Seven Points Uptown (Calhoun Square)

[Wedgeguy]

Condo towers on the corner where the CB2 is and the other was on the Famous Daves Parking lot. 6 and 8 stories were too high!! Being they were on 31st they got a lot of pushback! Great proposal and would have been a good match for the area. Instead we have a parking lot and a one story retail.

[MNdible]

I remember the proposals, but my recollection was that they walked it back when it became clear that the market/financing wasn't there. They may have even blamed it on NIMBY's as a way to save face. I could be mistaken, though.

[Wedgeguy]

The proposal went out and due to it's size they were having problems with getting approval, thus the banks were not going to lend them money for a too small project that would not give them the returns that they needed. This was about the time that investors were slowing down their lending and wanting concrete proposals with approval before they would invest money in them. Blackstone was between a rock and a hard place because they could not get approvals and the market for investment money was also going away very fast. Thus, what you see between Lake and 31st on Hennepin was the so called best they could do, or so they thought. After Mozaic showed that there really was a market, I'm sure they are kicking themselves for again missing the boat on this development.

[twincitizen]

Yeah the CB2 thing is unfortunate. The least they could have done was make the building ready for a stick apartment development on top. What they built is nice and attractive, but a single story building in that location is a joke. There is still hope for Hennepin and 31st though, as Bank of the Lakes wastes a ton of space occupying 2 corner lots with drive-up lanes and surface parking.

Regarding Calhoun Square, the current owners significantly overpaid and yep, there was a rumor that they may try to unload now that it's nearly fully leased and doing really well. I don't know if it's actually on the market yet, but maybe we'll hear something this year still. Getting a new tenant secured for the former Figlio/Il Gato/Primebar space would be nice. However, none of that would prevent them from separately selling off the vacant parcel next door. Regardless of their ability to recoup their investment in the mall, they could make a pretty penny selling off the lot, especially since it seems they have no intention of developing it themselves. The price of the land there makes me hopeful that it will be more than just another 6-story box.

P.S. I'm moving this whole shebang to the Calhoun Square thread. Continue discussion t/here.

[ztr421]

Yeah the CB2 thing is unfortunate. The least they could have done was make the building ready for a stick apartment development on top. What they built is nice and attractive, but a single story building in that location is a joke.

My recollection is that they did build the CB2 in such a way that it could be expanded a story or two upwards in the future.

I also seem to remember that the planning commission (or building commission? - my memory is hazy, so I'll just say "the city") wanted them to build higher, but CB2 preferred not to, and the city made a big deal about it (or at least the StarTrib did). I was going to say "CB2 refused" but that would imply that that were somehow doing something wrong... There was nothing in the city requirements that forced them to build higher - the city just wanted them to build higher... I thought all of the hand-wringing about it was laughable, because they're a private company - since when can't they build whatever they want as long as they're not violating any city requirements?

[twincitizen]

Well there is the Floor-Area-Ratio (FAR) requirement. I don't know if they met that or not. A FAR of 1.0 would be a one-story building that covered the entire site, or a 2-story building that covered half the site, etc. So unless the minimum FAR requirement was less than 1.0, then no, they most certainly did not meet that requirement.

The Uptown Small Area plan called for a 2 or 3 story building on the site. The biggest shame is that CB2 replaced a nice, older 2-story building with 1-story blah.

Also, CB2 is just the tenant, not the owner of the site. I don't know that would have gone as far as saying they wouldn't sign a lease if there was development on top of them. The owners of Calhoun Square are to blame for this. There was some chatter of making the building "vertical expansion ready" or whatever, but I just don't think that actually happened.

[Minneboy]

When I lived a block away I always thought the building on the corner they tore down was one of the nicest on the block.

[John]

However, none of that would prevent them from separately selling off the vacant parcel next door. Regardless of their ability to recoup their investment in the mall, they could make a pretty penny selling off the lot, especially since it seems they have no intention of developing it themselves. The price of the land there makes me hopeful that it will be more than just another 6-story box.

Yes, I think it's possible the owners of Calhoun Square intend to sell the vacant lot separately from the mall. It certainly must be a valuable piece of property. I think selling it apart from the mall might be the key to expedite it's development, and hopefully produce a more vertically dense project than a one or two story building. Still amazes me that nothing has happened here given it's prime location.

[seanrichardryan]

They could at least do something about the ratty fence in the meantime.

[twincitizen]

Tactical Urbanism opportunity? I'm game.

[Minneboy]

perhaps start using the fence as a public board for putting up yellow ribbons or the like in rememberance of those lost in tragedies and the like. It would draw attention to the site for multiple reasons and possibly draw attention on the fact this block is sitting around vacant.

[PhilmerPhil]

Just a friendly reminder of what once was:

https://www.google.com/maps/preview#!da ... 7e11&fid=5\

Isn't it great when we design spaces for people, not cars?

[mattaudio]

Is it different now?

[twincitizen]

I think Phil was referring to the Girard "meander", which is much, much better now than in that Streetview link. Even though it is still a principal entrance to the parking ramp, it is much more of a plaza with bike racks, benches, bollards, etc. Even though it could still use a dose of greenery, it's a vast improvement now that cars cannot drive through Girard.

O/T: Did Google Maps just change again? I feel like every time I use it lately there's a font change, color change, etc. I love how prominent the Minneapolis neighborhood names are now when you zoom in.

[Nathan]

It's a pedestrian Plaza now... a part of the Girard Meander, which will be mostly realized when The Walkway (hence it's name) is completed. The idea was to make a more pedestrian friendly N/S connection in Uptown. Hence the plaza between Mosaic I and II and the Pedestrian Bridge over the greenway.

https://maps.google.com/?ll=44.947562,- ... 6&t=h&z=19

[twincitizen]

I think I just realized how amazing a City Target would be on the vacant lot next to Calhoun Square. Parking ramp connected too so Target wouldn't have to build any parking, just validate.

[twincitizen]

Calhoun Square owners won $5MM in their lawsuit against Primebar for unpaid rent and damages for flooding their space.

http://www.bizjournals.com/twincities/n ... -case.html

Fingers crossed for Calhoun Square (and associated vacant lot) to be sold in 2014. The vacant lot will likely be sold with Calhoun Square, rather than separately. It is a huge opportunity, arguably the best remaining site for development in greater Uptown.

[TheUrbanGopher]

If streets.mn had a year-end award for best vacant lot with potential, I feel like this would take the cake on most ballots.

[gpete]

Ackerberg possibly purchasing Calhoun Square? Would be nice to have it owned by a local developer. Maybe something will finally happen on that empty parcel.

http://www.bizjournals.com/twincities/n ... quare.html

[Minneboy]

For the life of me I can't remember and sadly Wikipedia does not list it in their "history" section, who was the original developer of Calhoun Square? Anyone? I know he was involved in other things and at one time had the rights to develop Block E, before he lost it.