The Dayton's Project
Re: The Dayton's Project
Any word on how much space they will take up vs what they currently have downtown?
- trkaiser
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Re: The Dayton's Project
They finally landed an office tenant: Ernst & Young for a little over 30K square feet: https://t.co/fCiNKXJVkM?amp=1
Re: The Dayton's Project
39 more tenants like that and they'll have the 1.2m square feet filled up!
Re: The Dayton's Project
I thought they had more space than that in US Bank Plaza. I can't find how many floors they have.
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Re: The Dayton's Project
https://www.bizjournals.com/twincities/ ... -work.htmlI thought they had more space than that in US Bank Plaza. I can't find how many floors they have.
This article says the had 2 floors for a total of 42k sq/ft at US Bank Plaza.
I would think consolidating to a single floor you could easily save a couple thousand square feet (only needing a single break room, possibly fewer conference rooms etc), so they are downsizing office space, but not by that much.
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Re: The Dayton's Project
Looks like the Dayton's Project isn't in compliance with the terms of their loan. Their lender is moving to foreclosure because they aren't meeting their agreed upon leasing requirements.
https://finance-commerce.com/2021/06/da ... bt-holder/
https://finance-commerce.com/2021/06/da ... bt-holder/
Re: The Dayton's Project
Based only on that write up, it seems the opposite. The borrow seems to be seeking injunctive relief to avoid foreclosure based on changed circumstances.Looks like the Dayton's Project isn't in compliance with the terms of their loan. Their lender is moving to foreclosure because they aren't meeting their agreed upon leasing requirements.
https://finance-commerce.com/2021/06/da ... bt-holder/
Re: The Dayton's Project
This speaks of larger issues we have as a city and how they're spilling over into other areas. The Mayor and Council need to get on the same page and start governing and stewarding this city.
"As of January this year, two prospective tenants have backed out of lease commitments, citing continued civil unrest in the downtown area. The prospective anchor tenant, a national accounting firm, deferred and “drastically” reduced the scope of its original commitment to lease four office floors, the complaint said."
"As of January this year, two prospective tenants have backed out of lease commitments, citing continued civil unrest in the downtown area. The prospective anchor tenant, a national accounting firm, deferred and “drastically” reduced the scope of its original commitment to lease four office floors, the complaint said."
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Re: The Dayton's Project
I don't mean to downplay crime as a serious issue, but just because someone says something like that doesn't mean you have to believe them. You are free to use your common sense in evaluating these claims. The pandemic and uncertainty about space needs in the future is the clear overriding reason why a company would back out of a long-term lease commitment. A spike in violent crime that's being seen across the country, in small towns, suburbs, and cities, is probably not the major reason.
Remember that it's in the political interest of certain people to emphasize some factors, especially external ones that they can blame other people for, over others.
Remember that it's in the political interest of certain people to emphasize some factors, especially external ones that they can blame other people for, over others.
Re: The Dayton's Project
As I sit in my office, there is maybe one (I've heard noises but not actually seen them) other person on the floor today. Didn't see anyone when I was in on Wednesday. Didn't come in yesterday.
Which is to say I've been rethinking my faith that people are mostly going to start coming back to the office.
Which is to say I've been rethinking my faith that people are mostly going to start coming back to the office.
Re: The Dayton's Project
A big factor will be how many days does a employer push people back into the office. My company has stated they want us all back in person and expect people to go back at the end of summer.
The other will be once a larger portion of the work force is split how will that all work
The other will be once a larger portion of the work force is split how will that all work
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Re: The Dayton's Project
Going to be impossible to say with any certainty until after Labor Day. Currently many office employers are waiting to bring back staff because they understand that there's not a ton of summer childcare options until school starts again. Additionally, COVID numbers, while low, are still not zero, and so there are still health concerns.As I sit in my office, there is maybe one (I've heard noises but not actually seen them) other person on the floor today. Didn't see anyone when I was in on Wednesday. Didn't come in yesterday.
Which is to say I've been rethinking my faith that people are mostly going to start coming back to the office.
Re: The Dayton's Project
I worked in a tower downtown Minneapolis in 2001… I remember after September 11 everyone said that New York was “over” and that the corporations would move out of town. People really felt that way. And I worked with CEOs in New York, heads of major companies and they were not sure if the city would rebound… now the towers there rise higher than before. After September 11 we didn’t go backwards we went forwards. It is very likely that our new “forwards” will be less people in the office and more flex schedules. But we knew that. We’ve always known that. I’ve had friends “telecommute” for decades. My sister in law worked for IBM and she telecommuted back in 92… and she lived in the same city as her office.
