Theater Garage Marquee Apartments - (Franklin & Lyndale)

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby seanrichardryan » September 3rd, 2014, 11:38 am

The financing for this project is shaky and it depends on multiple property owners.
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nerdljos
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby nerdljos » September 3rd, 2014, 11:48 am

I'd rather believe it's the shaky neighborhood process that makes it hard to secure financing. At no point in the whole process did it ever feel like a certainty, because strong, random, and weird opposition made it difficult for the developer to get quality feedback, and when they'd come back with changes they'd find another set of unrelated and unreasonable complaints. Tuning out the neighborhoods only leads to more resentment, and stronger opposition later in the process. I really support the idea that neighborhoods are involved in development processes, but situations like 2320 Colfax, or Frank-Lyn make it hard.

And, remember this article from spring: http://www.startribune.com/local/blogs/258655761.html

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David Greene
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby David Greene » September 3rd, 2014, 11:52 am

nerdljos wrote:And, remember this article from spring: http://www.startribune.com/local/blogs/258655761.html
No, I don't believe for a second that a few neighbors opposing this is why it was withdrawn. The City was practically ready to approve it. Despite what developers claim, neighborhoods have very little real power to do anything.

Master mishandled this whole thing from the beginning. Go back to the start of this thread and read the commentaries on their initial presentation to the neighborhood. It became clearer and clearer to me that this was a seat-of-your-pants type project.

Master appears to be in financial trouble.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby seanrichardryan » September 3rd, 2014, 12:12 pm

Collage architects, the 'face' of the developer, has been involved in both controversial projects.
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby clf » September 3rd, 2014, 2:39 pm

I think it probably has more to do with Gerberding's law troubles. I know I would not want to invest in a project with a developer in multiple lawsuits.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby twincitizen » September 3rd, 2014, 2:52 pm

seanrichardryan wrote:Collage architects, the 'face' of the developer, has been involved in both controversial projects.
Let's be honest though, the primary "controversial" aspect of these two projects is their very existence.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby MNdible » September 3rd, 2014, 3:06 pm

Probably unrelated, but I've noticed that the Greenleaf Condos at Nicollet and Franklin are undergoing some significant exterior repair work. This was also a Master project from back in the day. Probably beyond the statute of limitations, but the project is pretty young to be requiring this kind of work.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby seanrichardryan » September 3rd, 2014, 3:08 pm

egh, I saw that too. Residing these projects 5-10 years later because of crappy waterproofing is becoming the norm.
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby PhilmerPhil » September 3rd, 2014, 3:13 pm

Are they actually doing a residing/maintenance project? IIRC it looked like they were enclosing a portion of the balconies with bay windows, creating awkward sun rooms with awkward tiny leftover balcony space.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby seanrichardryan » September 3rd, 2014, 3:19 pm

It's always had those awkward balconies on Nicollet. They removed all the 'stucco' on the back.

SO... Theater Garage Marquee Apartments, really a loss? It was ugly.
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby clf » September 3rd, 2014, 3:42 pm

There was a lawsuit filed on behalf of the Greenleaf building, I am not sure of all the details but there was an issue of using substandard materials. Stick construction only has a 7 year depreciating value so I don't think the lawsuit went forward.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby seanrichardryan » September 3rd, 2014, 3:44 pm

Boy, the south Wedge is going to be a hot mess of re-construction around 2021.
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby lordmoke » September 3rd, 2014, 4:18 pm

Theros, the parent company of Rudolph's and owners of the large surface lot, were the ones that pulled their application with the city, not Master:
http://www.startribune.com/local/blogs/273837151.html

No one is commenting. If Master is having financial troubles and is unable to pay up to Theros, that could be a reason for this.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby seanrichardryan » September 3rd, 2014, 10:01 pm

Again, Theros has been key all along. They had half the land and half the money, part of which would come From the sale of their current building. This would not happen if not for their willingness to partner.
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lordmoke
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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby lordmoke » September 9th, 2014, 2:59 pm

Letter from Theros' attorney:
http://www.minneapolismn.gov/www/groups ... 130682.pdf

I think it's safe to call this dead now.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby HiawathaGuy » September 9th, 2014, 3:51 pm

lordmoke wrote:Letter from Theros' attorney:
http://www.minneapolismn.gov/www/groups ... 130682.pdf

I think it's safe to call this dead now.
I wonder what happened, and moreover, what's next for this property?

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby Wedgeguy » September 9th, 2014, 6:00 pm

HiawathaGuy wrote:
lordmoke wrote:Letter from Theros' attorney:
http://www.minneapolismn.gov/www/groups ... 130682.pdf

I think it's safe to call this dead now.
I wonder what happened, and moreover, what's next for this property?
Got tired of being made to look bad as the owner of the property. Master's did not deliver on said development and they have decided to look at other options that will satisfy any development. This property will get developed, it is just a matter of finding a developer that has a better plan and know what to look out for with the neighbors. Those in the condos are not out of the woods. They will most likely still be staring at a wall. it just might be 5-10 more feet away. That is valuable real estate, that will get a full value built on it. This council may not, but future ones may be more inclined.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby twincitizen » November 7th, 2014, 2:10 pm

Southwest Journal checking in with the current tenants on the site: http://www.southwestjournal.com/notes/b ... e-franklin

That is some pretty great local reporting.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby TommyT » March 5th, 2015, 9:13 am

So, probably not the right place to put this, but it looked as if the barber shop that was in one of these retail spaces has vacated when I rode by on the bus yesterday.

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Re: Theater Garage Marquee Apartments - (Franklin & Lyndale)

Postby twincitizen » March 5th, 2015, 12:15 pm

All of the tenants on this site should be actively looking for a new space, particularly Steeple People.

Redevelopment of this site is WHEN, not IF.

Despite the continued apartment boom downtown and across the river, the "Uptown" submarket has been quiet aside from Elan wrapping up that last building. The vacancy rate in the Uptown submarket actually fell to 2% in Q4 2014. There is definitely demand for additional rentals in the area, and 2320 Colfax's 40 units aren't going to make a dent. It's time for this site to move forward again.


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