrew_F » November 10th, 2012, 3:52 pm

Hell yeah!

min-chi-cbus
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby min-chi-cbus » November 10th, 2012, 5:07 pm

It says "On Nov. 11", not "from Nov. 11 onward". Sounds like a one day closing...

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Tyler » November 10th, 2012, 5:21 pm

It says "On Nov. 11", not "from Nov. 11 onward". Sounds like a one day closing...
Seriously? First of all, it would say "will be closed," not "will be closing." Secondly, what possible purpose would there be for a "one day closing"?
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Andrew_F
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Andrew_F » November 10th, 2012, 5:22 pm

Core sampling for soil testing, perhaps?

1200onthemall
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby 1200onthemall » November 10th, 2012, 5:38 pm

Very exciting news, I will be so happy to see this surface lot gone!! And that parking ramp needs to be torn down before it falls down.

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Lancestar2 » November 10th, 2012, 5:40 pm

It says "On Nov. 11", not "from Nov. 11 onward". Sounds like a one day closing...
If it was a one day closing they would have a sign saying it was a one day closing as to NOT discourage their customers who park there...

but then again it does say "thank you for parking with us" ... in a non-sentence format! :o It might mean that the 2nd half of the note was not written by the SAME person! Which might mean they are closing the lot for one day for a mysterious reason that has nothing to do with the fact the site is about to build a huge skyscraper... hmmm My guess is repainting the parking lines. ...what else could it be if not that? ;)

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Wedgeguy » November 10th, 2012, 5:52 pm

I still think that Opus should concentrate on Velo first and then think about a multiuse building on this site. One with Office and Condos above the office space. My hope anyway.

I'd suggest that they wait until they do the Xcel building and just do a Full block development at the same time. They can keep the buildings separate, but they would be able to deal with one construction mess instead of two.

1200onthemall
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby 1200onthemall » November 10th, 2012, 6:14 pm

You guys are really pathetic if you are discussing the placement of "closing" or "closed" on a sign, Jesus Christ!

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Nick
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Nick » November 10th, 2012, 6:58 pm

*Generally speaking, no one should really use the word pathetic on the Internet ever.

This is happening though, from what I can tell. I'd also like to spread a rumor I heard that Velo is happening, but not for a little bit. The delay is due to staffing at Opus, not to financing or the market. What a good problem to have. Yay economy!
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby kregger22 » November 13th, 2012, 1:21 pm

Does anyone have a best guess as to when this project will start? Before the end of 12'?

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby 612transplant » November 14th, 2012, 11:44 am

^^^Depends. Did we resolve the great "closed vs closing" debate of November 10th? Anybody been by or tried to park? :)

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby mnmike » November 14th, 2012, 11:52 am

The parking lot is now closed and empty.

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Yourpalborno » November 14th, 2012, 2:13 pm

Walked past today during lunch and noticed utility trucks in the parking lot as well as a meeting with contractors that appered to be about nagotiationg the site work with the LRT and pedstrians. I guess that means this is happening.

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Yourpalborno » November 19th, 2012, 2:44 pm

Excavator on site today.

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Unity77 » November 19th, 2012, 3:06 pm

Opus nearly ready to break ground on apartment tower
Project site sells to development entity for $8.25M
http://finance-commerce.com/2012/11/opu ... ent-tower/

Minnetonka-based Opus Development Corp. is close to breaking ground on its 26-story, 250-unit Nicollet Residences luxury apartment building in downtown Minneapolis, if a newly filed Certificate of Real Estate Value is any indication.

Opus recently sold the project’s four downtown parcels – at 423, 427 and 415 Nicollet Mall and 426 Marquette Ave. – to an affiliated development entity called Nicollet Residences LLC, according to a CRV submitted near the end of the business day Friday in Hennepin County.

The $8.25 million transaction, nearly twice the present $4.7 million assessed value of the parcels, is the type of move that occurs place when a developer has its financial ducks in a row and is preparing to start construction.

“We’re very close to kicking some stuff up,” Dave Menke, senior vice president and general manager with Opus, said Monday. Besides the apartments, the building will have retail on its first two floors and will be skyway accessible.

Menke declined to comment on the total project budget or the mix of equity and debt in the project financing. He said that a “large regional bank” was providing financing for the project, which he said would be owned by “Opus and Opus affiliates.”

But to drive the point home Monday, Rachel Contracting had a one-story-high excavator parked in the middle of the parking lot where Nicollet Residences is expected to rise.

Don Rachel, CEO of St. Michael-based Rachel, said he expects his company will start tearing up the parking lot soon for Opus, though he did not know the exact timetable. Three of the parcels are on a parking lot.

There are no building permits on file yet with the city of Minneapolis.

Last month, Farmington Hills, Mich.-based Village Green announced it was breaking ground on its redevelopmentof the Soo Line Building 101 Fifth St. S., kitty corner from the Nicollet Residences site. Village Green is planning 254 “luxury” apartments in the building.

On the edge of downtown, Chicago-based Magellan Development Group LLC has also started work on a 36-story, 354-unit, amenity-laden apartment tower at 1368 LaSalle Ave.

When asked when the boom might end, Menke said, “I think the right type of apartments will always do well.”

Menke said that means “well-conceived, well-built projects.”

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby mullen » November 19th, 2012, 10:44 pm


Didier
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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Didier » November 19th, 2012, 10:47 pm

Apparently this is called "Nic on Fifth" now. :ugeek:

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Didier » November 19th, 2012, 10:51 pm

Also, this story says Nic on Fifth is expected to cost around $100 million and that 222 Hennepin is $70 million. I know 222 has a considerably larger footprint, but this doesn't really jive with the "short stick buildings are so much cheaper" line, does it?

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Re: Nicollet Residences - (455 Nicollet Mall)

Postby Wedgeguy » November 19th, 2012, 11:14 pm

Also, this story says Nic on Fifth is expected to cost around $100 million and that 222 Hennepin is $70 million. I know 222 has a considerably larger footprint, but this doesn't really jive with the "short stick buildings are so much cheaper" line, does it?
I'm sure there is alot of cost with enviormental mitigation due to the pollution of the old dealership. Probably some lead paint and asbestos abatement too. Tearing 2 levels off the parking deck was no cheap thing either. The other demolition cost of the old building are also figured in to that $70 M price tag. The Nic at 5th is pretty must a remove old asphalt and dig.


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