Embassy Suites (Plymouth Building) - 12 6th Street S

Downtown - North Loop - Mill District - Elliot Park - Loring Park
mnmike
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Embassy Suites (Plymouth Building) - 12 6th Street S

Postby mnmike » March 7th, 2013, 10:29 am

Mod note: The project was originally proposed to be apartments, but has now shifted to a hotel conversion. Jump to Page 5 to get right to the hotel talk. - twincitizen


It is behind a paywall...anyone have access to give details? This building could certainly use a rehab. I like the idea of getting rid of some class B or C office space too...I think the vacancy rates on that are pretty high right now. I would like to see Lyon's stay though.


Developer wants to turn Plymouth Building offices into apartments

One block from the construction site of a 27-story luxury apartment tower in downtown Minneapolis, a developer wants to convert a 12-story, century-old office building into apartments

Read more: http://finance-commerce.com/2013/03/dev ... z2Ms8VfjsT

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Re: Plymouth Building apartments

Postby mattaudio » March 7th, 2013, 10:32 am

I wonder if this will be the fate of Ren Square as well... have they filled up any of that space since Xcel moved out 5+ years ago? Will 5th Street turn into a nice little corridor of residential over time? Will this create demand for sidewalk-level retail/service that stays open past 5 PM? Will we eventually see traffic removed from more blocks of 5th St?

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Re: Plymouth Building apartments

Postby mnmike » March 7th, 2013, 10:40 am

This building is on 6th. Hopefully all of the new units in this area will add eyes on the street, and people that care about the neighborhood to help with the pesky crime issues towards the north end of the mall. Both the real ones and the perceived ones.

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Re: Plymouth Building apartments

Postby John » March 7th, 2013, 10:44 am

This is a very exciting proposal! :D Maybe they will restore some of the original details of the building.
Image
Last edited by John on March 7th, 2013, 11:03 am, edited 1 time in total.

mnmike
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Re: Plymouth Building apartments

Postby mnmike » March 7th, 2013, 10:48 am

More announcements for Hennepin ave, and still, Bob Lux does nothing with Block E.

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Nathan
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Re: Plymouth Building apartments

Postby Nathan » March 7th, 2013, 11:00 am

What I would do to see this building restored...

Unity77
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Re: Plymouth Building apartments

Postby Unity77 » March 7th, 2013, 11:23 am

Here is some info from the article:

* Todd Phillips, managing partner of Minneapolis-based TruCore Realty, figures that the skyway-connected building is a perfect spot for apartments.

* Phillips is floating a plan for 252 market-rate units in the Class B office building at 12 Sixth St. S., including adding new restaurants and an indoor pool. The site is one block from The Nic on Fifth, the apartment tower developed by Minnetonka-based Opus Development Corp.

* Phillips met Monday with city of Minneapolis planning staff about the project. On March 12, he will discuss the project at a meeting of the Downtown Minneapolis Neighborhood Association.

* Phillips does not yet have other partners for the project, but is working to put a deal together.

* “I have talked to a number of investors,” Phillips said. “We’re still in due diligence. We’ve got a ways to go yet.”

* Phillips said that he expects 75 percent of the units to be one-bedroom apartments with rents in the range of $1,300 to $1,350 per month.

* Phillips said that as part of the deal, he also plans to acquire two smaller nearby commercial buildings from the same ownership group: 15 Fifth St. S., the 15 Building, and 33 Fifth St. S., known as the 25-33 Building. Phillips said he is working on concepts for the properties.

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Re: Plymouth Building apartments

Postby seanrichardryan » March 7th, 2013, 11:50 am

Why doesn't he acquire that idiotic 50 space parking lot next door that once housed the Loeb Arcade while he's at it.
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612transplant
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Re: Plymouth Building apartments

Postby 612transplant » March 7th, 2013, 12:06 pm

These two-- Plymouth and the 15-- are among my two favorite in Downtown.

I agree that it would be nice to see something done with that parking lot, but it's rather small square footage. Any thoughts on what we'd (hypothetically) want to see there? Restaurant?

