TCF Bank Building Redevelopment

Downtown - North Loop - Mill District - Elliot Park - Loring Park
grant1simons2
IDS Center
Posts: 4234
Joined: February 8th, 2014, 11:33 pm
Location: Marcy-Holmes

Re: TCF Bank Building Redevelopment

Postby grant1simons2 » July 29th, 2015, 1:46 pm

If you listen to the podcast they state that they lined up the "premier residential" portion of the tower, and that they still plan on around 200,000 sq ft of office space. They're still working to get a hotel lined up as well.

seanrichardryan
Capella Tower
Posts: 3895
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: TCF Bank Building Redevelopment

Postby seanrichardryan » July 29th, 2015, 2:20 pm

Transcript?
Q. What, what? A. In da butt.

grant1simons2
IDS Center
Posts: 4234
Joined: February 8th, 2014, 11:33 pm
Location: Marcy-Holmes

Re: TCF Bank Building Redevelopment

Postby grant1simons2 » July 29th, 2015, 2:22 pm

Waiting for Seeking Alpha to post one. In the mean time the webcast is available to listen in here: http://78449.choruscall.com/dataconf/pr ... ndexr.html

Just skip to about the 29 minute mark.
Potential development activity continue to be vetted at 801 Marquette Ave, we believe that 801 represents one of the premier development sites that is available in downtown Minneapolis, and we wish to maximize the site for potential value fruition. We do not wish to settle or rush on any possible development that falls short of maximizing value of the site. With this in mind we continue to favor our mixed use development that could contain; residential, hotel, retail and office or some combination there of. And under this vision FSP would be the owner of and responsible for the cost of the office portion only. Which we still believe will most likely be somewhere in the 200,000 sq ft range. Initial estimates for costs are between roughly $325 and $400 a foot, or $65 to $80 million in total potential exposure to FSP. With FSP taking on the office portion of any potential mixed use development, we have interest in the site from a premier national residential group and are now working toward finding the right sponsor for the hotel portion. We view that the potential participation of a hotel group is significant, because it would add a further potential amenity base to the whole development that could further stimulate prospective rents and demand from tenant customers. There are no formal agreements though to report at this time.

Wedgeguy
Capella Tower
Posts: 3719
Joined: June 1st, 2012, 6:59 am

Re: TCF Bank Building Redevelopment

Postby Wedgeguy » July 29th, 2015, 5:15 pm

I like those words, Maximizing value of the site. Maybe a few more developers should seek the same type of valuation on their projects!! Ritz block, Nicollet block, come to mind when I see what they have and how far they could still go to maximize their potential return! IMO

John
Capella Tower
Posts: 2234
Joined: May 31st, 2012, 2:06 pm

Re: TCF Bank Building Redevelopment

Postby John » July 29th, 2015, 7:36 pm

The issue is really developers in our downtown have had the luxury of large empty vacant lots to develop their projects. It's much easier here. There's no need to build more complicated and costlier multi- use projects. This is very unusual for an urban core in most cities in the world. 801 Marquette is a small parcel relative to this city standards, however, in many places it would be the norm for a multi-use tower. I do believe as the amount of vacant land shrinks downtown , we will probably see more multi use projects. Until then we're stuck in the provincial outpost ;)

User avatar
Nick
Capella Tower
Posts: 2709
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: TCF Bank Building Redevelopment

Postby Nick » July 29th, 2015, 9:21 pm

Aside from New York City, it's not really that uncommon nationally. I mean damn, Houston. Even Chicago has a lot of 30 story buildings across the street from surface lots and/or one story buildings.

That being said, the situation in Minneapolis is a lot different than just a few years ago, and we're probably getting to the point where we want to start asking questions about how densely downtown is built out. If things continue clipping along the way they have been since 2012 or so, we're going to be out of surface lots downtown in the next decade or two.

