urbanMSP

What about Franklin South!! (FU) lol

I apologize. This made total sense in my mind when I wrote it lol.

♫ 'Cause Uptown South gonna give it to ya
Don't believe me, just watch!! ♫

This is awesome news! Korean fried chicken and other deliciousness. Also opening in Dinkytown!

https://www.bizjournals.com/twincities/ ... lling.html

Bonchon was open when I drove by on Sunday. Any early reports?

I find the news about Heyday disappointing, but understand how they felt the need for a refresh--it was always empty in there despite the level of food and service we receieved. For my partner and me, it's always been one of our neighborhood favorites and we even rented out the space for our wedding reception. I'm glad Jim Christiansen will be using that same spot for the new concepts, I can't wait to see what the team comes up with next.

Sad news!

Plan to relaunch Heyday is kaput; acclaimed restaurant is gone for good

Noticed nobody had posted this from last week: Uptown Lotus is closed. The curse continues. https://twincities.eater.com/2018/9/28/ ... own-closed

What a spectacular string of failures that building has been over the past 5+ years, since they forced out Old Chicago. I bet Old Chicago would still be humming along, turning a small but steady profit if they had just left it alone. Or since Kaskaid was involved with the first re-do (Boneyard), they could've opened CRAVE Uptown and it probably would've done fine.

What's really strange is that it was bought by a group of developers back in 2010, specifically noting its potential for development, but saying they had no immediate plans to kick out Old Chicago: http://www.startribune.com/old-chicago- ... /94886799/ Who knows what they're waiting for, sitting out this entire development boom...

The lot is basically the same size as that of lpm... just saying.

I can't imagine any land owner doesn't see the value of redeveloping this plot. It's such an amazing location.

Northface and Columbia closing?

Fill the Victoria's Secret space with a Food Hall with Brewery or etc.

I saw Columbia was closing when I walked past earlier this week, but North Face is news to me.

I wonder if there's someone working on assembling property for a redevelopment?

I wonder if there's someone working on assembling property for a redevelopment?

Yep, that’s what I’m thinking.

https://www.bizjournals.com/twincities/ ... store.html

http://www.southwestjournal.com/news/bi ... in-uptown/

http://www.southwestjournal.com/news/bi ... -location/

If there is a redevelopment, I hope these retailers will be a part of the street level frontage again!
However, if someone is going to redevelop these buildings... why is that damn empty lot in front of the Calhoun Square parking ramp still not developed?!

I saw Columbia was closing when I walked past earlier this week, but North Face is news to me.

I wonder if there's someone working on assembling property for a redevelopment?

Count me as skeptical that teardown & redevelopment is imminent for these properties. It seems more like 10-year leases ending and not being renewed. That was the case with Victoria's Secret - the property owner chose not to renew VS, stating publicly that they were interested in pursuing a unique/destination retailer. Reasons for not renewing the leases could be as simple as the rent being too high or the stores not performing that well. Could any of us state definitively that these stores are successful? Uptown as a destination for outdoor-wear retail never made a ton of sense to me (why here specifically?), although Fjallraven and Arc'teryx were seemingly drawn to the area by the existence of Columbia/North Face (I'm making an assumption here).

Aside from the Urban Outfitters building (b. 1916), these buildings are all pretty new, and would not seem likely to be torn down no matter how great the demand is for more apartments. Hennepin County property records indicate the former VS/Gap building was built in 1993, North Face in 2008, and Columbia & Apple 2010/2011. Are the original mortgages even paid off on these buildings yet? From what I can tell, the Urban Outfitters and North Face properties have a common owner. The Columbia building owner may also own the Apple land, although Apple is listed as the taxpayer, so I'm not 100% sure there. The former VS building has a separate owner.

Someone who knows the financial side of things could explain this better than I can, but it is unusual to see stable, high-rent-producing retail buildings get redeveloped. The (oversimplified) reason being is that they provide a great ROI (return on investment) already. They will likely find new tenants in time, though there could be a lengthy period of adjustment for the owner(s) to lower rents enough, etc. My take is that these spaces would have to sit vacant for several years before the owner would consider redevelopment.

It's been a while, do I remember rightly that the Uptown Bar was demolished to make way for North Face?

It's been a while, do I remember rightly that the Uptown Bar was demolished to make way for North Face?

For Apple, IIRC.

Answers here in this TCB article: http://tcbmag.com/news/articles/2019/ja ... -challenge

Victoria’s Secret & North Face were simply 10-year lease expirations. Columbia appears to be closing a year or so ahead of their lease expiring. Traditional retail just isn’t doing well here. See comments in the article from the leasing agent responsible for filling these vacancies. It’s not looking hopeful

I think it's been said here before, but Uptown is in the midst of transforming from destination retail to urban neighborhood retail. I'd like to see Uptown retain its high-end stores, but the days of businesses relying on easy parking to lure people from the suburbs for a unique "urban" retail experience are over. At this point, more residents and daytime workers will only help, and a few parking spots on Hennepin won't be to blame.

I think the fact that they got handed a pretty hefty assessment for rebuilding the street to get rid of the parking spaces was kind of a one-two punch.

Does anybody know what the parking rates are for the Calhoun Square and Mozaic ramps?

My suspicion is that there are plenty of parking spots in those ramps, but it's probably not priced appropriately.