The Dayton's Project

[uptownbro]

The Daytons winter market is back. It will have 64 vendors compared to 30ish last winter. Red Wing Shoes and Faribault Woolen Mills will be opening pop up shops for it. Hopefully they can continue to expand it
https://www.startribune.com/red-wing-sh ... 600217053/

[Silophant]

Looks like they got another *checks notes* 1% of their office space leased up.

[grrdanko]

To avoid foreclosure they have to lease 400,000 sq ft by November and be fully leased by October 2024.

I don't see how they'll be able to do that.

[twincitizen]

Unless United Health or Wells Fargo or Target are moving a division here, I don't see how they'll get the building leased up in under 5 years.

[grant1simons2]

That's hilarious

[VacantLuxuries]

I assume they're stuck trying to get pre-pandemic lease rates to pay back the loans it took to renovate it?

I guess at least the next owner won't be stuck with that problem.

[BBMplsMN]

I toured the building during Doors Open Minneapolis. They had floors 4, 7 and 12 available to see. Floor 4 was empty other than the historic women’s restroom, which was preserved but nonfunctional. Floor 7 was a stunning amenity level with a beautiful outdoor terrace and fully equipped gym. Floor 12 was unfinished but you could see that they kept the Oak Room pretty much intact except for the tables. Overall what they have done looks nice but I wish it was further along.

[uptownbro]

Sezzle will be moving there HQ to the daytons building. 11.5k of office space

[alexschief]

Their soon-to-be former offices are in the McKesson Building, which seems like an extremely strong bet for a residential conversion.

[MNdible]

Only if they're able to work out air rights with the adjacent property owner to cut in some more windows on the back side of the building.

[grrdanko]

They have about 90 days to lease another 270,000 square feet to avoid foreclosure.

Good luck to them.

[Silophant]

Hey, that's only 25 more leases. They just need a closer's mindset.

[NickP]

Only if they're able to work out air rights with the adjacent property owner to cut in some more windows on the back side of the building.

I gotta ask, was the “air right” part a Burlesque reference?! Lol

[Silophant]

They have about 90 days to lease another 270,000 square feet to avoid foreclosure.

Good luck to them.

Looks like they got another 8,250 square feet leased. Missed it by that much.

[grrdanko]

They have about 90 days to lease another 270,000 square feet to avoid foreclosure.

Good luck to them.

Looks like they got another 8,250 square feet leased. Missed it by that much.

I imagine there will be an auction early next year. Hopefully someone will buy it who wants to do more than a December junk market with the building.