Downtown Minneapolis Office Market
Re: Downtown Office Market
Just to be sure, are you talking about the little parcel between 222 and the Federal Reserve building on Hennepin?
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- IDS Center
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Re: Downtown Office Market
Yes. It's a lot of space between the front and back lots. Rampton indeed, but hopefully in concrete, 8-10 stories would be ideal.
Q. What, what? A. In da butt.
- trkaiser
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Re: Downtown Office Market
Well played, sir.Ramp2TonMore importantly, the half ramp between Hennepin & 1st with the VERY develop-able parking lot facing Bridge Square.
Re: Downtown Office Market
Colliers is out with their Metro office report. Lots of interesting statistics. Looks good for the Minneapolis CBD.
Re: Downtown Office Market
So you're saying it's not going to be an REI?
Re: Downtown Office Market
i hope the star tribune goes into block e.
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- Capella Tower
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Re: Downtown Office Market
That's a 100K SF of net absorption, if I'm not mistaken! Great stuff! Although this was formerly retail space, so technically it bites into that vacancy, not office....right?
Re: Downtown Office Market
I fully expected this building would become all office (aside from a minute I thought maybe part of it would be LA Fitness)...I doubt the owner's even thought about trying some new retail formula, and who can blame them really, it just doesn't seem to work downtown. It sounds like Centerpoint needs this whole space, so I would expect dead office windows on the mall. I wonder what this does, if anything, to the skyway possibilities to the Nic?
Neiman's leaving has really killed that Gaviidae building (not that it was that full before). WIth no anchor, there is no reason for people to go there...a real dead end. A couple of the other remaining stores have already left. I am guessing they will just convert most of it to office space, with some service retail on the skyway, and a couple retail spots on Nicollet. With all the good that is happening in the city, I still get really depressed about the state of downtown retail and all of the vacant space. Not very inviting. Hopefully when the owners of that building renovate, they will at least leave some leasable retail facing the mall...that can hopefully be filled in the future. More and more stores keep leaving though. Talbot's and Cole Haan closed not too long ago on the mall...Not that those are stores I would go to, but still sad to see more vacant storefronts.
Neiman's leaving has really killed that Gaviidae building (not that it was that full before). WIth no anchor, there is no reason for people to go there...a real dead end. A couple of the other remaining stores have already left. I am guessing they will just convert most of it to office space, with some service retail on the skyway, and a couple retail spots on Nicollet. With all the good that is happening in the city, I still get really depressed about the state of downtown retail and all of the vacant space. Not very inviting. Hopefully when the owners of that building renovate, they will at least leave some leasable retail facing the mall...that can hopefully be filled in the future. More and more stores keep leaving though. Talbot's and Cole Haan closed not too long ago on the mall...Not that those are stores I would go to, but still sad to see more vacant storefronts.
Last edited by mnmike on July 25th, 2013, 9:33 am, edited 3 times in total.
Re: Downtown Office Market
They'll be vacating 67k sf elsewhere, though, so it's really only 33k net.
Interesting that they're buying rather than leasing.
Maybe they'll sell natural gas retail from a Nicollet Mall storefront?
Interesting that they're buying rather than leasing.
Maybe they'll sell natural gas retail from a Nicollet Mall storefront?
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- Stone Arch Bridge
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Re: Downtown Office Market
Any hope for storefronts on street level? I really hope we don't see walls along the sidewalk.
Re: Downtown Office Market
The Strib notes:
CenterPoint wanted a downtown presence that it can brand with its name, and will use it to showcase some energy-saving features, such as improved heating and cooling and more energy-efficient lighting, Virden said. The building also provides easy access to light rail and bus lines, and proximity to Minneapolis city officials with whom the company frequently deals, she said.
CenterPoint wanted a downtown presence that it can brand with its name, and will use it to showcase some energy-saving features, such as improved heating and cooling and more energy-efficient lighting, Virden said. The building also provides easy access to light rail and bus lines, and proximity to Minneapolis city officials with whom the company frequently deals, she said.
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- Wells Fargo Center
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Re: Downtown Office Market
I like this. Maybe USI can grab some space in Renaissance Square and we can have a "Utility District," haha.
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- Stone Arch Bridge
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Re: Downtown Office Market
Ren Square used to be overflow for Xcel before they leased Marquette Plaza.
Re: Downtown Office Market
You would hope so. Centerpoint states it wants to be a "good neighbor" and have a "positive presence". Having street level retail for their new office complex (on our most prominent retail street) would be a good start. We'll have to see if they are truly that enlightenedAny hope for storefronts on street level? I really hope we don't see walls along the sidewalk.
Re: Downtown Office Market
How do people feel about Minneapolis pushing for municipally owned utilities, and Xcel's future expansion and "dedication" to downtown Minneapolis? It worries me a bit, or does Xcel need the space no matter what?
Re: Downtown Office Market
it's all leverage to push xcel to be more green.
Re: Downtown Office Market
A long, long time ago, Minnegasco, the forerunner of Centerpoint, had an office on Nicollet Mall with a retail showroom. I think it was on the block where City Center is.
Re: Downtown Office Market
Which is a dumb move, since Xcel is going green about as fast as they can be, given their current infrastructure, and how screwed Minneapolis would be if they did end up taking over.it's all leverage to push xcel to be more green.
I'm planning on starting a thread on this later, though. Work beckons.
Joey Senkyr
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Re: Downtown Office Market
It's not just about being green. It's also leverage in negotiations with the new contract. Minneapolis wants to put some pressure on rates and service, I'm sure.Which is a dumb move, since Xcel is going green about as fast as they can be, given their current infrastructure, and how screwed Minneapolis would be if they did end up taking over.
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