The Dayton's Project
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- Wells Fargo Center
- Posts: 1636
- Joined: June 4th, 2012, 12:03 pm
The Dayton's Project
No longer a rumor...
Minneapolis Macy's getting a buyer
http://www.bizjournals.com/twincities/b ... polis.html
Minneapolis Macy's getting a buyer
http://www.bizjournals.com/twincities/b ... polis.html
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- IDS Center
- Posts: 4371
- Joined: February 8th, 2014, 11:33 pm
- Location: Marcy-Holmes
Re: Downtown Minneapolis Retail News
Nice job mnmike!It is likely that Macy's will sell the entire property to Sterling Bay and then lease back the lower level and floors one through four for retail space, a source said. It also would retain part of the eighth floor where it can continue to hold events and its annual holiday display and the 12th floor, where it operates two restaurants.
Re: Downtown Minneapolis Retail News
Someone correct me if I'm wrong, but isn't the 8th floor auditorium actually built on top of the parking garage next to the store. So there is no real decrease or interruption of floor to floor space within the tower section. Glad to hear that Macy's will still be operating the 2 restaurants on the 12th floor. Do we have an estimate on how many SF of office space will be put on the market by Sterling Bay?
Re: Downtown Minneapolis Retail News
Sterling Bay is the coolest developer in Chicago. They are experts at developing old buildings into new ones. They are creating the new Google Chicago HQ in an old meat storage facility. They are very good at what they do, Awesome developers. I have a very strong feeling that they are going to upgrade the office space.
http://www.sterlingbay.com/portfolio/property/1kfulton
http://www.sterlingbay.com/portfolio/property/1kfulton
Meet me in Wells
Re: Downtown Minneapolis Retail News
I'm a bit surprised that the article says that the retail space will be on levels 1-4. Like others noted previously, it seems like it would make more sense to use the basement level space for retail.
Anyway, fingers crossed that this turns out well. If the renovation is handled with sophistication, and if Macy's is committed to sticking around for a while, this could be on net a real win for downtown.
EDIT: Seems like they've updated the article to indicate that they will lease back the Lower Level and Levels 1-4.
Anyway, fingers crossed that this turns out well. If the renovation is handled with sophistication, and if Macy's is committed to sticking around for a while, this could be on net a real win for downtown.
EDIT: Seems like they've updated the article to indicate that they will lease back the Lower Level and Levels 1-4.
Re: Downtown Minneapolis Retail News
When Sterling Bay buys they usually upgrade the property and sell it.I'm a bit surprised that the article says that the retail space will be on levels 1-4. Like others noted previously, it seems like it would make more sense to use the basement level space for retail.
Anyway, fingers crossed that this turns out well. If the renovation is handled with sophistication, and if Macy's is committed to sticking around for a while, this could be on net a real win for downtown.
EDIT: Seems like they've updated the article to indicate that they will lease back the Lower Level and Levels 1-4.
Meet me in Wells
Re: Downtown Minneapolis Retail News
Sounds like good news! Looks like my friend knew what he was talking about!
Thanks Grant..always fun to get an inside scoop!
Thanks Grant..always fun to get an inside scoop!
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- IDS Center
- Posts: 4371
- Joined: February 8th, 2014, 11:33 pm
- Location: Marcy-Holmes
Re: Downtown Minneapolis Retail News
It's always fun to get REAL inside scoops. When you find out after 6 months that they're not real it kind of sucks...
Re: Downtown Minneapolis Retail News
very true.
Re: Downtown Minneapolis Retail News
It seems like at this point, a dedicated thread for Macy's would be appropriate, since we seem to be posting about it in three different threads.
At any rate, I noted on ESG's facebook page that they are involved in the Macy's redevelopment project. No other details.
At any rate, I noted on ESG's facebook page that they are involved in the Macy's redevelopment project. No other details.
Dayton's, now Macy's
The former Dayton's building, now Macy's, is the subject of this week's Star Tribune Streetscapes:
http://www.startribune.com/streetscapes ... 1830901/#1
http://www.startribune.com/streetscapes ... 1830901/#1
Re: Downtown Minneapolis Office Market
I heard a rumor from a dubious source that the upper floors of Macy's are being converted to residential. Anyone know anything about this?
Re: Downtown Minneapolis Office Market
Strange... Sterling Bay usually doesn't do residential, big floor plates too.
Meet me in Wells
Re: Downtown Minneapolis Office Market
I find that hard to swallow, for the same reason that Munch'n said, too big and deep of floor plates. Way too much unusable deep space to try and make residential practical. People want day light in more than one room. Office would be the best option for those huge floor plates. They could try doing roof top amenities for the offices on top of the old section of the building, similar to what the Baker complex is doing on the Roanoke Building. That might be a way for Sterling to get tenants into the building.I heard a rumor from a dubious source that the upper floors of Macy's are being converted to residential. Anyone know anything about this?
Re: Downtown Minneapolis Office Market
Is the Macy's building worth saving in the long run, assuming Macy's downsizes or leaves. Would make a prime location for a future tallest in the city.
Re: Downtown Minneapolis Office Market
I'm assuming that was a joke? You know that building wasn't always Macy's right?
Re: Downtown Minneapolis Office Market
It's one of the few historical buildings of any significance on Nicollet Mall; if it goes, you'll be taking a chain of protesters out with it.
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- City Center
- Posts: 40
- Joined: December 28th, 2014, 11:46 pm
Re: Downtown Minneapolis Office Market
Agreed. The older part of the Dayton's building (it will always be Dayton's to me) is perhaps the most interesting building on the Mall. Along with two other older gems, the Young Quinlan Building and the Essex Building, this building brings some warmth and character to the street that is lacking in nearly all the newer buildings.
Re: Downtown Minneapolis Office Market
Which might include me, and I'm hardly big on historical preservation.It's one of the few historical buildings of any significance on Nicollet Mall; if it goes, you'll be taking a chain of protesters out with it.
Re: Downtown Minneapolis Office Market
http://www.startribune.com/macy-s-seeks ... 345981522/
Macy's is "looking to form joint ventures with real estate partners to redevelop these four key locations [including Minneapolis] “in a manner that maintains a robust Macy’s retail store presence while also bringing alternative use into those buildings; this exploration could expand to include other assets, including mall-based properties, to the extent opportunities are available.”
Macy's is "looking to form joint ventures with real estate partners to redevelop these four key locations [including Minneapolis] “in a manner that maintains a robust Macy’s retail store presence while also bringing alternative use into those buildings; this exploration could expand to include other assets, including mall-based properties, to the extent opportunities are available.”
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