Calhoun Square

Calhoun-Isles, Cedar-Riverside, Longfellow, Nokomis, Phillips, Powderhorn, and Southwest
seanrichardryan
Capella Tower
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Re: Calhoun Square

Postby seanrichardryan » February 26th, 2019, 1:50 pm

Oh hi. Nothing confirmed, but that's the only reason I can think of to dump the property without development.
Q. What, what? A. In da butt.

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VacantLuxuries
US Bank Plaza
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Re: Calhoun Square

Postby VacantLuxuries » September 22nd, 2019, 12:18 pm

Anyone know why they're tearing up the vacant lot in front of the parking ramp? Saw it while I was going by there this morning.

rynet91
Block E
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Re: Calhoun Square

Postby rynet91 » October 1st, 2019, 7:23 pm

VacantLuxuries wrote:
September 22nd, 2019, 12:18 pm
Anyone know why they're tearing up the vacant lot in front of the parking ramp? Saw it while I was going by there this morning.
There's a temporary well permit open with the city for 1301 w lake St.

Rube Dali
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Re: Calhoun Square

Postby Rube Dali » October 1st, 2019, 8:42 pm

Famous Dave's is back. This time in the New Bohemia space:
http://www.startribune.com/slimmer-famo ... 561562052/
Buildings, what buildings?

LakeCharles
Foshay Tower
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Re: Calhoun Square

Postby LakeCharles » November 7th, 2019, 1:48 pm

Calhoun Square sells for $35 million, down from $69m just 5 years ago. They plan "significant changes" saying it's problems are a "mix of the building and the wrong tenants”, not the location or neighborhood.

http://www.startribune.com/chicago-inve ... 564615252/

SurlyLHT
US Bank Plaza
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Re: Calhoun Square

Postby SurlyLHT » November 7th, 2019, 2:13 pm

Somehow learn from Rosedale and turn it into an entertainment destination? Additionally, Minnesotans like warm fun places to go in Feb.

bubzki2
US Bank Plaza
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Re: Calhoun Square

Postby bubzki2 » November 7th, 2019, 2:54 pm

You could make a nice Keg-and-Case type market in that space. Don't copy it, but tenants along those lines might work.

HiawathaGuy
Wells Fargo Center
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Re: Calhoun Square

Postby HiawathaGuy » November 7th, 2019, 4:11 pm

The locked Business Journal article had a little more info - but not much.

Northpond Managing Principal Sam Ankin said his firm will spend the next 60 to 120 days meeting with neighborhood groups, city officials and businesses to hear what they want to see done with the high-profile property at the corner of Lake Street and Hennepin Avenue.

The $34.5 million sale price includes a 1-acre greenfield site just to the north, which could be developed with apartments. Ankin said the plan is to do improvements to the retail center along with developing that acre.

Doug Huemoeller, co-owner of Kitchen Window, said he’s spoken briefly with the new owners. As to what he wants to see happen to Calhoun Square, he quipped that, “I would like to see it full.” Kitchen Windows has remained in Calhoun Square for 30 years, including several ownership changes in the past decade.

“Clearly, more restaurant activity and a little stronger retail mix [is needed],” he said. “Retail is more challenging, but there are some opportunities for the property.”

Huemoeller said Kitchen Window’s lease is under negotiation and, asked if that meant he might leave, Huemoeller said, “We are looking at all options.”

Minneboy
US Bank Plaza
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Re: Calhoun Square

Postby Minneboy » November 8th, 2019, 4:35 pm

Make it multi-generational. Arcade for teens, reading and internet place for seniors with tea and coffee. Throw in kiosks that have different businesses in them. Their use is won by lottery that you pay for. Put in a food court with either international food or a bunch of American fast food, since McDonald's is the only fast food in traditional Uptown. Better yet a mix of both. Satisfaction for all. Put in a play court for kids. How many grandparents or parents wouldn't want to bring their kids in there during inclement weather days. Your start throwing in a mixture of things to attract various generations, you're going to find businesses that will want to be there. Try and keep things basic. Not too pricey, keep the rents reasonably low.

Most importantly reopen the front door at the corner of Henn/Lake.

thatchio
Nicollet Mall
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Re: Calhoun Square

Postby thatchio » November 18th, 2019, 8:57 pm

I don't know if I did the math right, but excluding Girard and the garage, it seems like there's about 180,000 SF of land. Some portion of the $34.5 million is the value of the parking garage, so let's take $14.5 million off for that (seems conservative), leaving $20 million. That'd be $111 per square foot of land. Is that within striking distance of knocking down portions of the main building to allow for redevelopment. That seems to be within the range that deals are getting done with, and Hennepin & Lake is still a great location.

While I've been out of Minneapolis for a few years, I think Uptown would benefit from having more uses targeting local residents and employees. Commercial real estate interests should deeply reflect on the trend of national destination retailers leaving Uptown (and other retailers) and how restaurants are not even doing that great. I'd look at knocking down the atrium and Girard buildings (from Lake to 31st) and replace it with hotel, housing, and/or office space that is as tall as you can build there. Have Hennepin buildings open onto Hennepin only. This will reduce the CAM charges for all retailers, which effectively reduces rent, which may allow more interesting or useful retail. Maybe a medical and dental clinic upstairs.

If Uptown residents don't find it relevant to their needs and desires, then why cater to outsiders who will always complain about getting there and be more likely to select other locations. While I support the city's policy changes over time to reduce parking requirements on restaurants and ease alcohol restrictions on businesses, it has had an impact on business nodes like Uptown where large, full alcohol businesses were easier to permit. You've seen it in really awesome, chef-driven concepts opening up in small nodes around the city. Why pay to park in Uptown for expensive food and drinks? The massive loss in property values at calhoun Square will hopefully allow the new owners much more flexibility in how they pursue changes going forward. Hopefully they don't go after the same tired model of catering to entertainment dollars and bringing in corporate retail that can't cut it.


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