urbanMSP

Email from the DMNA today says that Mortenson will be providing an update on this project to the association on 8/1. They are now proposing to build the 10th story from the get-go, rather than waiting to add it later.

That's great news. It means the American Academy of Neurology must be doing well in their new location.

Yeah, and I was none too confident that they would ever actually go back and build a another story later. Seems like a lot of work for not all that much office space.

Yeah, and I was none too confident that they would ever actually go back and build a another story later. Seems like a lot of work for not all that much office space.

Gee thanks for that update. I was really sweating that information about another level in a parking ramp.

Gee thanks for your comment. It's a hotel and office development around a parking ramp.

It's not another level to the parking ramp, it's another level to the yet-to-be-built building next to the parking ramp that will include office space, a hotel and restaurant.

But, really, comment first, read later sarcasm is what we're all about here at Streets.

New rendering from the DMNA FB event page. It appears that they're taking a cue from the Guthrie, and the entire tenth floor will be a red-tinted glass box. Looks good, but I wish it was 600' taller.

You got me dammit

Bravo.

Um, that's disgusting.

DMNA update:

The American Academy of Neurology has committed to only wanting one floor of office space. Turns out the added floor is a ninth floor of hotel, not a second floor of AAN office.

Apparently the Hyatt Centric brand often includes a small market featuring local products, so that might wind up going into the small space on the 9th Ave corner. Better than a yoga studio, IMO(o).

When is it going to start?

What sort of small market? As in fresh produce and food? Curious how that would do with Trader Joe's across the street.

When is it going to start?

They're hoping to get all the approvals in the first quarter of 2017, so spring/summer, I guess. Won't make the Super Bowl, certainly.

What sort of small market? As in fresh produce and food? Curious how that would do with Trader Joe's across the street.

The developer guy didn't really say. I suppose it might be just a slightly bigger version of the little convenience store display and fridges some hotel lobbies have? But with Talenti?

When is it going to start?

Not soon enough:

Mortenson increases proposal, but needs more time to find funding partner.

http://www.bizjournals.com/twincities/n ... ml?ana=twt

So this is the second building in the past 2 weeks that has had to increase density to be able to secure financing. Anyone know what is behind this?

In both cases, they've mentioned increasing construction costs and more stringent lender requirements. I'd tend to take those statements at face value.

But why the increase in height for both projects if that is only going to increase the amount of money they are going to have to borrow?

Because it also increases the number of hotel rooms that you can distribute your fixed costs across, meaning that you're (theoretically) increasing your ROI for investors.