Northeast and Southeast Minneapolis - General Topics

[Silophant]

Psycho Suzi's is closing on August 19th. End of an era, but I've gotta imagine someone else takes a shot at running a restaurant with the only riverfront patio in Northeast.

[seanrichardryan]

Imagine the parkboard will buy it and tear it down.

[MNdible]

Heaven forbid people are able to sit at a bar or restaurant and enjoy a view of the river.

[LakeCharles]

The Park Board should buy it and incorporate it into the park, a la Sandcastle, Lola, etc.

[Silophant]

Or, more likely, just let it decay for years like their other riverfront holdings.

[Nick]

Maybe they could partner with First Avenue to build a community performing arts space? We don't have one of those on the river up there.

[twincitizen]

Just realizing how weird it is that there's not a single hotel on St. Anthony Main. Especially considering the many wedding venues. I guess there's the Nicollet Island Inn, so there's one. Not a single hotel in Dinkytown either. A few in Stadium Village.

[Tom H.]

I would think that a small hostel could do well in Dinkytown, if something like that could ever get approved here.

[amiller92]

Just realizing how weird it is that there's not a single hotel on St. Anthony Main. Especially considering the many wedding venues. I guess there's the Nicollet Island Inn, so there's one. Not a single hotel in Dinkytown either. A few in Stadium Village.

The city's pattern of hotels is indeed strange. There was no hotel in Uptown until recently too.

There was a proposed hotel for Dinkytown, but it was killed (referenced here: https://streets.mn/2014/01/27/save-dink ... lic-realm/)

[twincitizen]

Given the direct connection to the public parking ramp, and its location perfectly splitting the walk between Main and Hennepin, the 200 Central development shoulda/coulda included a hotel component all along. A hotel lobby/restaurant would actually be a great ground floor activation on that site, and having several floors of hotel rooms would push the resident views even higher.

[MNdible]

Yeah, not sure what the office vacancy levels are like in St. Anthony Main, but I could definitely see some of that space getting converted to a boutique hotel.

[TroyGBiv]

Isn’t the Nicollet Island Inn still open?

[mattaudio]

The history of hotels outside the CBD is fascinating. Back when I worked at WFHM, some of our consultants who'd fly in to work with us would stay at the Midtown Sheraton because it was close enough to walk, but others would stay downtown or in the burbs. Anyone know the disposition of the old Midtown Sheraton these days?

Adaptive reuse hotels such as Nicollet Island Inn are fascinating too... Seems like the smaller boutique ones can make a go beyond one generation, but others struggle. Bandana Square in St. Paul still has a hotel. Hyatt Whitney, a pioneering reuse in the Mill District, was re-redeveloped into condos.

[EOst]

Bandana Square in St. Paul still has a hotel.

They've been looking for a buyer for several years, but I see the property is no longer listed.

[amiller92]

Anyone know the disposition of the old Midtown Sheraton these days?

Still empty/boarded up.

[twincitizen]

Just got a notice that the Wells Fargo on E Hennepin is closing in August. Anything cooking at that site? Seems like a great location to do something similar to Rafter.

There was a story in the MSP Biz Journal last week on Wells Fargo's branch closures, confirming that 425 E. Hennepin closed on August 2. In addition to the 1.27 acre site, Wells Fargo also owns a 0.34 acre parking lot across 5th St at 500 1st Ave NE.

While it would be awesome for the neighborhood to get another 20-26-story building like Nordhaus or Rafter, with the current state of interest rates, development demand, uncertainty due to rent control, etc., my prediction is unfortunately for a 5+1 apartment building for this site. Assuming Wells Fargo is actively marketing the site, and I don't know why they wouldn't be, someone will want to put a building here and not wait around for perfect market conditions to re-emerge for a tower to happen.

[Blaisdell Greenway]

When the closure was announced back in May, the biz journal article said they weren't planning to sell the property, which I found surprising. The Elliot Park redevelopment and soon 31st/Nicollet ones are pretty great, though those include the branch reopening.

[MNdible]

Given the interest rate issues that you've mentioned, and the current wave of apartments downtown hitting the market, it might be that they're just willing to sit on the site for a bit until the market is ready to pay top dollar for the land.

[twincitizen]

I considered that, but for a corporation the size of Wells Fargo, would they really hold a vacant property (and absorb the associated liability and holding costs, potentially for years) over the difference between getting $3 million or $5 million for this relatively small property? My gut says they would not, but this isn't my area of expertise.

My reference point for the made-up dollar amounts is that Mortenson paid USBank $4.7 mil for the Rafter site in 2017.

[Silophant]

Three story redevelopment at 201 Lowry. Brewpub on the ground, office on 2nd floor. More dining on 3rd.

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

The Little Jack's building is being demolished today. I guess this project might still be alive?