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Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 4th, 2017, 9:37 am
by grant1simons2
Is this really behind? Didn't they want full approval by Summer 2017?

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 4th, 2017, 9:50 am
by mattaudio

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 4th, 2017, 9:59 am
by Nathan
At one of the last meetings they said they have a goal of 2020 completion, if it takes 2 years to build they'd have to have everything finalized by the end of this year, and it probably won't take two years to build. So I'm pretty sure they're doing fine on their time line.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 4th, 2017, 1:29 pm
by Qhaberl
I wonder if they're still trying to lure four seasons.


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Re: United Properties / Four Seasons

Posted: April 4th, 2017, 1:44 pm
by dajazz
Qhaberl wrote:
April 4th, 2017, 1:29 pm
I wonder if they're still trying to lure four seasons.


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Yes. I know that a rep for Four Seasons was onsite in March working on the project.

Re: Nicollet Hotel Block

Posted: April 4th, 2017, 2:41 pm
by twincitizen
Some info from a few pages back:
TroyGBiv wrote:United Properties expects the 30- to 36-month construction project could start at the end of 2017 and be complete in 2020. ..... From biz journal
Silophant wrote:Found the term sheet on the city website.

Deadlines:
Land use applications submitted (12 months after term sheet approval) January 2017.

Property closing (18 months ATSA, or 24 months for an additional 400k fee): July 2017/January 2018)

Construction start (3 months after closing):
October 2017/April 2018

Construction Complete (30 months after construction start): April 2020/October 2020

So, hopefully he was just being overly conservative about timing last night.
Since they've already requested extension on securing financing (I think that deadline is now May 2017), it's safe to assume they are working toward the latter timeline (closing 1/18, construction start 4/18, completion late 2020).

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 4th, 2017, 8:13 pm
by Nathan
It makes me laugh a little that no one seems upset about 40 stories and a four seasons here, but 3 blocks away 6 or 7 stories would be better than 9 for another hotel that includes retail and residential... 3 blocks, another world.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 5th, 2017, 9:05 am
by Sacrelicio
kirby96 wrote:
April 4th, 2017, 9:05 am
Squidward wrote:
April 4th, 2017, 7:00 am
What are all those people doing?
They are almost certainly skid row inhabitants.

EDIT: whoops, see other folks already made that observation. For some more history on it, look up the TPT documentary "Life on Skid Row" (or something like that) which is specifically about the Gateway and the conditions that led to the bulldozing. That's probably the video referred to above and is super interesting (like REALLY interesting). I think you can find it available online.
http://video.tpt.org/video/2256237121/

It's amazing, full color, from the 50s, lots of random street shots. Very cool.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 6th, 2017, 11:11 pm
by Silophant
Warehouse Historic District discussion moved over to the West Elm Hotel thread, finally.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: April 27th, 2017, 4:46 pm
by bapster2006
Tomorrow the City Council approves monthly extensions for United through December 31, 2017.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: May 2nd, 2017, 8:56 am
by twincitizen
Strib: http://www.startribune.com/united-prope ... 420934953/
The new agreement gives United Properties until June 30, with incremental extensions of one to two months. The developer will have to pay $50,000 in fees for the initial extension and $25,000 for each additional month. The payments would be credited against its eventual purchase of the property.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: May 2nd, 2017, 9:20 am
by mattaudio
I'm assuming if they default on the project, those option payments are the City's to keep. Seems like a reasonable deal for both sides.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: May 2nd, 2017, 9:22 am
by go4guy
Not sure I like that the fees will just go to reduce the purchase price of the property. United dragging their feet on this is costing the city a ton of money on potential tax revenue.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: May 2nd, 2017, 9:39 am
by mattaudio
That's a good point. Maybe they could have kept the fee the same each month, but incrementally reduce the portion that would count towards the purchase price. That would give United a reason to speed this along.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: September 26th, 2017, 11:06 am
by SurlyLHT
We're getting closer to the next deadline in December and everything is still really quiet. If this project, the Alatus tower and the Downtown East ramp tower get built I'll be happy with the results of the current boom. They would help complete and connect everything.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: September 26th, 2017, 11:46 am
by transplant
I heard from someone directly involved that they are getting close to landing a major tenant that would get this thing moving. The tenant was an international company that was looking at a few options (read cities) to locate. My understanding is that this would be an expansion into the US market not a relocation. This was a few weeks ago now so I am not sure if there has been any movement. Basically, they are actively working on it and hopefully they will be able to figure it out.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: September 26th, 2017, 2:19 pm
by VacantLuxuries
If this project, the Alatus tower and the Downtown East ramp tower get built I'll be happy with the results of the current boom.
I'd take a development on the West Hotel lot over the Downtown East ramp tower, personally

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: September 26th, 2017, 2:36 pm
by MNdible
[I still think the 1st Avenue face of the West Hotel block would make a great linear park, thanks for asking.]

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: September 26th, 2017, 3:05 pm
by SurlyLHT
I never knew about the West Hotel until I just Googled it. My comment was referring to current proposals, so I don't know if anything is proposed for the West Hotel block. I do agree both that development there would be great, but it is also in an area badly in need of green space.

Re: United Properties / Four Seasons "Gateway" Project (Nicollet Hotel Block)

Posted: September 26th, 2017, 3:36 pm
by dajazz
Four Seasons reps were in town last week so I'm assuming they're still attached to the project.