John
Capella Tower
Posts: 2234
Joined: May 31st, 2012, 2:06 pm

Re: TCF Bank Building Redevelopment

Postby John » July 30th, 2015, 7:21 am

Nick wrote:That being said, the situation in Minneapolis is a lot different than just a few years ago, and we're probably getting to the point where we want to start asking questions about how densely downtown is built out. If things continue clipping along the way they have been since 2012 or so, we're going to be out of surface lots downtown in the next decade or two.
In twenty years, land will likely be much more valuable downtown. Developers will have to increase the scope of their projects to make money. It's an evolutionary process. In particular , my hope is some of those older, smaller parking ramps ( i.e the corner of Lasalle and 9th, Marquette and 4th) will be torn down to make way for dense development. There just as bad as the surface lots.

amiller92
Wells Fargo Center
Posts: 1810
Joined: October 31st, 2014, 12:50 pm

Re: TCF Bank Building Redevelopment

Postby amiller92 » July 30th, 2015, 9:06 am

John wrote:The issue is really developers in our downtown have had the luxury of large empty vacant lots to develop their projects. It's much easier here. There's no need to build more complicated and costlier multi- use projects. This is very unusual for an urban core in most cities in the world. 801 Marquette is a small parcel relative to this city standards, however, in many places it would be the norm for a multi-use tower. I do believe as the amount of vacant land shrinks downtown , we will probably see more multi use projects. Until then we're stuck in the provincial outpost ;)
I sure hope we're our municipal approval processes (which I know little about) are going to insist on multi use projects.

TroyGBiv
US Bank Plaza
Posts: 625
Joined: July 6th, 2012, 10:33 pm

Re: TCF Bank Building Redevelopment

Postby TroyGBiv » July 30th, 2015, 1:31 pm

This discussion reminds me about the "Manhattanization" of Minneapolis article in the NYTimes (or was it WSJ?) from this past year.... We have a dense plan for the downtown and have had that as a core principle of the planning process for decades. We are now seeing the dozens of surface lots disappear quickly. Our downtown does have boundaries that will force development to build up and be more multi-use in the very near future. This won't be over night - but when you look at the incredible change along Washington Ave and the riverfront... and now the stadium area developments, we will see change happen much more quickly and much more dramatically. I suspect that a few of the empty parcels like the eastern half of the Young Quinlan block between 9th and 10th on Marquette will see multi-purpose buildings first.

TroyGBiv
US Bank Plaza
Posts: 625
Joined: July 6th, 2012, 10:33 pm

Re: TCF Bank Building Redevelopment

Postby TroyGBiv » July 30th, 2015, 3:22 pm


PhilmerPhil
Moderator
Posts: 1139
Joined: May 31st, 2012, 11:38 am
Location: SOUP: SOuth UPtown

Re: TCF Bank Building Redevelopment

Postby PhilmerPhil » July 30th, 2015, 4:31 pm

I will miss that clock tbh.

Wedgeguy
Capella Tower
Posts: 3719
Joined: June 1st, 2012, 6:59 am

Re: TCF Bank Building Redevelopment

Postby Wedgeguy » July 30th, 2015, 11:12 pm

TroyGBiv wrote:Here is the F&C article.
http://finance-commerce.com/2015/07/fra ... -tcf-site/
SO are they saying they will have to close all or a portion of the parking ramp to demolish and build new? Or are they demolishing part of the parking along with the short building? With the ramp partly under the TCF Tower I find that hard to believe. But I can understand why they would loss $850,000 with having to close all or part of the parking ramp. Confusing article.

I've seen some of Franklin Street's projects in Boston, so if there is a developer that has the knowledge to do such a project then these are the folks. Show the home town boys how it is done.

Silophant
Moderator
Posts: 3881
Joined: June 20th, 2012, 4:33 pm
Location: The Gateway

Re: TCF Bank Building Redevelopment

Postby Silophant » July 30th, 2015, 11:42 pm

It is confusing. My guess is that there will not be parking in the new tower, and that the portion of the TCF Tower ramp that is presently open for public daily parking will become entirely reserved spaces for the tower uses. So, FSP will lose $805k/yr that they're currently making from public parking fees.

TroyGBiv
US Bank Plaza
Posts: 625
Joined: July 6th, 2012, 10:33 pm

Re: TCF Bank Building Redevelopment

Postby TroyGBiv » July 31st, 2015, 12:29 am

Looks like most of their properties are suburban office buildings. The tall structures are in Denver and Atlanta and KC. Denver's is the tallest at 43 floors. I used to have Burger King as a client and I spent a lot of time at their headquarters in Miami. That building is I think about 10 floors and looked pretty good on the exterior. It will be interesting to see what they come up with in MPLS - especially with Perkins and Will!

