Re: Uptown General Topics & Development Map
Posted: October 27th, 2015, 9:30 pm
They're definitely all over Lakewood.
Architecture, Development, and Infrastructure of the Twin Cities
https://urbanmsp.com/
I wonder if things with the Ackerburg group have soured? I really thought their hotel was going to go up in the north lot adjacent to Calhoun Square? Seems very odd to build a hotel on this corner...I've been missing my CARAG meetings, but just saw this in the e-newsletter (and I didn't remember seeing it anywhere..)
Local hotel developers, Ben and Jim Graves, attended the CARAG Neighborhood Meeting last week to let neighbors know they were considering building a hotel in CARAG. Graves Hospitality formerly owned the Graves 601 Hotel in downtown Minneapolis, and the company is looking at a site on the corner of Lake St. and Emerson Ave S, previously occupied by an Indian Restaurant. The Graves do not yet own the site and plans are preliminary. However, they are considering around 120 rooms in what they described as a "boutique" hotel. No designs were shown, but the Graves expect a height variance would be needed for the hotel to get built. The Graves committed to keeping CARAG up to date on their plans.
Their last statements have all said Hotel, and we got a sneak peak at the possibility of medical office and retail on the lower floors. I can't see them doing anything else, they want a well rounded community to create synergy and success for themselves, and the community.I think that Ackerberg is saving the Calhoun lot more for office vs hotel. Not that the Calhoun could not handle a mixed project. But I think that they want to get Mozaic 2 build first. Also I think that retail on the ground floor of office would be easier than on the ground floor of a hotel. I think that office would give them a higher ROI than a hotel for that particular parcel. Just my opinion.
As we know developers tend to change their mind mid stream. Nothing is for sure until the permits are pulled. My take on it is that this piece of land, where the Indian restaurant is located, probably just came onto the market. Up until now the Calhoun site was their best site for the possible hotel. I'm sure that the Emerson land is less expensive than the the Calhoun site. Where they are proposing is only a block away from the other site. So location is really a wash as far as I'm concerned. This will probably have a lower land value to allow for a greater potential for profitability and ROI. This also leave the Calhoun site open for office or mixed use, where they can cover the land value with higher rents and better ROI. Just my observation.Their last statements have all said Hotel, and we got a sneak peak at the possibility of medical office and retail on the lower floors. I can't see them doing anything else, they want a well rounded community to create synergy and success for themselves, and the community.I think that Ackerberg is saving the Calhoun lot more for office vs hotel. Not that the Calhoun could not handle a mixed project. But I think that they want to get Mozaic 2 build first. Also I think that retail on the ground floor of office would be easier than on the ground floor of a hotel. I think that office would give them a higher ROI than a hotel for that particular parcel. Just my opinion.
If approved, breaking ground in the spring.“It will feel like more of a warehouse-type building than a super modern building”
Marla's relocated to 38th & Bloomington:There have been at least two Indian restaurants in that building since I moved to the area and they've both struggled.
Then Graves beat Ackerberg to the punch. Ackerberg is busy with getting Mozaic 2 off the boards and up in the air. They have already sent a considerable amount of money on the Mozaic project. Highly doubt they would switch priorities and try and build a hotel on the Calhoun site just to beat Graves to be first. The Graves project is much smaller than the block long Calhoun project, so either way they would still be first to completion if they do actually start in the spring. There is a benefit to having the Graves boutique getting built first. It will prove whether Uptown has a market for hotel rooms. If they are a success, then Ackerberg would surely plan a second hotel as part of a mixed use on the Calhoun lot. If they can keep up an appetite for office space in the Uptown area, they can get a business oriented or limited service hotel as part of that project.These are separate developers though. Graves vs Ackerberg.
Oh, awesome! Thanks for the head's up!Marla's relocated to 38th & Bloomington