800 Washington Ave S (Guthrie Ramp liner parcel)

[MNdible]

Here is the city's cheat sheet as to why they selected the Mortenson project. [PDF]

[acs]

Any mention of when this would break ground? Also, now that the RFP for this site is over wasn't the city expected to release a RFP for the other vacant lot at 205 S. Park Ave?

[Sacrelicio]

Awesome, they're not going to allow any additional curb cuts!

Not picking on you but I've seen the topic of curb cuts come up a few times since joining this forum. I know what they are, but they seem to be generally considered to be a bad thing. Why is that? Are there good curb cuts vs. bad ones? Is it a certain number or configuration that is considered bad? Generally curious, and I imagine someone here can give me a good explanation.

[Anondson]

We have to have them, but each one is a conflict point with pedestrians. The more that get added the more conflicts you will have where drivers turn into the sidewalks or pull out blindly into pedestrian traffic. It is desirable to minimize curb cuts where possible.

[Sacrelicio]

We have to have them, but each one is a conflict point with pedestrians. The more that get added the more conflicts you will have where drivers turn into the sidewalks or pull out blindly into pedestrian traffic. It is desirable to minimize curb cuts where possible.

So minimize entry/exit points for cars where there are sidewalks. Gotcha.

[twincitizen]

Term sheet for sale of parcel to Mortenson: http://www.minneapolismn.gov/www/groups ... 173607.pdf

Sale price: $3,784,945 ($155 psf)

Mortenson plans to construct a nine story mixed use building consisting of:
• 203-room Hyatt Centric hotel on floors 1-8
• Restaurant and bar on the ground floor at the Chicago Avenue corner
• Neighborhood retail on the ground floor at the Ninth Avenue corner
• Office space on the 9th floor leased to the American Academy of Neurology (“AAN”), along with outside terrace space
• Ability to add a 10th floor of office space in the future for AAN
• Parking for the hotel and restaurant available through the Riverfront Ramp
• Total development costs of $49.4 million

Public Benefits:
The proposed development on this parcel is estimated to generate the following:
Annual City Property Taxes $246,847
Annual City Lodging Taxes 247,711
Annual City Entertainment Taxes on Lodging 283,099
Annual City Sales Taxes on Lodging 47,183
TOTAL $824,840
In addition to the above estimated taxes as determined by City Finance staff, the project will also generate non-lodging entertainment taxes, downtown restaurant taxes, downtown liquor taxes, and non-lodging sales taxes.

The project will also benefit the City’s Parking Fund through increased utilization and parking revenue from the Riverfront Ramp. Additionally, all of the land sale proceeds (after deducting sales expenses) must be used to retire a portion of the $28 million in outstanding tax-exempt general obligation Riverfront Ramp bonds of the City. These bonds were issued by the City in order to purchase the entire block and construct the parking ramp. Retirement of approximately $3.8 million in bonds will result in significant debt service savings to the Parking Fund in future years.

[KML_1981]

YAY!

[Wedgeguy]

My big question is when will this break ground. Will this be a 2016 project or will they wait for 2017 to be opening closer to the Vikings opening?

[Silophant]

Mortenson anticipates a 15-month construction period, with the project opening in the summer of 2017.

[TroyGBiv]

15 months mean a spring groundbreaking.

[Wedgeguy]

Glad to see that this will be a 2016 project and count towards another billion dollar year of construction in MPLS.

[Munch'n]

Fantastic news!

[Nathan]

This article has the first rendering I've seen of the eastern facade of the hotel. It's moving forward.

http://www.journalmpls.com/news-feed/gu ... m=Facebook

[matthew5080]

This article has the first rendering I've seen of the eastern facade of the hotel. It's moving forward.

http://www.journalmpls.com/news-feed/gu ... m=Facebook

I like it!

[Silophant]

Braun Intertec truck on site today. Looks like they're starting soil borings.

[grant1simons2]

They're currently working with some local restaurants to try to fill the space. They've said that there are many interested parties. Hyatt wants to see a 3 meal a day restaurant that doesn't feel like a hotel restaurant. They haven't pursued any retailers for the 2500 sq ft on the other corner, but they're confident that it will fill quickly. Hope to be under construction /early fall.

[matthew5080]

Interesting. Have they hinted at who these interested parties are (more importantly what they serve, let's be real).

[MobJob]

They're currently working with some local restaurants to try to fill the space. They've said that there are many interested parties. Hyatt wants to see a 3 meal a day restaurant that doesn't feel like a hotel restaurant. They haven't pursued any retailers for the 2500 sq ft on the other corner, but they're confident that it will fill quickly. Hope to be under construction /early fall.

Sounds good. Do you have a source for this information?

[grant1simons2]

The neighborhood meeting

[BBMplsMN]

Is Culinare still handling the restaurant? They were part of the original proposal.

I see that they've removed the concrete barriers at the site.