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Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 10:08 am
by acs
Follow the money. Lenders being unnecessarily stingy and/or timid is almost certainly at fault here.
Pull together some funds and make it happen! There's a killing to be made in residential loans! It's a slam dunk!
Shades of 2006 right there. We all know how that turned out.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 10:19 am
by VacantLuxuries
There's a difference between building based on speculative demand and building to meet existing demand.
Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 10:32 am
by Anondson
Seems the charitable aspect of the company could look out for some workforce housing. ¯\_(ツ)_/¯.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 1:39 pm
by Southside
Clearly we have vastly different definitions of the word 'crisis'. Rent prices increasing 1% faster than mean inflation seems much more like a mild market opportunity than crisis. Oh look! Developers are taking notice and building more apartments. Not a crisis.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 2:13 pm
by xandrex
Now we know what they want to do with the big lot across the street: I just got an email alert that Thrivent has a preliminary agreement to sell its building to Hennepin County. It wants to build a new HQ across the street.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 2:17 pm
by Anondson
When averaged out to 1%... sure. But I think that’s a statistical blinder. The rents at the lowest affordable rents are increasing much faster as the units are upscaled into market rates. There is a crisis at the lowest rents and that is a crisis for everyone.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 2:36 pm
by acs
Now we know what they want to do with the big lot across the street: I just got an email alert that Thrivent has a preliminary agreement to sell its building to Hennepin County. It wants to build a new HQ across the street.
Why would Hennepin County need more office space? They're in the process of decentralizing more services away from downtown not growing them.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 2:39 pm
by kirby96
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 3:05 pm
by HiawathaGuy
Thrivent Financial plans to build new HQ, wants to sell current building to county for $55M
https://www.bizjournals.com/twincities/ ... es-to.html
I'm interested to see their plans!
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 3:13 pm
by Silophant
Wait, so, Thrivent would be building a new HQ on the block south of the Armory, then the county would purchase the current Thrivent building (and the proposed new parking ramp) for county operations? Seems like the county could be doing something better than 87 market-rate units if it's going to own the ramp.
ETA:Alternately, what if Thrivent just built their new offices into the second praying hand with whatever fancy new internal configuration they want, sold the old hand to Hennepin County, then we can forget about this whole parking ramp deal?
ETA2: If the county insists on needing 300 more parking spots, they can pay for the city to include another level of parking in the new city building. Everyone wins!
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 3:22 pm
by MNdible
According to the county document, Interstate Parking Co. will buy the surface parking lot next to Thrivent's headquarters from the company and build a mixed-use structure that includes a 750-space parking ramp as well as retail space and 87 housing units. The Business Journal has previously reported on that proposal.
Under the county's plan, it will then pay Interstate Parking $11.5 million for 332 of the parking spaces within that project once it's completed.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 3:55 pm
by SurlyLHT
Their rationale for the purchase is below from the Strib:
"As reasons to buy the building, County Administrator David Hough cited a desire to consolidate or end leases on many of the county’s properties as well as a growing space issue. He noted that the Thrivent building is close to the Hennepin County Government Center and connected by skyways."
It should also be noted that the county tabled it wanting more information so it's not a done deal.
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 4:39 pm
by mattaudio
So, any chance the city and county talked about sharing some sort of new facility?
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 5:19 pm
by Silophant
Maybe the city is jealous that the county gets part of City Hall and also gets their own facility across the plaza?
Re: Thrivent's Surface Parking Lots
Posted: August 29th, 2017, 8:12 pm
by BigIdeasGuy
This could either be a massive step forward to making "East Town" a better place to live, work and play or another acceptably mediocre project that doesn't accomplish much but eliminate another surface park lot. I'm not holding my breathe.
Re: Thrivent's Surface Parking Lots
Posted: August 30th, 2017, 7:23 am
by kirby96
Assuming this moves forward, I'll stay cautiously optimistic. Thrivent has sort of set the bar relatively high for themselves with their fairly iconic (whoops) HQ. I think it would be a poor reflection on them if they moved from there into some humdrum new building.
Re: Thrivent's Surface Parking Lots
Posted: August 30th, 2017, 7:43 am
by spearson
What does this mean for some other County owned buildings? For example the Family Justice Center sits on a lot that is over half the size of the block. That would a nice property to get back on the tax rolls....
Re: Thrivent's Surface Parking Lots
Posted: August 30th, 2017, 8:00 am
by SurlyLHT
The Star Tribune article mentions that the county has leases in other locations. Does anyone one know if these are downtown or etc? It seems like they're following the city's lead. It's also a decent opportunity given the location and what they're getting.
Re: Thrivent's Surface Parking Lots
Posted: August 30th, 2017, 8:06 am
by dajazz
What does this mean for some other County owned buildings? For example the Family Justice Center sits on a lot that is over half the size of the block. That would a nice property to get back on the tax rolls....
I doubt the FJC would move in the near future. Even though it's a Hennepin County building most of the workers are State employees so they pay a significant portion to building costs.
That being said I would guess that at least one county owned property will be back on the tax rolls within a year...
Re: Thrivent's Surface Parking Lots
Posted: August 30th, 2017, 2:21 pm
by mnmike
What will Thrivent's new HQ look like? Think smaller...
https://www.bizjournals.com/twincities/ ... -like.html
I am guessing it'll be short with large floorplates...and less square footage than what they are in currently. No idea what that article says, if anything.