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Nathan
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Re: Plymouth Building apartments

Postby Nathan » March 7th, 2013, 12:14 pm

That lot, and hopefully grease the wheel for the 3/4 surface lot across Hen? I mean seriously, it's on Hen, and 1st Ave, on a light rail stop.

With all those residents a restaurant could actually play for keeps here now :D

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Re: Plymouth Building apartments

Postby seanrichardryan » March 7th, 2013, 12:21 pm

The parking lot is similar in frontage to the Plymouth Building site, with sq/ft of 27,500 vs Plymouth's 37,000. It a larger parcel then the lumber exchange across 5th.
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612transplant
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Re: Plymouth Building apartments

Postby 612transplant » March 7th, 2013, 12:37 pm

^^^Yeah, I looked at it on google after I posted that. I suppose there is room there for some residential...

Regarding the lot across Hennepin, I was hopeful that the combination of Cowles and the Hennepin Ctr. for the Arts would serve as some sort of catalyst for that one. Residential development seems to be moving up 5th Street in a nice way, now. We'll have to wait and see.

Who owns these lots, anyway? Developers, or still the downtown parking czars?

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Re: Plymouth Building apartments

Postby seanrichardryan » March 7th, 2013, 12:49 pm

Butler Partners Llc owns the whole stake.
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Re: Plymouth Building apartments

Postby John » March 7th, 2013, 1:19 pm

fotoapparatic wrote:That lot, and hopefully grease the wheel for the 3/4 surface lot across Hen? I mean seriously, it's on Hen, and 1st Ave, on a light rail stop.

With all those residents a restaurant could actually play for keeps here now :D
What I would really like to see is all these surface lots along Hennepin become residential, with a smattering of a couple hotels. I agree the 3/4 block you refer to would be an amazing location to put a multi-use project. It's time has come.

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FISHMANPET
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Re: Plymouth Building apartments

Postby FISHMANPET » March 8th, 2013, 4:50 pm

BizJournals has some scoop on this:
http://www.bizjournals.com/twincities/b ... n-ave.html

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Re: Plymouth Building apartments

Postby lordmoke » March 8th, 2013, 5:39 pm

So he wants $12M in historic tax credits, but he doesn't want to touch the exterior. Either he doesn't know what this building used to look like, or he's not thinking straight. He had better not get any money for that unless he wants to restore this beauty. If they put the terra cotta back on, this thing could be the crown jewel of Hennepin.

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Re: Plymouth Building apartments

Postby John » March 8th, 2013, 5:58 pm

lordmoke wrote:So he wants $12M in historic tax credits, but he doesn't want to touch the exterior. Either he doesn't know what this building used to look like, or he's not thinking straight. He had better not get any money for that unless he wants to restore this beauty. If they put the terra cotta back on, this thing could be the crown jewel of Hennepin.
I agree. I don't think it has to be an exact replica of the original facade, but some exterior work should be done to honor its past similar to what they're doing at the nearby Soo Line building apartment project. I don't know much about qualifying for historic tax credits , but I wonder if some exterior restoration is required to receive them?

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Re: Plymouth Building apartments

Postby seanrichardryan » March 8th, 2013, 8:01 pm

The historic designation is for how the floor plates/ framing were constructed. http://www.pvnworks.com/projects/plymouth/index.html

At least they can't touch the windows. They're marvelous gigantic double-hungs with *clear* glass. In the summer you could open them and listen to the city while you worked- one of the few places downtown. I also hope the retail facade gets some restoration. The windows of Thom Pham's Failed Kitchen are atrocious.
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Re: Plymouth Building apartments

Postby John » March 8th, 2013, 9:36 pm

Thanks Sean. The building has strong bones!

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Avian
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Re: Plymouth Building apartments

Postby Avian » March 9th, 2013, 6:35 pm

Another tidbit from the article on Bizjournals:

"On the first floor of the building there's a giant empty restaurant that was formerly the home of Tom Pham's Wondrus Azian Kitchen. TruCore plans to split that space into two different establishments. It's working with a specialty beer bar for 3,000 square feet facing South Sixth and is negotiating with a restaurant operator for about 6,000 square feet that faces Hennepin."

Phamming the space seems to be working out for the new owner. ;)

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