Seven Points Uptown (Calhoun Square)

[NickP]

While I agree about Figlios, I think the Hennepin Ave. frontage is a lot better with AT&T, H & M, and everything else. Wasn't this due to BlackRock?

[Minneboy]

Okay maybe a hotel? Now we're talking. http://www.southwestjournal.com/notes/n ... ocal-buyer

[twincitizen]

Ackerberg said he plans to visit neighborhood groups in the coming months to seek feedback on the type of development they would like to see [on the vacant parcel].

“At the end of the day, we’re here to serve the community,” he said.

Looking forward to that.

[John]

I think diversifying activity and building uses is the next step to improving and urbanizing Uptown. A smaller trendy hotel would be a nice addition to that. I'm very heartened by Mr Ackerberg's comments so far about Calhoun Square and Uptown in general.

[mplser]

Ackerberg said he plans to visit neighborhood groups in the coming months to seek feedback on the type of development they would like to see [on the vacant parcel].

“At the end of the day, we’re here to serve the community,” he said.

Looking forward to that.

Lol. Can't wait to hear the ridiculous suggestions that they should just build a 2.5 story sfh here

[John]

^^^Fortunately, the vacant lot is probably rather "Nimby proof" Most sane people in the surrounding area will welcome a high density project here. It's been an eyesore for a long time.

[ECtransplant]

John, your unshakable optimism is always refreshing, but I think you severely underestimate the NIMBYs in the surrounding neighborhoods

[TommyT]

I think this would be the perfect location for an iconic uptown tower (or towerish)... but I'm sure that's a dream that will never happen.

[Minneboy]

A well designed 15 story glass tower would be nice but it would also set a precedent. Not that there's anything wrong with that.

[Nathan]

I think they could almost copy paste the stadium air rights apartments/hotel/retail here, and do pretty well in my book. I could see a taller tower with some real unique architecture, dictated by the lot, where arby's is.

[TommyT]

I think they could almost copy paste the stadium air rights apartments/hotel/retail here, and do pretty well in my book. I could see a taller tower with some real unique architecture, dictated by the lot, where arby's is.

Can you imagine the fight they'd get over the increased traffic to the area? This intersection can be worse that Franklin/Lyndale at times... As much as we would all love it and want to see it, I just don't see it ever happening. I love this city, but my god people! Just let it happen!

[Nathan]

I think it could happen there. I think once this latest wave of buildings have gone in and people realize how little traffic counts and convenience have changed it'll be easier to prove.

[David Greene]

I think they could almost copy paste the stadium air rights apartments/hotel/retail here, and do pretty well in my book. I could see a taller tower with some real unique architecture, dictated by the lot, where arby's is.

I was thinking a mixed hotel-office-retail rather than housing since so much new housing has been built recently. That Arby's lot is perfect for an iconic office tower.

[John]

The Arby's site doesn't really need to be tall . It's really about a good architect/developer taking advantage and sensitively responding the unusually shaped parcel. This West Hollywood project is a great example of doing that:

http://www.wehoville.com/wp-content/upl ... -Night.jpg

[ECtransplant]

That's a great example. I think how tall the Arbys site needs to be depends on what happens with the Calhoun Square vacant lot and any redevelopment of the Rainbow lot

[TommyT]

"Ackerberg paid $69.5 million for Uptown's Calhoun Square"

http://www.bizjournals.com/twincities/m ... lhoun.html

[mplsjaromir]

A hilarious amount to pay for something.

[Wedgeguy]

What is Hilarious is that is probably about half of what Blackstone paid for it!

[rcrades]

What is Hilarious is that is probably about half of what Blackstone paid for it!

From the Star Tribune Article:
"In 2007, the center changed hands for the second time in three years, when BlackRock, a New York investment firm, bought it for $47.3 million."

...that isn't a bad ROI but I don't know how much money blackrock has invested in the property since 2007.

[Wedgeguy]

Ok They were not the original buyer then. Someone 3 years or more before paid very big buck during the condo/land speculative bubble and when it went boom/bust they lost their shorts. Blackstone then bought at a fraction of what it had been valued/mortgaged a few years before.

This was the same time that many of the DT office towers were bought for ridiculous prices, only to see their value plummets when the bubble busted. Many of those towers when back to their lenders.