Hilton Tru / Home2 Hotel - 317 Second Avenue S
Hilton Tru / Home2 Hotel - 317 Second Avenue S
11/2017 Update: Different owner, not a Holiday Inn Express, could carry 2 hotel flags viewtopic.php?f=13&t=1350&start=40#p135952
2/2015 Update: Holiday Inn Express announcment: http://www.bizjournals.com/twincities/b ... y-old.html
Old: http://www.bizjournals.com/twincities/b ... lding.html
2/2015 Update: Holiday Inn Express announcment: http://www.bizjournals.com/twincities/b ... y-old.html
Old: http://www.bizjournals.com/twincities/b ... lding.html
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- Capella Tower
- Posts: 2869
- Joined: June 1st, 2012, 9:19 am
Re: 317 Second Ave. S.
That would make sense then considering that the county sold the building for a fraction of its original cost, probably to get a tax-generating property back on the books instead of hoping for property appreciation.
Re: 317 Second Ave. S.
The building next door - the TriTech Office Center, sold recently as well. Could it be related?
Found the link:
http://www.bizjournals.com/twincities/b ... ng-in.html
Edit, ok after re-reading both, probably not related, but interesting none the less.
Found the link:
http://www.bizjournals.com/twincities/b ... ng-in.html
Edit, ok after re-reading both, probably not related, but interesting none the less.
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- Wells Fargo Center
- Posts: 1331
- Joined: June 8th, 2012, 1:39 pm
- Location: George Floyd Square
Re: 317 Second Ave. S.
$850K seems like a steal. I would think the land alone has to be worth that much.
So when is UrbanMSP going to start buying property? Haha. In all seriousness though, I hope this turns into apartments.
So when is UrbanMSP going to start buying property? Haha. In all seriousness though, I hope this turns into apartments.
Re: 317 Second Ave. S.
I know you are kidding about the crowd funding thing but I actually think that sites like kickstarter are fascinating and I'm really interested to see how it will develop. I could see it more in the civic side of things- helping raise funding for art installations, road works or even mass transit to help offset the costs.
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- Stone Arch Bridge
- Posts: 7761
- Joined: June 19th, 2012, 2:04 pm
- Location: NORI: NOrth of RIchfield
Re: 317 Second Ave. S.
It worked on H Street NE in Washington DC. I think there's also some sort of Northeast Development thing going on in Minneapolis.
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- Wells Fargo Center
- Posts: 1331
- Joined: June 8th, 2012, 1:39 pm
- Location: George Floyd Square
Re: 317 Second Ave. S.
I was only half kidding. I'd be seriously thrilled to have something like that happen. Off topic, though. I think there is a thread on this in Anything Goes.
Re: 317 Second Ave. S.
I'm really hoping the MSP BJ blew this story. The Old Republic Title building kitty corner from here is valued at $4.6m. How could this building possibly sell for $850k? If Henn Cty sold it for that little I'm going to seriously look into tax evasion.
"Who rescued whom!"
Re: 317 Second Ave. S.
This old F & C article mentions it would have cost nearly $1m to rehab the property:
http://finance-commerce.com/2010/10/hen ... -building/
A slightly less old F&C article compares it to the 900 3rd St N building:
http://finance-commerce.com/2010/10/hen ... -building/
A slightly less old F&C article compares it to the 900 3rd St N building:
I'd say that's an unfair comparison, but we'll find out exactly how much the county was bilked for if Shafer Richardson goes through with their purchase of 900 3rd.The owner of another downtown building that's about the same size as the McGee Building said it has been tough to find buyers.
The 900 Building at 900 Third St. N. in Minneapolis is largely vacant and for sale. The 60,000-square-foot building is listed for $2.85 million. The building in the North Loop area dates to 1919. Redevelopment plans stalled when the economy hit the skids, said Denny Walsh of Crystal-based FTK Properties.
"Who rescued whom!"
Re: 317 Second Ave. S.
nice oneI'm really hoping the MSP BJ blew this story.
Re: 317 Second Ave. S.
I work on this block and there's already a dumpster in the small lot behind this building.
Nick Magrino
[email protected]
[email protected]
Re: 317 Second Ave. S.
I work on this block and there's already a dumpster in the small lot behind this building.
Easier to sell at a lose, but get taxes back on the books than to wait and hope that someone will pay more money then do something with this building. I'm sure it is costing the county plenty to heat and cool the place as well as some maintenance. I would not doubt it would talk upwards of a million plus to get the build marketable again. either as apartment or office. But I think that residential will be the most likely outcome.
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- IDS Center
- Posts: 4091
- Joined: June 3rd, 2012, 9:33 pm
- Location: Merriam Park, St. Paul
Re: 317 Second Ave. S.
Not apartments, offices. Don't expect an exciting restoration... boo.
http://www.bizjournals.com/twincities/m ... -keep.html
http://www.bizjournals.com/twincities/m ... -keep.html
Q. What, what? A. In da butt.
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- IDS Center
- Posts: 4091
- Joined: June 3rd, 2012, 9:33 pm
- Location: Merriam Park, St. Paul
Re: 317 Second Ave. S.
Q. What, what? A. In da butt.
Re: 317 Second Ave. S.
I hope they at least rebuild the missing cornice. I think old buildings look so terrible with their cornices hacked off.
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- Moderator
- Posts: 6393
- Joined: May 31st, 2012, 7:27 pm
- Location: Standish-Ericsson
Re: 317 Second Ave. S.
From late September, but new to us: http://www.bizjournals.com/twincities/p ... pdate.html
Re: 317 Second Ave. S.
The numbers on this still astound me. $1.85 million total investment for a 71K sq ft office building? That's $26 a sq ft...to OWN it. But I assume the "renovation" is pretty minimal at that cost.
Towns!
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- Moderator
- Posts: 6393
- Joined: May 31st, 2012, 7:27 pm
- Location: Standish-Ericsson
Re: 317 Second Ave. S.
Looks like it'll be a Holiday Inn Express, not office: http://www.bizjournals.com/twincities/b ... y-old.html
Re: Holiday Inn Express - 317 Second Avenue S
I did not realize that building had a skyway connection to the Tri-Tech Building. But glad that there is finally some more affordable hotel rooms coming to the DT market.
Re: Holiday Inn Express - 317 Second Avenue S
This is going to help round out our lodging options in Mpls. I love that this hotel is using an underutilized building, and will bring more traffic to that area. My hometown is development central right now. I love it !!!
Born in Minneapolis.
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