Downtown Minneapolis Office Market

[woofner]

Just to be clear, it is written into code that street level retail or restaurant uses should occupy at least 60% of the gross floor area of the first floor and at least 60% of the first floor façade fronting on Nicollet Mall. The article kind of makes it sound like this is a whim of the planning department, but this is clearly required by the Nicollet Mall overlay district, so Centerpoint should not have been surprised (unless the Houston-based company is used to cities letting them do whatever they want whereever they want).

[mullen]

no zoning code in houston, so yea they are.

[twincitizen]

[redacted after seeing MNdible already posted the same thing. I will copy that below since we're on a new page]

Any hope for storefronts on street level? I really hope we don't see walls along the sidewalk.

Looks like Minneapolis and Centerpoint are busy debating this very point right now.

CenterPoint originally said it needed all of the space for its lobby and offices and that it wouldn't set aside any space for retail. But after getting push-back from city planners, CenterPoint decided to move fewer of its existing employees to its new Twin Cities headquarters... The Houston-based utility agreed to allocate 5,000 square feet for retail, or about 17 percent of the total space, and 25 percent of the first floor fronting Nicollet Mall.

[MNdible]

It might be too late now, but it would be nice to break out this Centerpoint conversation into its own thread.

Without seeing a ground level floor plan, it's a little bit difficult to say. But I could envision a layout where 5,000 sf of retail (which is actually a pretty good sized retail space -- the same size as a standard Minneapolis residential lot) and an active public lobby for the building could be enough to engage all of the Nicollet Mall frontage.

[MNdible]

Oracle Center has been sold, per the Strib.

The Oracle & International Centre, a top-notch office building located smack dab in the Minneapolis central business district, has been sold to a joint venture between New York-based Investcorp International and Minneapolis based Wildamere Properties...

Not sure that I'd call this building top-notch or say that it's smack dab in the middle of the CBD, but...

[Viktor Vaughn]

http://www.startribune.com/local/minnea ... 05631.html

The price of full-service office rental space on Nicollet Mall has surged in the past two years, increasing by more than 50 percent and moving way up the ladder nationally, according to a report released Monday.

The mall, the spine of Minneapolis’ central business district, had an average office rent rate of $30.60 per square foot in the second quarter of this year, according to a survey of 40 U.S. office markets by Jones Lang LaSalle, a Chicago-based professional services and investment management firm. That compares with $19.98 per square foot in 2011.

[VAStationDude]

Looks like retail will be 60% of Nicollet Mall facing while occupying only 20% of the first floor.


http://m.startribune.com/?id=226842551

[MNdible]

Seems like a reasonable compromise, and also should be a great location for the Visitor's Bureau.

[mullen]

yes glad to see this worked out. having another 300 office workers will help north nicollet.

[lordmoke]

Does this go in this thread or the Star Tribune building thread? I don't know. Strib is apparently considering the US Bancorp Building:
http://www.bizjournals.com/twincities/b ... ation.html

[nordeast homer]

I doubt this is their final choice. Even in the article it talks about how expensive this space is compared to what the rent would be even a block away.

[Silophant]

I'm still holding out hope they'll go into Block E, myself.

[John]

I'm still holding out hope they'll go into Block E, myself.

That's my hope too. And I think there's a general sense among many people on Urbanmsp this would be a great place for them to go.

[mullen]

i wonder how much space there will be in block e with the timberwolves set to move their adm offices there and put in a practice facility.

[min-chi-cbus]

Seriously.....if the Strib needs 120K SF I don't know if Block E can hold them along with whatever else currently or is proposed to make up the entirety of Block E. What a boring block now, though!

[MNdible]

So, I was reminded that the Gav II foodcourt on the fourth floor is closing, and being converted into office space. Does anybody have any idea what this means for the skyway at level four connecting from there to Gav I?

Also, do we have any sense that Minnegasco is going to maintain the skyway access through their new space? I know there was a question as to how the Nic on 5th skyway was going to connect.

[twincitizen]

Nearly useless 12-page PDF on the RBC Plaza / Gav ii renovations: http://leaseupspace.com/Mpls/MOG/RBC_Pl ... gBook3.pdf

[Minneboy]

So with the food court at Gav II closing, will there be a McDonalds downtown?

[Minneboy]

According to an article I just read, no there will not. Along with the exit of Taco John's, Taco Bell and at least one Burger King.

[talindsay]

That should help our image as a healthy, fit city!