My point here is that we are not any where near the new normal yet. We likely won’t need anywhere near the same amount of office space for the same number of employees. My friend in Target Marketing said that there is a lot of “new Corporate culture” being worked out and that they might not be back in the office until December now. I truly hope we get the new workplace that many of us are looking for. One with more collaborative spaces and more flexible schedules.
People will be back, in new and better and maybe more human sensitive ways.
But offices aren’t dead. I worked for RT Rybak at the Downtown Council back in the mid to late 80s. We were developing a brochure to encourage more residential downtown. People said no one would live there, other than “The Towers”… things change. Downtown may be fewer office towers but may become more dynamic and more diverse.
My point here is that we are not any where near the new normal yet. We likely won’t need anywhere near the same amount of office space for the same number of employees. My friend in Target Marketing said that there is a lot of “new Corporate culture” being worked out and that they might not be back in the office until December now. I truly hope we get the new workplace that many of us are looking for. One with more collaborative spaces and more flexible schedules.
People will be back, in new and better and maybe more human sensitive ways.
But offices aren’t dead. I worked for RT Rybak at the Downtown Council back in the mid to late 80s. We were developing a brochure to encourage more residential downtown. People said no one would live there, other than “The Towers”… things change. Downtown may be fewer office towers but may become more dynamic and more diverse.
Re: The Dayton's Project
This is an interesting article. It says 601 doesn't have the money to finish the build out. I understand the pandemic delays, but they had significant delays before the pandemic too.
I'm pretty certain there will be a foreclosure eventually.
https://m.startribune.com/daytons-proje ... 600084518/
I'm pretty certain there will be a foreclosure eventually.
https://m.startribune.com/daytons-proje ... 600084518/
Re: The Dayton's Project
I guess I was wrong about the eventual foreclosure. The Dayton's Project was able to secure a new loan and they plan on a November opening.
Good news.
https://m.startribune.com/new-financing ... 600089625/
Good news.
https://m.startribune.com/new-financing ... 600089625/
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Re: The Dayton's Project
Lul ...it’s not a real downtown Minneapolis retail business if they don’t have a “on the verge of bankruptcy scare”I guess I was wrong about the eventual foreclosure. The Dayton's Project was able to secure a new loan and they plan on a November opening.
Good news.
https://m.startribune.com/new-financing ... 600089625/
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Re: The Dayton's Project
The latest article in the Star Tribune about new investors coming in to prevent the foreclosure mentioned a November opening. This must mean the food hall in the basement is opening, right? Are there any other retail tenants? I'm hoping Banana Republic eventually decides to open a store, but I just can't imagine what other possible retail will open besides banks.
Also, I wonder whether it would be possible to convert some of the 1 million square feet of office space to housing at some point. Seems like a stretch that it can get filled with office tenants any time soon.
Also, I wonder whether it would be possible to convert some of the 1 million square feet of office space to housing at some point. Seems like a stretch that it can get filled with office tenants any time soon.
Re: The Dayton's Project
I doubt Banana Republic will be interested the Dayton's Project. They pretty recently closed their store directly across the street.
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Re: The Dayton's Project
I wonder now that you said that if Target is at least curious enough to look at the space? Last I heard they were pulling out of city center for a reshuffling to their north campus. Sure would be a fitting tenant for the Dayton Project.The latest article in the Star Tribune about new investors coming in to prevent the foreclosure mentioned a November opening. This must mean the food hall in the basement is opening, right? Are there any other retail tenants? I'm hoping Banana Republic eventually decides to open a store, but I just can't imagine what other possible retail will open besides banks.
Also, I wonder whether it would be possible to convert some of the 1 million square feet of office space to housing at some point. Seems like a stretch that it can get filled with office tenants any time soon.
As for housing I would absolutely adore these being micro apartments instead of 2-3 bedrooms that rich people would summer in for a few weeks and sit vacant most of the year..
300sq. ft at 3 bucks a foot be 900 I think that would be a wonderful price point for everyone.
Maybe even squeeze them down to 270sq. Ft if needed but under 1k would be affordable and a wonderful place to live in a beautiful home on Nicollet Mall
Re: The Dayton's Project
If Target already has too much office space downtown, why would they look at more?
Considering most hotel rooms are 325 square feet and how hard it would be to have every unit with a window are we basically talking about low income SROs at this point? Seems to be the economical way to do it with that floorplate would be to have a bunch of long, narrow units, probably 2 or 3 bedrooms. And isn't there a shortage of 3 bedroom units for families with more than one kid?
Considering most hotel rooms are 325 square feet and how hard it would be to have every unit with a window are we basically talking about low income SROs at this point? Seems to be the economical way to do it with that floorplate would be to have a bunch of long, narrow units, probably 2 or 3 bedrooms. And isn't there a shortage of 3 bedroom units for families with more than one kid?
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