Rumors: A Historical Record of Mystery

[grant1simons2]

Hnnnggg I wanna render another tower!

[Silophant]

Furthermore....

] Just about every city in the US wished they had an opportunity like this in their own city, my hometown of Dallas included. Downtown Dallas streets are empty, even during the daytime office hrs. compared to downtown Minneapolis. I believe too many Minneapolitans don't realize just how fabulous your city is & how many people admire your city.[/i]

I'm saving this and quoting it on every future Streets.mn post that complains about the skyways.

[David Greene]

]Just about every city in the US wished they had an opportunity like this in their own city, my hometown of Dallas included. Downtown Dallas streets are empty, even during the daytime office hrs. compared to downtown Minneapolis./i]

That is absolutely true. My first time in downtown Dallas a couple of years ago, I was shocked at how dead the streets were in the middle of a weekday. It wasn't much better just outside downtown where the ethnic/foodie restaurants are.

[Minneboy]

Downtown Dallas was like that 30 years ago as well. Though it does have some great architecture.

[grant1simons2]

I was shocked to see how alive Minneapolis downtown was at 5:00 on a Tuesday. I've only been downtown on weekends or holidays

[John]

^^^The lively Farmer's Market on Nicollet Mall (on Thursdays around lunchtime) is Minneapolis at it's best as far as pedestrian activity in downtown during the summer.

[Avian]

And one more regarding the Opus/Ritz block...

[QUOTE=Texas RE;115933895]...The hotel-condo tower could be developed by the hotel developer themselves, leaving the retail center connecting the 2 towers & the office tower for Opus to develop. It lessens the risk for Opus, increases the potential for the entire site, that in turn increases value because of a lucrative hotel operator will attract better office tenants. Smaller cash-rich tenants such as finance firms, like venture capitalists, financiers, hedge funds, mutual funds and the like. New law firms that are interested in entering the Twin City marketplace, too. Also, some pride & ego do play a part in the decision process, it always happens with such valuable property like the Ritz block.[/QUOTE]

It seems to be in Opus' hands. Will this will be a new crown jewel for downtown Minneapolis or be a snoozer of a development? Will the company follow Gerry Rauenhorst's visions or will it become a timid developer that shies away from great things?

[mplsjaromir]

Hmmm...there is around 2.93 million square feet of office space on the market in the what one could call the CBD (south of Washington, north of 11th, west of Hennepin, east of 4th Ave S) including 103,000 sq ft. available a block away from the Ritz property. What is the retail vacancy rate downtown anyway? 30%? That said, I would consider myself bullish on residential, mixed on hospitality and bearish on office development.

Nationwide even coastal market have a difficult time finding tenants to fill existing office space, more accurately new office space is not being offered in desirable areas. LA Office Market 1 WTC first private tenant

Given what we have seen from Medtronic I would say that one's stock price, not one's address is where executives derive their pride and measure their ego.

[mullen]

as much as i like skyscrapers i don't know if it's enough to accept a "trump tower minneapolis" lol you see the fight he's having in chicago to plaster his name on a tower there.

[ECtransplant]

It would fit right in over in St. Paul though

[Chava]

as much as i like skyscrapers i don't know if it's enough to accept a "trump tower minneapolis" lol you see the fight he's having in chicago to plaster his name on a tower there.

Let's not use that as an example. I will LOL with you though! That could have been easily avoided early in the process had they tightened the sign restrictions. I Invite big bold guys like that. There is no greatness in timidity or settling!

[John]

In a way I wish the Ritz block was subdivided and owned by several different stakeholders. Part of the issue with this site is it's too large for one developer to do something dense and vertical. Opus is probably going to create more of a sprawling project with squat buildings to fill it up. The biggest concern is the Nicollet Mall side which really needs some fresh retail space and tenants that will make it more of a shopping destination and enhance pedestrian activity. The reality is Opus will probably build a token restaurant at the street level with a parking ramp above as their contribution. Minneapolis is such a wasteful city when it comes to maximizing land use in the urban core.

[mullen]

yea it's all good i just find donald trump an insufferable boob. if he wants to spend money in our downtown though and pay property tax, spend away.

[min-chi-cbus]

as much as i like skyscrapers i don't know if it's enough to accept a "trump tower minneapolis" lol you see the fight he's having in chicago to plaster his name on a tower there.

Let's not use that as an example. I will LOL with you though! That could have been easily avoided early in the process had they tightened the sign restrictions. I Invite big bold guys like that. There is no greatness in timidity or settling!

Tell that to Warren Buffet!

[twincitizen]

In a way I wish the Ritz block was subdivided and owned by several different stakeholders. Part of the issue with this site is it's too large for one developer to do something dense and vertical. Opus is probably going to create more of a sprawling project with squat buildings to fill it up. The biggest concern is the Nicollet Mall side which really needs some fresh retail space and tenants that will make it more of a shopping destination and enhance pedestrian activity. The reality is Opus will probably build a token restaurant at the street level with a parking ramp above as their contribution. Minneapolis is such a wasteful city when it comes to maximizing land use in the urban core.

Nothing says they have to develop the entire block at once either. They've been sitting on this property for what, 25-30 years? It would be totally reasonable to develop in phases and continue to pay limited property taxes on the remaining vacant parcels (they would have to re-plat the land into multiple parcels to take advantage of the lower taxes on vacant land)

[MS3]

A new proposal for a 42 story residential tower may be proposed soon..

[grant1simons2]

Location?

[Anondson]

Or at least a block or neighborhood?

[MS3]

Not sure where but I saw the renderings and I counted 40 stories. Developer is Alatus? Humphreys and partners is the architect I think.

[MS3]

Oh and the height is 440'