Seven Points Uptown (Calhoun Square)

[TheUrbanGopher]

For the life of me I can't remember and sadly Wikipedia does not list it in their "history" section, who was the original developer of Calhoun Square? Anyone? I know he was involved in other things and at one time had the rights to develop Block E, before he lost it.

Bob Lux (Alatus LLC) developed it back in the 1980's. It was controversial back then, too, as local residents were afraid that the new chain retailers were going to destroy the local businesses in the area.

[John]

Ray Harris was the original developer of Calhoun Square. It was very controversial when proposed as people in the neighborhood thought it would suburbanize the retail district (there were "Dump Updale" signs all around the area to voice opposition to the project). Also, Ray Harris was the developer of the Greenway Gables condo complex ( designed by Milo Thompson) in the Loring Greenway. The design was highly acclaimed at the time and it has held up very well over time.

I'm happy to hear Ackerberg will buy the complex. I hope we can finally get the vacant parcel on Lake Street developed.

[Minneboy]

Ray Harris that's right. Thanks. He used to come to quite a few of our CARAG meetings when he had plans for Calhoun Square. Not sure but I think he also developed the Drive Through bank on the SE corner of Hennepin/31st.

[go4guy]

Does this include the vacant lot on Lake? Could this be something the new owner will want to develop sooner than later?

[Wedgeguy]

If Ackerberg is the developer it will be sooner than later. That I believe is why he was looking for REIT investors.

[uptown067]

http://tcbmag.com/News/Recent-News/2014 ... re-Tune-Up

[twincitizen]

That is really great news. Hopefully we hear something proposed for the vacant lot sooner rather than later, but it sounds like Ackerberg will have his hands full with Mosaic East and the interior renovation of Calhoun Square in the short term. I'd guess shovels won't hit the dirt on the vacant parcel until 2016 at the earliest.

[lordmoke]

Awesome. Very encouraging words from Ackerberg, though it amuses me that they seem to have just wrapped up the last round of renovations not all that long ago.

[Viktor Vaughn]

Yeah, Blackrock bought it, renovated it, mostly leased it up, and now is selling it. It's hard to see how they got a roi and Ackerberg gets a good deal -- especially since it sounds like he wants to put more money into it. It'll be interesting to see the sales price.

[uptowncarag]

If not in the vacant lot a Target Express would do very well in the uptown area. I know it is a national chain but it is also local.

[John]

I'm glad it's going to be locally owned. I think they will pursue a better retail mix thats fits the neighborhood better. Blackrock seemed a bit detached and conservative for Uptown.

[min-chi-cbus]

Yeah, Blackrock bought it, renovated it, mostly leased it up, and now is selling it. It's hard to see how they got a roi and Ackerberg gets a good deal -- especially since it sounds like he wants to put more money into it. It'll be interesting to see the sales price.

Being Blackrock they could have just as easily done all that for a loss and decided to ditch this investment -- whether it's because they don't see the potential anymore or because they're disposing low/no performing assets for an even greater one. I'd love to see a local investor like Ackerberg take this bldg. and area to new heights and show big bad Blackrock how it's done!

[TommyT]

I would love to see a Target Express or City Target with the development of the empty Calhoun Square lot. Also, housing on top of CB2 would be great. I believe it was designed to be built on top of at a later point, right?

[John]

Some of the younger people would know better than I, but there must be many hip urban chains for clothing, etc. that are in LA, SF, NY, London, that would thrive in Calhoun Square. I suspect Uptown has very similar demographics to the trendy areas of these cities. It's really about getting their attention with good marketing of the shopping center on a national level. My hunch is we are a little under the radar because of our Midwestern location.

[mplser]

Niketown. I would love to see uptown get a Niketown

[NickP]

Uniqlo!!! I've said it before and I'll say it again. I would be so happy to have one here.

[Wedgeguy]

Black rock bought the property at a very high price. They had expected to build at least 3 condo/apartment towers, one where CB2 is, one behind it where the Famous Dave's parking lot is, and the third on Lake where that empty lot is. Not sure how much Blackrock lost in the deal, as they did get some revenue stream of cash for parts of Calhoun Square. But I'd say in the land value that never will get 50% of what they paid for it.

CB2 is designed for one more office story is all. The city council caved and did not make a smart decision to have foundation and parking for the future development be part of that development.

[min-chi-cbus]

BlackRock was expecting to build three towers? In uptown?? Clearly they didn't do their NIMBY homework!

[seanrichardryan]

I wish they'd bought it in 2007 so we wouldn't have the current mess. Blackrock did a horrific job updating and removed good urban street frontage. And the CB2, erg, glad they're here but it cost us a really beautiful vintage building.

[John]

I wish they'd bought it in 2007 so we wouldn't have the current mess. Blackrock did a horrific job updating and removed good urban street frontage. And the CB2, erg, glad they're here but it cost us a really beautiful vintage building.

The former Figlios really had a great street presence. Then they put in those semi-opaque windows. Pissed me off royally! They should have put CB2 on the vacant Lake Street lot with several floors of office or residential above and preserved the old buildings.