Dock Street Flats - (333 Washington Avenue North)

[spectre000]

http://www.bizjournals.com/twincities/b ... tment.html

Hines pays $14M for Dock Street site near Target Field
Minneapolis / St. Paul Business Journal by Sam Black, Senior reporter
Date: Wednesday, August 1, 2012

"An affiliate of Hines Interests of Houston closed this week on the land it needs to develop the Dock Street Apartments in the North Loop neighborhood of Minneapolis near Target Field.

Hines paid a combined $13.7 million for the site in two different transactions that closed July 27, according to two certificates of real estate value submitted Aug. 1 to Hennepin County. The land was sold by two partnerships run by Rich Pogin and Bruce Lambrecht..."

[seanrichardryan]

Did they buy Union Plaza too? I can't think of another office building over there.

[min-chi-cbus]

http://www.bizjournals.com/twincities/b ... tment.html

Hines pays $14M for Dock Street site near Target Field
Minneapolis / St. Paul Business Journal by Sam Black, Senior reporter
Date: Wednesday, August 1, 2012

"An affiliate of Hines Interests of Houston closed this week on the land it needs to develop the Dock Street Apartments in the North Loop neighborhood of Minneapolis near Target Field.

Hines paid a combined $13.7 million for the site in two different transactions that closed July 27, according to two certificates of real estate value submitted Aug. 1 to Hennepin County. The land was sold by two partnerships run by Rich Pogin and Bruce Lambrecht..."

Agreed....this belongs in the Dock Street thread.

Is this Heins' "Twinsville"? What happened to their ambition!?

I STILL maintain that we'll continue to see developers push to get projects underway this quarter after hearing that last quarter's supply boost did NOTHING to the vacancy rate.

[Tyler]

Is this Heins' "Twinsville"? What happened to their ambition!?

It died right along with the housing market.

[MNdible]

Is this Heins' "Twinsville"? What happened to their ambition!?

There's still an awful lot of land back there. I'm fine with getting a first phase moving, laying the ground work for bigger and better things in future phases.

[dmdhashw]

I'm confused. Is this a separate project from the 350 North Fifth Street thread?

[Konante]

I'm confused. Is this a separate project from the 350 North Fifth Street thread?

Yes. These are apartments on Washington. 350 N is a project with 2 commercial towers on 5th Street N much closer to Target Field. Both, however, would eat up space of the same massive parking lot.

The rendering is confusing because they make the street coming off washington look like an existing roadway. Right now it's just a downslope into a parking lot.

[Konante]

Also, although it's hard to see much of the second building, I'm excited by the simplicity of both of these designs. Especially the single color brick one that would sit on Washington.

This quote makes me want to put a big bear hug around Hines: "The project includes 3,000 square feet of retail space and a two-level parking garage with 200 spaces." LOVE reading that!

[spectre000]

I'm confused. Is this a separate project from the 350 North Fifth Street thread?

The original Dock Street thread morphed into the 350 N 5th project. Now this is the new Dock Street thread.

[woofner]

Did they buy Union Plaza too? I can't think of another office building over there.

Yes - Union Plaza is part of the parcel that fronts on Washington - it stretches all the way to the 3rd St Viaduct. The 328 4th St parcel contains the land beneath and between the viaducts.

http://gis.co.hennepin.mn.us/property/map/

[John]

Also, although it's hard to see much of the second building, I'm excited by the simplicity of both of these designs. Especially the single color brick one that would sit on Washington.

This quote makes me want to put a big bear hug around Hines: "The project includes 3,000 square feet of retail space and a two-level parking garage with 200 spaces." LOVE reading that!

I really like the glass canopies and transparency of the 1st level. The upper floors, however , need some architectural detail and articulation, especially with the windows and roofline. If they make it too simple and flat , they will have that problem of the building looking flimsy and cheap.

[MNdible]

I thought this was perhaps the most interesting line in the story:

Both transactions included a note that explained the "price was negotiated in 2007 and is considered to be above market value in today's real estate market."

[spectre000]

I thought this was perhaps the most interesting line in the story:

Both transactions included a note that explained the "price was negotiated in 2007 and is considered to be above market value in today's real estate market."

Yeah, seems a bit odd from such a savvy developer as Hines. But if there's a developer out there with the cash, they're it.

[Nathan]

I love the design, I love the density addition, I love the canopies, I love the simplicity, I love the materials. I think it's better than Twinsville. It's not gimicky or too commercial. North Loop is seriously going to be the kickassiest (most vibrant ) neighborhood in Minneapolis.

[min-chi-cbus]

Is this Heins' "Twinsville"? What happened to their ambition!?

There's still an awful lot of land back there. I'm fine with getting a first phase moving, laying the ground work for bigger and better things in future phases.

If I remember correctly (so much has been happening in the development realm lately), this development had multiple phases, and this is just Phase I of III, I believe. The other 2 phases were quite a bit more significant, including more verticle aspects and office space. Correct me if I'm wrong...

[Nathan]

Here's the original site plan, the new rendering looks almost exactly like the old ones. So this answers a lot of questions about what is where and what buildings are staying, the road, etc etc... Excited if they get started in the Fall!

http://www.minneapolismn.gov/www/groups ... 088216.pdf

[Avian]

...
I STILL maintain that we'll continue to see developers push to get projects underway this quarter after hearing that last quarter's supply boost did NOTHING to the vacancy rate.

I've been out of the loop lately so I'm curious to know if this is true. Good news if so. Is there an article or discussion somewhere?

[seanrichardryan]

I really wish that they would reconnect third street as part of this project. Even a ped bridge would be okay, but all traffic would be awesome, if only just to 3rd avenue first, and then reworking the 94 ramps later. Its quite moronic that the whole warehouse district is so isolated and downtown ends at a giant freeway ravine.

[Andrew_F]

I still think that the wonky shape of the building is a major downside to this project. I just can't get over their desire to make the most profitable building possible, even if it ends up shaped like some 2-year-old's attempt at a letter E

[dumberGuy]

no one gives a damn about uninspired (and uninspiring) 5-6-story dreck -- and appropriately so.

build towers, or don't build at all. Let me repeat that: Build towers, or don't build at all.