Uptown (and LynLake) Development & General Topics

Calhoun-Isles, Cedar-Riverside, Longfellow, Nokomis, Phillips, Powderhorn, and Southwest
HiawathaGuy
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Re: Uptown General Topics & Development Map

Postby HiawathaGuy » January 8th, 2019, 10:21 am

If there is a redevelopment, I hope these retailers will be a part of the street level frontage again!
However, if someone is going to redevelop these buildings... why is that damn empty lot in front of the Calhoun Square parking ramp still not developed?!

twincitizen
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Re: Uptown General Topics & Development Map

Postby twincitizen » January 8th, 2019, 11:57 am

Silophant wrote:
January 4th, 2019, 3:59 pm
I saw Columbia was closing when I walked past earlier this week, but North Face is news to me.

I wonder if there's someone working on assembling property for a redevelopment?
Count me as skeptical that teardown & redevelopment is imminent for these properties. It seems more like 10-year leases ending and not being renewed. That was the case with Victoria's Secret - the property owner chose not to renew VS, stating publicly that they were interested in pursuing a unique/destination retailer. Reasons for not renewing the leases could be as simple as the rent being too high or the stores not performing that well. Could any of us state definitively that these stores are successful? Uptown as a destination for outdoor-wear retail never made a ton of sense to me (why here specifically?), although Fjallraven and Arc'teryx were seemingly drawn to the area by the existence of Columbia/North Face (I'm making an assumption here).

Aside from the Urban Outfitters building (b. 1916), these buildings are all pretty new, and would not seem likely to be torn down no matter how great the demand is for more apartments. Hennepin County property records indicate the former VS/Gap building was built in 1993, North Face in 2008, and Columbia & Apple 2010/2011. Are the original mortgages even paid off on these buildings yet? From what I can tell, the Urban Outfitters and North Face properties have a common owner. The Columbia building owner may also own the Apple land, although Apple is listed as the taxpayer, so I'm not 100% sure there. The former VS building has a separate owner.

Someone who knows the financial side of things could explain this better than I can, but it is unusual to see stable, high-rent-producing retail buildings get redeveloped. The (oversimplified) reason being is that they provide a great ROI (return on investment) already. They will likely find new tenants in time, though there could be a lengthy period of adjustment for the owner(s) to lower rents enough, etc. My take is that these spaces would have to sit vacant for several years before the owner would consider redevelopment.

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Bob Stinson's Ghost
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Re: Uptown General Topics & Development Map

Postby Bob Stinson's Ghost » January 8th, 2019, 2:31 pm

It's been a while, do I remember rightly that the Uptown Bar was demolished to make way for North Face?

David Greene
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Re: Uptown General Topics & Development Map

Postby David Greene » January 8th, 2019, 2:39 pm

Bob Stinson's Ghost wrote:
January 8th, 2019, 2:31 pm
It's been a while, do I remember rightly that the Uptown Bar was demolished to make way for North Face?
For Apple, IIRC.

twincitizen
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Re: Uptown General Topics & Development Map

Postby twincitizen » January 8th, 2019, 3:47 pm

Answers here in this TCB article: http://tcbmag.com/news/articles/2019/ja ... -challenge

Victoria’s Secret & North Face were simply 10-year lease expirations. Columbia appears to be closing a year or so ahead of their lease expiring. Traditional retail just isn’t doing well here. See comments in the article from the leasing agent responsible for filling these vacancies. It’s not looking hopeful

rhettcarlson
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Re: Uptown General Topics & Development Map

Postby rhettcarlson » January 8th, 2019, 4:38 pm

I think it's been said here before, but Uptown is in the midst of transforming from destination retail to urban neighborhood retail. I'd like to see Uptown retain its high-end stores, but the days of businesses relying on easy parking to lure people from the suburbs for a unique "urban" retail experience are over. At this point, more residents and daytime workers will only help, and a few parking spots on Hennepin won't be to blame.

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Bob Stinson's Ghost
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Re: Uptown General Topics & Development Map

Postby Bob Stinson's Ghost » January 8th, 2019, 4:43 pm

I think the fact that they got handed a pretty hefty assessment for rebuilding the street to get rid of the parking spaces was kind of a one-two punch.

MNdible
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Re: Uptown General Topics & Development Map

Postby MNdible » January 8th, 2019, 4:51 pm

Does anybody know what the parking rates are for the Calhoun Square and Mozaic ramps?

