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The Once and Future Dayton's

Posted: September 2nd, 2015, 2:30 pm
by HiawathaGuy
No longer a rumor...

Minneapolis Macy's getting a buyer
http://www.bizjournals.com/twincities/b ... polis.html

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 2:47 pm
by grant1simons2
It is likely that Macy's will sell the entire property to Sterling Bay and then lease back the lower level and floors one through four for retail space, a source said. It also would retain part of the eighth floor where it can continue to hold events and its annual holiday display and the 12th floor, where it operates two restaurants.
Nice job mnmike!

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 3:01 pm
by Wedgeguy
Someone correct me if I'm wrong, but isn't the 8th floor auditorium actually built on top of the parking garage next to the store. So there is no real decrease or interruption of floor to floor space within the tower section. Glad to hear that Macy's will still be operating the 2 restaurants on the 12th floor. Do we have an estimate on how many SF of office space will be put on the market by Sterling Bay?

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 4:03 pm
by Munch'n
Sterling Bay is the coolest developer in Chicago. They are experts at developing old buildings into new ones. They are creating the new Google Chicago HQ in an old meat storage facility. They are very good at what they do, Awesome developers. I have a very strong feeling that they are going to upgrade the office space.


http://www.sterlingbay.com/portfolio/property/1kfulton

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 5:01 pm
by MNdible
I'm a bit surprised that the article says that the retail space will be on levels 1-4. Like others noted previously, it seems like it would make more sense to use the basement level space for retail.

Anyway, fingers crossed that this turns out well. If the renovation is handled with sophistication, and if Macy's is committed to sticking around for a while, this could be on net a real win for downtown.

EDIT: Seems like they've updated the article to indicate that they will lease back the Lower Level and Levels 1-4.

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 5:45 pm
by Munch'n
MNdible wrote:I'm a bit surprised that the article says that the retail space will be on levels 1-4. Like others noted previously, it seems like it would make more sense to use the basement level space for retail.

Anyway, fingers crossed that this turns out well. If the renovation is handled with sophistication, and if Macy's is committed to sticking around for a while, this could be on net a real win for downtown.

EDIT: Seems like they've updated the article to indicate that they will lease back the Lower Level and Levels 1-4.
When Sterling Bay buys they usually upgrade the property and sell it.

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 6:53 pm
by mnmike
Sounds like good news! Looks like my friend knew what he was talking about!

Thanks Grant..always fun to get an inside scoop!

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 7:01 pm
by grant1simons2
It's always fun to get REAL inside scoops. When you find out after 6 months that they're not real it kind of sucks...

Re: Downtown Minneapolis Retail News

Posted: September 2nd, 2015, 7:03 pm
by mnmike
very true.

Re: Downtown Minneapolis Retail News

Posted: September 9th, 2015, 3:05 pm
by MNdible
It seems like at this point, a dedicated thread for Macy's would be appropriate, since we seem to be posting about it in three different threads.

At any rate, I noted on ESG's facebook page that they are involved in the Macy's redevelopment project. No other details.

Dayton's, now Macy's

Posted: November 7th, 2015, 7:04 am
by sanguinic
The former Dayton's building, now Macy's, is the subject of this week's Star Tribune Streetscapes:
http://www.startribune.com/streetscapes ... 1830901/#1

Re: Downtown Minneapolis Office Market

Posted: November 7th, 2015, 12:02 pm
by SixOneTwo
I heard a rumor from a dubious source that the upper floors of Macy's are being converted to residential. Anyone know anything about this?

Re: Downtown Minneapolis Office Market

Posted: November 7th, 2015, 1:53 pm
by Munch'n
Strange... Sterling Bay usually doesn't do residential, big floor plates too.

Re: Downtown Minneapolis Office Market

Posted: November 7th, 2015, 7:10 pm
by Wedgeguy
SixOneTwo wrote:I heard a rumor from a dubious source that the upper floors of Macy's are being converted to residential. Anyone know anything about this?
I find that hard to swallow, for the same reason that Munch'n said, too big and deep of floor plates. Way too much unusable deep space to try and make residential practical. People want day light in more than one room. Office would be the best option for those huge floor plates. They could try doing roof top amenities for the offices on top of the old section of the building, similar to what the Baker complex is doing on the Roanoke Building. That might be a way for Sterling to get tenants into the building.

Re: Downtown Minneapolis Office Market

Posted: November 8th, 2015, 9:24 am
by Minneboy
Is the Macy's building worth saving in the long run, assuming Macy's downsizes or leaves. Would make a prime location for a future tallest in the city.

Re: Downtown Minneapolis Office Market

Posted: November 8th, 2015, 9:50 am
by acs
I'm assuming that was a joke? You know that building wasn't always Macy's right?

Re: Downtown Minneapolis Office Market

Posted: November 8th, 2015, 11:17 am
by EOst
It's one of the few historical buildings of any significance on Nicollet Mall; if it goes, you'll be taking a chain of protesters out with it.

Re: Downtown Minneapolis Office Market

Posted: November 8th, 2015, 6:45 pm
by eastharrietguy
Agreed. The older part of the Dayton's building (it will always be Dayton's to me) is perhaps the most interesting building on the Mall. Along with two other older gems, the Young Quinlan Building and the Essex Building, this building brings some warmth and character to the street that is lacking in nearly all the newer buildings.

Re: Downtown Minneapolis Office Market

Posted: November 9th, 2015, 10:04 am
by amiller92
EOst wrote:It's one of the few historical buildings of any significance on Nicollet Mall; if it goes, you'll be taking a chain of protesters out with it.
Which might include me, and I'm hardly big on historical preservation.

Re: Downtown Minneapolis Office Market

Posted: November 11th, 2015, 12:00 pm
by SixOneTwo
http://www.startribune.com/macy-s-seeks ... 345981522/

Macy's is "looking to form joint ventures with real estate partners to redevelop these four key locations [including Minneapolis] “in a manner that maintains a robust Macy’s retail store presence while also bringing alternative use into those buildings; this exploration could expand to include other assets, including mall-based properties, to the extent opportunities are available.”