Oof. I like Nye's, but I don't like Nye's for $5 million.min-chi-cbus wrote:Totally agree, it's a very messy situation, with a net loss seemingly inevitable. Let's just try to make the best of it.
For instance, the City could decide to subsidize this development by bringing to the table the supposed value loss that keeping the preexisting structure as-is takes from the profitability/viability of the new development. In other words, if it brings down the profitability by $5M, bring that much to the table and subsidize the investment by "investing" in Minneapolis past, present and future by keeping most of Nye's. The idea being that the City values the historic character of the building, and the CITY (and its people) is the one fronting the bill to maintain that character (and not either private interest).
Nye's as we know of it is likely lost. But I can do something about the history of the place (including, potentially, the buildings). My gut tells me--and a run-in some elected officials didn't change that--that all of it, including the buildings, may be toast.