Nic on Fifth - (290' - 26 Stories)

[John]

Opus is a good developer, but not quite in the major leagues as demonstrated by their miniscule Xcel Energy building and the recently circumsized Nicollet Residence. And to say that we cannot sustainably build a tower here of significant height is bolderdash! This could be the flagship development of Opus.They have all the necessary ingredients for a major project of very substantial proportion: a major corporation wanting new office space, a booming market for downtown living, a location on a block with direct access to the burgeoning LRT system that also fronts Minneapolis' premier street of Nicollet Mall. This parcel is like a developer's dream come true. Opus should really rethink this block's potential: the sum of its whole is much greater than its parts.

I don't think there's any chance Xcel Energy would co-locate its headquarter offices with apartments in the same building. So toss that option out the window.

No, I agree with you there. A one tower project wouldn't work, and Xcel wants their own space. But a 40 + story hotel /apartment complex and shorter office building anchoring 4th and Nicollet would do just fine. And I think there could be a better relationship architecturally between the buildings on the block. The point is Opus should look at the block in totality. It really needs to add a hotel component as part of the mix. This is a wonderful place to put a hotel given its 40 feet from the LRT Station. This block has location , location , location. It would be interesting to see what the developer Hines would do here if they owned this property. You'd bet your sweet bippy they would be doing someting far more significant than what is currently proposed. Opus is being too timid.This is a dynamo block that needs something bolder and more prominent for the city.

[MSPtoMKE]

How much of a demand is there for new Hotels in Downtown Minneapolis? There was a big hotel building boom that happened before the RNC, I can't recall much proposed since.

[min-chi-cbus]

How much of a demand is there for new Hotels in Downtown Minneapolis? There was a big hotel building boom that happened before the RNC, I can't recall much proposed since.

How many rooms did the city add -- 400-500? They keep talking about the importance of a convention-sized hotel to be competitive in that market, and usually those hotels START at 1,000 rooms. Although I'm not sure 5th & Nicollet would be the best location for that kind of thing. You may be right though -- the market is probably fairly saturated with hotel space at the moment, except a few key locations like near the MOA and apparently Lake Minnetonka (according to a Strib article currently stating that the area wants to be a regional attraction again).

[MplsTodd]

I don't have access to the number of rooms added, but I'm pretty sure it was more than 500. The hotels added included:

Westin
Hotel Minneapolis (old Midland Bank Bldg)
W (Foshay)
Aloft
Ivy Hotel
Hilton Garden

All completed in time to take advantage of the week long RNC, but then suffer through the multi-year "great recession". I remember there were also plans to convert the Soo Line Bldg into a hotel, and also add one as part of the Alatus proposal for 10th & Hennepin. I think the hotel market has improved downtown, but don't know how close they are to supporting new development. The Radisson Blue at MOA received a significant subsidy for being a "shovel ready" project.

[min-chi-cbus]

I don't have access to the number of rooms added, but I'm pretty sure it was more than 500. The hotels added included:

Westin
Hotel Minneapolis (old Midland Bank Bldg)
W (Foshay)
Aloft
Ivy Hotel
Hilton Garden

All completed in time to take advantage of the week long RNC, but then suffer through the multi-year "great recession". I remember there were also plans to convert the Soo Line Bldg into a hotel, and also add one as part of the Alatus proposal for 10th & Hennepin. I think the hotel market has improved downtown, but don't know how close they are to supporting new development. The Radisson Blue at MOA received a significant subsidy for being a "shovel ready" project.

The Soo Line bldg. is going to be apartmets now (somewhere I'd seriously consider living if I was still in Mpls and the wife was okay with living downtown).

You're right though -- now that you listed all of them I remember how many hotels rooms were added and it was more than I remember. However, I think with the addition of the new Vikes stadium, renovated Target Center, this Volleyball convention, and the fact that the city hopes to reel in the MLB All Star game, a NCAA Tourney regional or Final 4 series, one of the new NCAA Football playoff "Wild Card" games, AND a Super Bowl -- all by 2017 -- I wonder if city leaders are contemplating how to get large-scale hotel developers to build here soon.

[Andrew_F]

Maybe a spec/discussion thread on hotel development is warranted?

Westin: 214 rooms
Hotel Minneapolis (old Midland Bank Bldg): 222 rooms
W (Foshay): 229 rooms
Aloft: 155 rooms
Ivy Hotel: 136 rooms
Hilton Garden: 210 rooms
Chambers: 60 rooms

= 1,226 rooms

FWIW, downtown MPLS has about 6,500 rooms and downtown Saint Paul has about 1,700.

[frenat]

Will this be next to Xcel's new HQ?

