Izzy's Ice Cream Factory

Downtown - North Loop - Mill District - Elliot Park - Loring Park
Silophant
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Re: Izzy's Ice Cream Factory

Postby Silophant » May 19th, 2020, 9:59 am

That's my feeling too. I guess you could convert it into a more normal restaurant space, but that would be a complete remodel - the building is currently 80% kitchen.

I guess if someone's looking to make a longer-term play, a fancy ice cream shop nestled in between expensive condos and regional parks was a proven concept pre-pandemic, and presumably still will be post-pandemic. Just gotta be willing to work with them to get through this year or two.

grant1simons2
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Re: Izzy's Ice Cream Factory

Postby grant1simons2 » May 19th, 2020, 12:28 pm

I could see Ryan Companies buying the lot. It would align with their tentative plans of redeveloping that low rise office building that's currently there. Owning Izzy's would secure them a bit more land to work with.

alexschief
Target Field
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Re: Izzy's Ice Cream Factory

Postby alexschief » May 19th, 2020, 1:00 pm

I insist that any future construction on this site reflect the design aesthetic of the Izzy's building.

grant1simons2
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Re: Izzy's Ice Cream Factory

Postby grant1simons2 » May 19th, 2020, 1:22 pm

Oh absolutely. I think Salmela should do the next iteration. Whether that's with the existing building or not, is yet to be known.

alexschief
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Re: Izzy's Ice Cream Factory

Postby alexschief » May 19th, 2020, 1:48 pm

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Anondson
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Re: Izzy's Ice Cream Factory

Postby Anondson » May 19th, 2020, 5:13 pm

Did the condos behind grab any air rights?

SurlyLHT
US Bank Plaza
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Re: Izzy's Ice Cream Factory

Postby SurlyLHT » May 20th, 2020, 2:51 pm

It appears the economics of putting a food factory in a pricey area didn't work? Would a fancy Brewery work in this space? From cold ice cream to cold beer?

Didier
Capella Tower
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Re: Izzy's Ice Cream Factory

Postby Didier » May 20th, 2020, 5:55 pm

Wasn’t it a big fight with the condo to built it the first time?

Silophant
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Re: Izzy's Ice Cream Factory

Postby Silophant » May 20th, 2020, 7:50 pm

Anondson wrote:
May 19th, 2020, 5:13 pm
Did the condos behind grab any air rights?
Nope. They're apparently very concerned about the prospect of their views being blocked, though I personally am not sure what would pencil out to be built here. The 2040 plan minimum is six stories, but it's only a 0.22 acre site - I can't think of a six-story building on that small of a site, though I'm probably forgetting about one somewhere.

Might not be able to fit parking in, which would make for a hell of a neighborhood meeting.

CalMcKenney
Metrodome
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Re: Izzy's Ice Cream Factory

Postby CalMcKenney » May 21st, 2020, 7:58 am

All I know is that I would like to keep some places to eat/drink along the park. If this gets developed into another condo building with no retail facing the park, I think we would be losing a lot of the character and life that Izzy's brought to Gold Medal Park. In a perfect world we'd have an ice cream shop, cafe, and restaurant/brewery space lining the park in my opinion.

twincitizen
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Re: Izzy's Ice Cream Factory

Postby twincitizen » May 21st, 2020, 9:39 am

Good lord people, the building is not going to get torn down. It's not even 10 years old or even close to paid off. The owners are obviously deeply in debt and need to raise cash. They said right off the top they're interested in staying on as a tenant if the price is right. The problem (for them, really) is that they're the ones setting the sale price. So if they sell it for too much, their rent would need to be high enough to pay the new owner's mortgage. They could lower the price to guarantee more affordable rent terms, but then they aren't raising as much cash in the short term.

IDK, couldn't they sell shares in the company or something instead of selling the building? Find some venture capital for their nationwide distribution venture, selling a stake in the company? Maybe they should go on Shark Tank ;)

fehler
Rice Park
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Re: Izzy's Ice Cream Factory

Postby fehler » May 21st, 2020, 12:51 pm

They charge $10-$15 a cone, and the line is out the door constantly. What are they screwing up?

dajazz
Nicollet Mall
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Re: Izzy's Ice Cream Factory

Postby dajazz » May 21st, 2020, 2:06 pm

I'm guessing the line hasn't been out the door the last 2 months, nor do they expect that to change in the near future....

Oreos&Milk
Nicollet Mall
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Re: Izzy's Ice Cream Factory

Postby Oreos&Milk » May 22nd, 2020, 7:07 am

There ice cream is as overpriced and overrated as the building they sell it in. I’m sure they will find a sucker to buy it eventually but not for anything close to what they think it is valued at. I doubt they will be here long term be it tenant or owner & business Maybe a restaurant could make it work with a sizeable investment from a new landlord willing to convert it from a pretentious ice cream shop to a pretentious restaurant. Other than that stone bridge lofts could buy it and convert it to more Amenities Space but that seems less likely.

BBMplsMN
Nicollet Mall
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Re: Izzy's Ice Cream Factory

Postby BBMplsMN » May 22nd, 2020, 7:32 am

I love going to Izzy’s for ice cream, but would never buy it in a grocery store. It’s typically more expensive than even the “premium” brands. And their building is practically useless for any other use. I took a tour during Doors Open last year and I’d wonder how flexible the space is.

SurlyLHT
US Bank Plaza
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Re: Izzy's Ice Cream Factory

Postby SurlyLHT » May 22nd, 2020, 1:38 pm

Maybe they need to find a way to have the retail space produce revenue during the few months in MN where people won't wait outside for ice cream. Coffee and Cocoa? I don't know...Coffee and Cocoa doesn't sound like a solution to a debt problem however.


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