Downtown Parking Facilities

[grrdanko]

16 million for 455 surface spaces in that location seems like too high of a price for the intention to be surface parking forever. I think they are betting on higher land value and holding it as parking until they can make a nice profit.

This feels a vote of confidence in downtown development by a savvy investor to me.

[seanrichardryan]

Or just holding financial gains from another project.

[contrast]

16 million for 455 surface spaces in that location seems like too high of a price for the intention to be surface parking forever. I think they are betting on higher land value and holding it as parking until they can make a nice profit.

This feels a vote of confidence in downtown development by a savvy investor to me.

Exactly. This is about future development. Not parking revenue.

[Tyler]

16 million for 455 surface spaces in that location seems like too high of a price for the intention to be surface parking forever. I think they are betting on higher land value and holding it as parking until they can make a nice profit.

This feels a vote of confidence in downtown development by a savvy investor to me.

Exactly. This is about future development. Not parking revenue.

Its about both. Here is the prospectus. http://mvpreit.com/prospectus/

[Wedgeguy]

I wish I had as much faith as some of you. The Nicollet & Ritz Blocks were turned into parking lots for quick redevelopment. Now 25-35 years later they still have not had a shovel of dirt turned. Lots of proposals, but nothing that ever came of them. The Short Block, 9th, 10th, 2nd,and 3rd, has been owned by the Short family trust for over 40 years and they have never proposed any type of redevelopment. Now these particular blocks that were sold, are not off any major road into town, unless you want to call Hennepin a major ingress, so they are not going to be sweet spots for parking. They will take some extra driving to get to, are not really close to the true office core buildings, and still a few blocks from a skyway connection to make them more desirable for those parking. They really can't raise their rates too much to help with the increased cost or a mortgage . why pay the same rate to park out side when a covered ramp is a bit more or the same. You also don't have to shovel off your car before you head home in the winter in a ramp.

This is a site as far as developing is not that desirable. Not really a good fit for office, better suited for residential with its proximity to Lund's. But the area around it leave something to be desired for real amenities and neighboring structures. This is really not the site for more luxury apartments and condos. So I see sites closer to the core and near the NL and river being built up before there is a real market for this property. So we now have a $16 million parking lot that looks like crap and is the weakest link on the south end of Hennepin Ave. I look for 20+ years before anything gets built here. My personal outlook after watching development for 30+ years here in MPLS.

[Silophant]

Note that these blocks are directly off a 394 offramp, which some might consider a major road into town, and are across the street from the skyway connected Hawthorne Transportation Center.

[seanrichardryan]

I'd think they'd be more likely to be developed is they decked the freeway and put Wilson Park back in. Also of note, these lots have been mostly parking since the 1930s.

[Wedgeguy]

I'd think they'd be more likely to be developed is they decked the freeway and put Wilson Park back in. Also of note, these lots have been mostly parking since the 1930s.

The Hennepin block maybe, the one west of 1st was a Ramada Inn until they tore that down in the late 90's for a development that never came to be.

[amiller92]

The Short Block, 9th, 10th, 2nd,and 3rd, has been owned by the Short family trust for over 40 years and they have never proposed any type of redevelopment.

The few building that are there have been recently renovated with a new business tennant. I didn't realize until right now that MinnMed (as the signs read) is a medical marijuana provider.

Now these particular blocks that were sold, are not off any major road into town, unless you want to call Hennepin a major ingress, so they are not going to be sweet spots for parking.

There's an exit from 394 at 12th streets, one block away.

This is a site as far as developing is not that desirable. Not really a good fit for office, better suited for residential with its proximity to Lund's. But the area around it leave something to be desired for real amenities and neighboring structures.

It has neighbors that make it tricky. The bus station, a pawn shop, and the Salvation Army shelter seem likely to be a drag on their value.

On the other hand, you can't really get more amenities in walking distance. Grocery, pharmacy, wine shop, restaurants, Target, Macy's, theaters and nightlife. From the northern block, there is skyway access across 10th at the Hawthorne ramp. From the southern block, skyway access is a block away at St. Thomas (or a block away at the Hawthorne ramp).

North Loop is trendy and all, and has great restaurants and boutiques, but can't compete on essentials.

So we now have a $16 million parking lot that looks like crap and is the weakest link on the south end of Hennepin Ave. I look for 20+ years before anything gets built here. My personal outlook after watching development for 30+ years here in MPLS.

This sale does seem to point in that direction.

[mattaudio]

I'd think they'd be more likely to be developed is they decked the freeway and put Wilson Park back in. Also of note, these lots have been mostly parking since the 1930s.

^yes. https://streets.mn/2014/06/12/reconnecti ... -royalston

[Silophant]

This is really more "Minneapolis Parking" than "Downtown Parking", but Minneapolis is banning "honor system" parking lot payboxes, instead requiring some form of proof of payment, whether that comes from a lot attendant or an automated pay station. Technically, honor system payboxes can continue to be used, but operators cannot tow cars from them unless they have evidence a driver has twice failed to pay for parking within a six month window. Which, you know, how would they, since the lack of any sort of proof of payment is the whole problem.

[LakeCharles]

So now I can go park in any honor system lot at least one time without paying?

[Silophant]

You can do it every seven months, if the article is correct.

[Mitt SchIsaac]

What do you guys think of Mixed use ramps, where they are either incorporated into a larger structure or at least have the lower levels reserved for retail. I tend to think that the commuter culture in Minni isn't going to evaporate overnight, and the market for parking will only get more competitive as lots are built over and old ramps are razed. the city could require attractive facades like the ones you see by target field or the guthrie. Seems like a way to bridge the gap a bit.

[amiller92]

There's no shortage of parking.

[billhelm]

noticed that the new MSFA ramp has an early bird rate of $5.00... gotta think that's going to go up once the wells fargo towers are full and some other parts of the area are built out, but it seems awfully low to me.

[grant1simons2]

Our "mixed-use" ramps kind of suck.

1: http://bit.ly/26LVhEu

2: http://bit.ly/1SGWOWd

3: http://bit.ly/1SGWXcf

[mattaudio]

$5 daily rate not surprising considering it dumped 6,000 new publicly-funded parking spaces in a neighborhood where there have been no private developers of parking in recent decades.

[amiller92]

noticed that the new MSFA ramp has an early bird rate of $5.00... gotta think that's going to go up once the wells fargo towers are full and some other parts of the area are built out, but it seems awfully low to me.

When I drive (generally, inclement weather or an off-site appointment), that's where I park 'cause it's so cheap and doesn't mean having to try to get further west amidst the construction chaos. It's substantially better for the first scenario now that the skyways are open.

[VAStationDude]

http://www.citypages.com/news/minneapol ... ns-8246536