Page 16 of 16

Re: Nordic House - 729 Washington Av N

Posted: January 3rd, 2019, 1:03 pm
by twincitizen
Silophant wrote:
January 3rd, 2019, 11:01 am
Ah, here's a link: Sable

Sounds like they're specifically trying to get people to buy them and Airbnb them out?
IMO sounds more like a marketing pitch to convince people to buy more condo than they can afford, rather than a specific push for Airbnb investors. Still a very interesting decision to sell, rather than rent these units. What’s changed in the market that would make United want to do that for this project specifically? I could easily see Sherman going condo with a building like Encore, which seems more suited to ownership than this particular project

Re: Nordic House - 729 Washington Av N

Posted: January 3rd, 2019, 1:48 pm
by Silophant
I'm assuming that it just never occurred to them to do condos until they ran some numbers for Gateway and realized the DT condo market is hilariously undersupplied.

Re: Nordic House - 729 Washington Av N

Posted: March 7th, 2019, 9:09 am
by Nathan
We Work to take 60k square feet in The Nordic

https://www.bizjournals.com/twincities/ ... ation.html

Re: Nordic House - 729 Washington Av N

Posted: March 7th, 2019, 1:22 pm
by alexschief
That's odd, I didn't know their CEO was an investor in this building.

Re: Nordic House - 729 Washington Av N

Posted: March 7th, 2019, 3:43 pm
by MattW
This will have a food hall on the first floor. FINALLY something fast casual-ish in the NL.

https://bringmethenews.com/minnesota-li ... -food-hall

Re: Nordic House - 729 Washington Av N

Posted: March 7th, 2019, 4:08 pm
by alexschief
Actually kind of a fascinating concept. Most food halls are, themselves, sort of an intermediate step between doing nothing and having a bricks and mortar location. This Galley Group model finds an even narrower niche, a bit more involved than just a stall at a farmers market, but ahead of owning a truck or having custom food hall space. It may function as a food hall to the consumer, but it to chefs and would-be entrepreneurs, it would seem to offer another intermediate step between doing nothing and bricks and mortar, and a different unique pathway for these people to develop their skills, build a market, and create a business. Pretty exciting.

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 9:22 am
by HiawathaGuy

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 9:37 am
by MNdible
Interesting business model. Seems like it would be a disincentive to anybody who actually planned on living there full time?

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 10:02 am
by QuietBlue
Also seems like a gamble that the city won't restrict short-term rentals in the future.

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 10:21 am
by Silophant
It's fun how they can't make up their mind whether they're aimed at being short-term rentals (which I think will work out just fine for them) or aimed at millennials who have been priced out of the market (which, at $250k for a studio... won't).

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 10:40 am
by alexschief
Is there any reason to think that the short-term rental/hotel market won't just... work itself out? I understand the concerns about further constricting the housing supply, plus the usual worries about changing the feel of a neighborhood. But there's far from an infinite pool of people who want to visit the Twin Cities. If the short-term rental market becomes over-saturated and hosts aren't making money, then there will be attrition and some units will come back into the market for long-term residents.

In the meantime, short-term rentals make travel cheaper for people who might not have the resources for a hotel stay, and they can be a source of income directly for locals instead of first passing through the books of a national hotel chain. There are certainly regulations that make a lot of sense, but I'm not sure about restricting their numbers or locations.

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 1:48 pm
by QuietBlue
I'm not arguing against them. I don't have an opinion about them one way or another. But I know some cities have banned them or heavily restricted them, and that could happen here too (though there would still be a market for these as homes even if they couldn't be rentals).

Re: Nordic House - 729 Washington Av N

Posted: May 7th, 2019, 6:48 pm
by go4guy
Good luck selling units in a building that allows short term rentals. That is a huge red flag for conventional financing, and most lender's, including government backed loans, will not finance these.