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Hilton Tru / Home2 Hotel - 317 Second Avenue S

Posted: May 8th, 2013, 6:59 am
by MplsSteve
11/2017 Update: Different owner, not a Holiday Inn Express, could carry 2 hotel flags viewtopic.php?f=13&t=1350&start=40#p135952

2/2015 Update: Holiday Inn Express announcment: http://www.bizjournals.com/twincities/b ... y-old.html

Old: http://www.bizjournals.com/twincities/b ... lding.html

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 7:53 am
by min-chi-cbus
That would make sense then considering that the county sold the building for a fraction of its original cost, probably to get a tax-generating property back on the books instead of hoping for property appreciation.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 8:02 am
by spearson
The building next door - the TriTech Office Center, sold recently as well. Could it be related?

Found the link:
http://www.bizjournals.com/twincities/b ... ng-in.html

Edit, ok after re-reading both, probably not related, but interesting none the less.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 9:42 am
by lordmoke
$850K seems like a steal. I would think the land alone has to be worth that much.

So when is UrbanMSP going to start buying property? Haha. In all seriousness though, I hope this turns into apartments.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 10:46 am
by TWA
I know you are kidding about the crowd funding thing but I actually think that sites like kickstarter are fascinating and I'm really interested to see how it will develop. I could see it more in the civic side of things- helping raise funding for art installations, road works or even mass transit to help offset the costs.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 10:49 am
by mattaudio
It worked on H Street NE in Washington DC. I think there's also some sort of Northeast Development thing going on in Minneapolis.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 11:18 am
by lordmoke
I was only half kidding. I'd be seriously thrilled to have something like that happen. Off topic, though. I think there is a thread on this in Anything Goes.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 12:42 pm
by woofner
I'm really hoping the MSP BJ blew this story. The Old Republic Title building kitty corner from here is valued at $4.6m. How could this building possibly sell for $850k? If Henn Cty sold it for that little I'm going to seriously look into tax evasion.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 1:01 pm
by woofner
This old F & C article mentions it would have cost nearly $1m to rehab the property:

http://finance-commerce.com/2010/10/hen ... -building/

A slightly less old F&C article compares it to the 900 3rd St N building:
The owner of another downtown building that's about the same size as the McGee Building said it has been tough to find buyers.

The 900 Building at 900 Third St. N. in Minneapolis is largely vacant and for sale. The 60,000-square-foot building is listed for $2.85 million. The building in the North Loop area dates to 1919. Redevelopment plans stalled when the economy hit the skids, said Denny Walsh of Crystal-based FTK Properties.
I'd say that's an unfair comparison, but we'll find out exactly how much the county was bilked for if Shafer Richardson goes through with their purchase of 900 3rd.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 1:24 pm
by gahwi003
redisciple wrote:I'm really hoping the MSP BJ blew this story.
nice one ;)

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 3:17 pm
by Nick
I work on this block and there's already a dumpster in the small lot behind this building.

Re: 317 Second Ave. S.

Posted: May 8th, 2013, 4:53 pm
by Wedgeguy
Nick wrote:I work on this block and there's already a dumpster in the small lot behind this building.

Easier to sell at a lose, but get taxes back on the books than to wait and hope that someone will pay more money then do something with this building. I'm sure it is costing the county plenty to heat and cool the place as well as some maintenance. I would not doubt it would talk upwards of a million plus to get the build marketable again. either as apartment or office. But I think that residential will be the most likely outcome.

Re: 317 Second Ave. S.

Posted: May 10th, 2013, 9:32 am
by seanrichardryan
Not apartments, offices. Don't expect an exciting restoration... boo.

http://www.bizjournals.com/twincities/m ... -keep.html

Re: 317 Second Ave. S.

Posted: May 13th, 2013, 6:26 am
by seanrichardryan

Re: 317 Second Ave. S.

Posted: May 13th, 2013, 7:40 am
by MplsSteve
I hope they at least rebuild the missing cornice. I think old buildings look so terrible with their cornices hacked off.

Re: 317 Second Ave. S.

Posted: November 5th, 2013, 2:52 pm
by twincitizen
From late September, but new to us: http://www.bizjournals.com/twincities/p ... pdate.html

Re: 317 Second Ave. S.

Posted: November 5th, 2013, 4:32 pm
by Tyler
The numbers on this still astound me. $1.85 million total investment for a 71K sq ft office building? That's $26 a sq ft...to OWN it. But I assume the "renovation" is pretty minimal at that cost.

Re: 317 Second Ave. S.

Posted: February 10th, 2015, 3:39 pm
by twincitizen
Looks like it'll be a Holiday Inn Express, not office: http://www.bizjournals.com/twincities/b ... y-old.html

Re: Holiday Inn Express - 317 Second Avenue S

Posted: February 10th, 2015, 3:48 pm
by Wedgeguy
I did not realize that building had a skyway connection to the Tri-Tech Building. But glad that there is finally some more affordable hotel rooms coming to the DT market.

Re: Holiday Inn Express - 317 Second Avenue S

Posted: February 11th, 2015, 8:59 am
by AccordGuy
This is going to help round out our lodging options in Mpls. I love that this hotel is using an underutilized building, and will bring more traffic to that area. My hometown is development central right now. I love it !!! :D