User avatar
Munch'n
Nicollet Mall
Posts: 139
Joined: January 29th, 2015, 9:50 pm
Location: Oak Park, IL

Re: TCF Bank Building Redevelopment

Postby Munch'n » October 27th, 2015, 2:27 pm

Additionally, we have made progress on a redevelopment plan for our CBD Minneapolis, Minnesota property located at 801 Marquette Avenue. Although subject to change, FSP currently contemplates co-developing an approximately 50-story, mixed-use tower that would include a full-service hotel, residential apartments and office space. Under the current plan, FSP would contribute the land and approximately $80 to $90 million in additional capital costs for 100% ownership of the office portion of the project, which is tentatively slated to be approximately 260,000 rentable square feet in the middle of the tower stack. FSP is working with a residential group and hotel company to further evaluate the project. Final costing and development agreements have yet to be concluded and are fully subject to change and/or cancellation. If successful in the costing and pre-development work ahead, we intend to break ground on the project sometime during the second half of 2016. Significant thought and design are being incorporated into the redevelopment of 801 Marquette Avenue in order to integrate it with and enhance the appeal of its next-door neighbor office building, FSP’s tower at 121 South Eighth Street.
http://ir.franklinstreetproperties.com/ ... D=31615461
Meet me in Wells

HiawathaGuy
Wells Fargo Center
Posts: 1605
Joined: June 4th, 2012, 12:03 pm

Re: TCF Bank Building Redevelopment

Postby HiawathaGuy » October 27th, 2015, 2:35 pm

Munch'n wrote:
Additionally, we have made progress on a redevelopment plan for our CBD Minneapolis, Minnesota property located at 801 Marquette Avenue. Although subject to change, FSP currently contemplates co-developing an approximately 50-story, mixed-use tower that would include a full-service hotel, residential apartments and office space. Under the current plan, FSP would contribute the land and approximately $80 to $90 million in additional capital costs for 100% ownership of the office portion of the project, which is tentatively slated to be approximately 260,000 rentable square feet in the middle of the tower stack. FSP is working with a residential group and hotel company to further evaluate the project. Final costing and development agreements have yet to be concluded and are fully subject to change and/or cancellation. If successful in the costing and pre-development work ahead, we intend to break ground on the project sometime during the second half of 2016. Significant thought and design are being incorporated into the redevelopment of 801 Marquette Avenue in order to integrate it with and enhance the appeal of its next-door neighbor office building, FSP’s tower at 121 South Eighth Street.
http://ir.franklinstreetproperties.com/ ... D=31615461
Well, that's an interesting turn of events. Hopefully this will continue to move forward!

grant1simons2
IDS Center
Posts: 4234
Joined: February 8th, 2014, 11:33 pm
Location: Marcy-Holmes

Re: TCF Bank Building Redevelopment

Postby grant1simons2 » October 27th, 2015, 2:43 pm

Woah..

Azel
Metrodome
Posts: 83
Joined: March 26th, 2013, 8:55 pm

Re: TCF Bank Building Redevelopment

Postby Azel » October 27th, 2015, 2:59 pm

If office is in the middle, what goes on top, hotel or apartments?

Azel
Metrodome
Posts: 83
Joined: March 26th, 2013, 8:55 pm

Re: TCF Bank Building Redevelopment

Postby Azel » October 27th, 2015, 3:38 pm

Azel wrote:If office is in the middle, what goes on top, hotel or apartments?
If I was guessing, I'd say hotel goes on bottom, then office, then apartments up top. An unusual combination in Minneapolis, to say the least.

John
Capella Tower
Posts: 2234
Joined: May 31st, 2012, 2:06 pm

Re: TCF Bank Building Redevelopment

Postby John » October 27th, 2015, 4:02 pm

Azel wrote:
Azel wrote:If office is in the middle, what goes on top, hotel or apartments?
If I was guessing, I'd say hotel goes on bottom, then office, then apartments up top. An unusual combination in Minneapolis, to say the least.
I think your guess is pretty much on the mark. The residential component on the upper levels will have breathtaking views which will be one of its biggest selling points.

Yeah this is an unusual combination of mixed uses for a one tower in Minneapolis. But from a global perspective, there are hundreds if not thousands of buildings like this in cities all over the world. And I think we may see more of this type of development in the downtown core as the availability of vacant land continues to dwindle at a rapid pace.


Return to “Minneapolis - Downtown”

Who is online

Users browsing this forum: No registered users and 5 guests