Nordic House - 729 Washington Av N

Downtown - North Loop - Mill District - Elliot Park - Loring Park
twincitizen
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Re: Nordic House - 729 Washington Av N

Postby twincitizen » January 3rd, 2019, 1:03 pm

Silophant wrote:
January 3rd, 2019, 11:01 am
Ah, here's a link: Sable

Sounds like they're specifically trying to get people to buy them and Airbnb them out?
IMO sounds more like a marketing pitch to convince people to buy more condo than they can afford, rather than a specific push for Airbnb investors. Still a very interesting decision to sell, rather than rent these units. What’s changed in the market that would make United want to do that for this project specifically? I could easily see Sherman going condo with a building like Encore, which seems more suited to ownership than this particular project

Silophant
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Re: Nordic House - 729 Washington Av N

Postby Silophant » January 3rd, 2019, 1:48 pm

I'm assuming that it just never occurred to them to do condos until they ran some numbers for Gateway and realized the DT condo market is hilariously undersupplied.

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Nathan
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Re: Nordic House - 729 Washington Av N

Postby Nathan » March 7th, 2019, 9:09 am

We Work to take 60k square feet in The Nordic

https://www.bizjournals.com/twincities/ ... ation.html

alexschief
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Re: Nordic House - 729 Washington Av N

Postby alexschief » March 7th, 2019, 1:22 pm

That's odd, I didn't know their CEO was an investor in this building.

MattW
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Re: Nordic House - 729 Washington Av N

Postby MattW » March 7th, 2019, 3:43 pm

This will have a food hall on the first floor. FINALLY something fast casual-ish in the NL.

https://bringmethenews.com/minnesota-li ... -food-hall

alexschief
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Re: Nordic House - 729 Washington Av N

Postby alexschief » March 7th, 2019, 4:08 pm

Actually kind of a fascinating concept. Most food halls are, themselves, sort of an intermediate step between doing nothing and having a bricks and mortar location. This Galley Group model finds an even narrower niche, a bit more involved than just a stall at a farmers market, but ahead of owning a truck or having custom food hall space. It may function as a food hall to the consumer, but it to chefs and would-be entrepreneurs, it would seem to offer another intermediate step between doing nothing and bricks and mortar, and a different unique pathway for these people to develop their skills, build a market, and create a business. Pretty exciting.

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Re: Nordic House - 729 Washington Av N

Postby HiawathaGuy » May 7th, 2019, 9:22 am


MNdible
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Re: Nordic House - 729 Washington Av N

Postby MNdible » May 7th, 2019, 9:37 am

Interesting business model. Seems like it would be a disincentive to anybody who actually planned on living there full time?

QuietBlue
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Re: Nordic House - 729 Washington Av N

Postby QuietBlue » May 7th, 2019, 10:02 am

Also seems like a gamble that the city won't restrict short-term rentals in the future.

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Re: Nordic House - 729 Washington Av N

Postby Silophant » May 7th, 2019, 10:21 am

It's fun how they can't make up their mind whether they're aimed at being short-term rentals (which I think will work out just fine for them) or aimed at millennials who have been priced out of the market (which, at $250k for a studio... won't).

alexschief
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Re: Nordic House - 729 Washington Av N

Postby alexschief » May 7th, 2019, 10:40 am

Is there any reason to think that the short-term rental/hotel market won't just... work itself out? I understand the concerns about further constricting the housing supply, plus the usual worries about changing the feel of a neighborhood. But there's far from an infinite pool of people who want to visit the Twin Cities. If the short-term rental market becomes over-saturated and hosts aren't making money, then there will be attrition and some units will come back into the market for long-term residents.

In the meantime, short-term rentals make travel cheaper for people who might not have the resources for a hotel stay, and they can be a source of income directly for locals instead of first passing through the books of a national hotel chain. There are certainly regulations that make a lot of sense, but I'm not sure about restricting their numbers or locations.

QuietBlue
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Re: Nordic House - 729 Washington Av N

Postby QuietBlue » May 7th, 2019, 1:48 pm

I'm not arguing against them. I don't have an opinion about them one way or another. But I know some cities have banned them or heavily restricted them, and that could happen here too (though there would still be a market for these as homes even if they couldn't be rentals).

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Re: Nordic House - 729 Washington Av N

Postby go4guy » May 7th, 2019, 6:48 pm

Good luck selling units in a building that allows short term rentals. That is a huge red flag for conventional financing, and most lender's, including government backed loans, will not finance these.

alexschief
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Re: Nordic House - 729 Washington Av N

Postby alexschief » August 19th, 2019, 12:14 pm

They've done a fantastic job covering up the giant parking structure. The fact that the Sable/Parking box is offset from the Nordic box helps make them feel like different buildings and helpfully breaks up the structure's huge bulk.

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