[Silophant]

Yes. South half of the same block.

[spectre000]

http://journalmpls.wordpress.com/2012/0 ... xhibition/
Get a glimpse of downtown’s future at Building Community Exhibition

"The 13th annual Building Communities Exhibition will be held Aug. 20-22 at the IDS Crystal Court and give visitors a glimpse of some of the projects that will reshape downtown Minneapolis. On display will be scale models of upcoming construction projects such as The Interchange transit center and luxury apartment complex Nicollet Residences at 5th.

Building Community Exhibition founder Peter Bruce calls the event a rare opportunity to look into the future of the city. “Many of the display visuals will be shown to the broader public for the first time,” said Bruce in a statement.

The Interchange and Nicollet Residences will both be highlighted in the exhibition. Along with the models, each will be the focus of a special 15-minute presentation followed by a 15-minute question-and-answer session. The Interchange presentation will be held at noon on Aug. 20. Nicollet Residencies will be the subject of the noon presentation on Aug. 22. On Aug. 21, Downtown Council president Mark Stenglein will talk about having positive experiences downtown.

The Building Communities Exhibition is free and runs through 6 p.m. daily, Aug. 20-22."

[min-chi-cbus]

^Cool! But..........also, apparently Artspace is backing out of the HQ development near the Guthrie, which sux!

[uptown067]

According to recent update with the Downtown Minneapolis Neighborhood Association, work on this should be starting in September.

"Tom Lund from Opus Development Group then gave a brief update on the Nicollet Residence project. They are approximately a week to 10 days away from deciding which lender to go with then they will begin construction drawings and are shooting for a September groundbreaking."

http://www.thedmna.org/about/minutes/

[seanrichardryan]

Too many lenders to choose from? I suppose that is a good sign for projects on the boards.

[John]

Too many lenders to choose from? I suppose that is a good sign for projects on the boards.

I hope this means they want to try to finance the original 33 story proposal, or they are adding some other use to the complex. As I have said all along , the higher floors of this project will be the most coveted units by upscale renters. They would be making a mistake by reducing its height. Magellan certainly understands that building tall is important for the success of 1368 LaSalle. Height with sweeping views are a huge selling point to renters. Of course, they are from Chicago where that's a given.

[Tyler]

[John]

Very cool emoticon, but I don't express my opinions to make you feel good. I will continue to actively post my criticism of Opus downscaling this project for as long as I feel its necessary .

[612transplant]

That's clearly a donkey, not a horse....

[Lancestar2]

Too many lenders to choose from? I suppose that is a good sign for projects on the boards.

I hope this means they want to try to finance the original 33 story proposal, or they are adding some other use to the complex. As I have said all along , the higher floors of this project will be the most coveted units by upscale renters. They would be making a mistake by reducing its height. Magellan certainly understands that building tall is important for the success of 1368 LaSalle. Height with sweeping views are a huge selling point to renters. Of course, they are from Chicago where that's a given.

I would agree if they have many lending options perhaps they can leverage that to restore the original design! Also the site is in such a great location that a taller building would be best given its so close to the IDS, Wells Fargo and Capella. It really does seem backwards that Lasalle tower is where it is while the smaller Nicollet building will be built in the downtown core. Though it might seem unrealistic given all the new home spaces that will be added to the market shortly!

[John]

I'm going to check out the new design at the IDS this week. Despite the (very) disappointing reduction in height ,it should be a great building for Nicollet Mall at the street level. I realize we do need to fill up these vacant lots downtown, and this block has been glaringly vacant on Nicollet Mall for at least a couple decades. Even worse is that hell hole parking ramp next door which will joyfully be torn down in the next couple years for Xcel's new building.
The one positive about Nicollet Residences being shorter is that it will make 1368 LaSalle the tallest apartment building in town by a clear margin adding to its prestige and desirability. If it's successful ( which I'm confident it will be), it may motivate Magellan to develop another residential project downtown in the future.

[min-chi-cbus]

How tall is the tallest Riverside Plaza building (McKnight Tower)? I thought it was 44 floors, which SHOULD be taller than the 35 floor Magellan development...

[John]

How tall is the tallest Riverside Plaza building (McKnight Tower)? I thought it was 44 floors, which SHOULD be taller than the 35 floor Magellan development...

I think you are right. But I'm pretty sure the Magellan project will be the tallest apartment building downtown. Viewed the exhibit at Crystal Court today of new developments. I forgot my phone so sorry no pics. People should really go see it in person if possible. Unfortunately, the rendering shown of the Nicollet Residences puts it at 27 stories. It definitely looks too squat for the site , however, the street level is really great so that mostly makes up for it.