My suspicion is that there are plenty of parking spots in those ramps, but it's probably not priced appropriately.

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FISHMANPET
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Re: Uptown General Topics & Development Map

Postby FISHMANPET » January 8th, 2019, 5:16 pm

I think this is accurate for Calhoun Square:
https://denisonparking.com/calhoun-square-mn/
It's missing rates for more than an hour but less than 3 hours, but I think for under 2 hours it's $6, based on my transaction history.

Multimodal
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Re: Uptown General Topics & Development Map

Postby Multimodal » January 8th, 2019, 6:07 pm

If:

• destination retail isn’t doing well
• the owners of the existing new-ish buildings will have to settle for (much?) lower rents for the buildings as they are
• cities redesign streets to incentivize redevelopment, and redevelopment often happens on redesigned streets
• Hennepin was just redesigned
• Mpls passes a 20-year plan to allow much more density on transportation corridors
• Metro Transit just started the study of the E Line aBRT, which will go along this stretch of Hennepin
• the Uptown Transit Center and Greenway is a block away
• a lot has changed in urban planning & land use in the past decade
• housing is still a dire need

… it sure seems like a dense, taller, mixed use (housing, retail, maybe some office or shared office) building here would be more in line with city goals, Met Council transportation goals, and would be quite profitable, presumably.

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Re: Uptown General Topics & Development Map

Postby David Greene » January 8th, 2019, 7:02 pm

The problem with the North Face and Urban Outfitters buildings is that they are essentially mini big-boxes -- a single story that take up the volume of two stories. That's got to be difficult to repurpose. I wouldn't be shocked to see redevelopment of some of these parcels to include significant housing.

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Qhaberl
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Re: Uptown General Topics & Development Map

Postby Qhaberl » January 8th, 2019, 7:34 pm

HiawathaGuy wrote:.. why is that damn empty lot in front of the Calhoun Square parking ramp still not developed?!
I ask myself this every time I walk by


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Didier
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Re: Uptown General Topics & Development Map

Postby Didier » January 8th, 2019, 9:07 pm

Possibly related, but Victoria's Secret is also imploding.

Multimodal
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Re: Uptown General Topics & Development Map

Postby Multimodal » January 8th, 2019, 9:44 pm

I assume you mean the company and not the storefront.

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VacantLuxuries
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Re: Uptown General Topics & Development Map

Postby VacantLuxuries » January 9th, 2019, 4:55 pm

HiawathaGuy wrote:
January 8th, 2019, 10:21 am
If there is a redevelopment, I hope these retailers will be a part of the street level frontage again!
However, if someone is going to redevelop these buildings... why is that damn empty lot in front of the Calhoun Square parking ramp still not developed?!
Ackerberg seems to be holding out hope that a Calhoun Phase II might someday be worth it. The last time they even mentioned it they had a coy "We're waiting for something special for that lot" answer.

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Anondson
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Re: Uptown General Topics & Development Map

Postby Anondson » January 9th, 2019, 5:01 pm

What changes does #MPLS2040 have in mind for the blocks close to Hennepin and Lake?

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VacantLuxuries
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Re: Uptown General Topics & Development Map

Postby VacantLuxuries » January 9th, 2019, 5:07 pm

It's Destination Mixed Use with Transit 10 density

Silophant
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Re: Uptown General Topics & Development Map

Postby Silophant » January 18th, 2019, 9:13 am

Salon to move into Columbia space.

Uptown: takes a licking, keeps on ticking.

Multimodal
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Re: Uptown General Topics & Development Map

Postby Multimodal » January 18th, 2019, 11:08 am

At least it’s not on the corner.

Many residents in SW Mpls & Edina would kill for a property owner like that, who simply re-leases the existing property, rather than pushing for density.

I suppose a 5-year lease would guarantee income while waiting to see how the E Line develops. The teetering economy may have something to do with it, too.

That’s the thing about urban planning & private property: a city can nudge, cajole, plan, and encourage all it wants, but ultimately it’s up to private property owners to do what they want. See also: Pentagon Park in Edina.

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Re: Uptown General Topics & Development Map

Postby MNdible » January 18th, 2019, 11:15 am

Nowhere besides this forum did people think that these sites were going to be redeveloped just because a lease turned over.


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