Posts tagged United Properties
MEET SABLE. THE NORTH LOOP'S NEWEST AND MOST UNIQUE CONDO PROJECT.

A brand-new residential project under construction in the North Loop has made the switch from apartments to condos.

Yes, you did in fact read that correctly. There are condos available in the North Loop.

Sable is a nine-story residential building currently under construction at 728 North Third Street. The project is being developed by United Properties and Greco and is a part of United Properties larger development, The Nordic.

When Sable opens next month (June 2019) there will be 57 condo units located within the building, 70% of which have already been reserved.

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A DIFFERENT TYPE OF CONDO

Sable is different than other condo properties not just because it’s an absolutely stunning building (shout out to BKV Group for their design work), but also because of the types of condos the building includes.

What makes these units so different? The condo units at Sable are geared towards buyers who have the option to use them for short-term rentals in addition to living there.

What does that actually mean? While you’d own the condo, you’d have the ability to decide to call the place home or to rent it out. That’s something that typically other condo properties don’t offer which makes buying a condo such a commitment. At Sable you can not only have a stunning place to live and own but you also have a chance to make an income.

When it comes to renting out your unit, owners at Sable will be able to do so on platforms like Airbnb and VRBO. MINNeSTAY, a Minnesota based company that manages vacation properties, will manage Sable once complete.

SO, WHY THE SWITCH? 

When Sable was announced by United Properties and Greco last year the building was planned to include 57 luxury apartment units. Just recently the co-developers decided to make a somewhat major change, switching the units from apartments to condos.

What prompted the change? The slight softening of the rental market.

There are a ton of apartments coming online (we’re talking thousands) not only this year but over the next few years. What are there far less of coming online? Condos. While there are a few condo projects in the works such as Alia and ELEVEN (those two projects ALONE will bring nearly 700 new condos to the city), the city is seeing mostly, if not almost entirely, apartments being built. 

The North Loop, one of the city’s most trendiest and affluent neighborhoods, isn’t any exception to the apartment trend. In the last few years a number of apartment buildings have been constructed in the area including Variant, The Paxon, Third North and more. The problem with that is that there are many individuals who live in the North Loop would truly rather own than rent if possible.

With that being said, while evaluating what the future might include for Sable United Properties and Greco decided that it would make more sense for them to sell the units they were developing rather than renting them.

BUILDING DETAILS

Units within Sable will range in price from $250,000 to $975,000.

The lower end of that price spectrum will get you a studio or alcove with around 450 or more square feet of space. One-bedroom units with around 650 square feet of space will be available from the upper $300,000s. The largest units within the building will go for the upper end of the price spectrum. Those units include a two level one-bedroom penthouse along with a large two-bedroom, two and a half bath penthouse that includes a large living room, gourmet kitchen, a private outdoor balcony and absolutely stunning views of the skyline. You can view the 11 different unit layout options at Sable here.

Amenities for those who decide to call Sable home will include a ground floor private member’s lounge and a fitness center. The building will also have a large outdoor rooftop area that will include fireplaces, an outdoor kitchen area, lounge areas and of course those stunning views of Downtown Minneapolis. 

Last but not least, when it comes to parking at Sable it couldn’t get more convenient. Being some of the units within the building wrap around the adjacent parking garage some owners will actually be able to park on the same floor of their unit. That makes unloading that car filled with groceries a whole lot easier.

HOW TO SECURE A UNIT AT SABLE?

With all this conversation on this amazing condo opportunity within the North Loop you’re probably wondering how in the world you can secure one of the units at Sable.

As we mentioned above, there are 57 units in total within the project and nearly 70 percent of them have already been reserved. But that’s not 100%, is it?

So, here’s how you can get your hands on a unit at Sable.

First, visit their website here to learn more. Then, contact Joe Grunnet of Downtown Resource Group (DRG) who is responsible for selling the units at Sable. He’s there to answer any and all of the questions you might have about securing one of the truly unique condos at Sable.

Sable is located at 728 North Third Street in the North Loop neighborhood. The project team includes United Properties, Greco, BKV Group, DRG, MINNeStay, RJM Construction, LHB and Gassen.

 

NEW RENDERINGS RELEASED FOR UNITED PROPERTIES GATEWAY PROJECT

The time has finally come for United Properties’ Gateway mixed-use tower to rise and with that comes new renderings.

Site prep has officially begun at the site located at the corner of Third Street and Nicollet (or Washington Avenue S and Hennepin Avenue depending on how you look at it). What once was a full city block of surface parking will soon give way to a new 36 story mixed-use tower complete with office and retail space along with the Four Seasons Hotel & Private Residences.

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YEARS IN THE MAKING

If you’ve been following this project with us then you already know it has been in the works for years.

With the project going through a number of design changes throughout the years, and especially this past year, it had become somewhat unclear as to what the the final design might actually look like.

Well, good news. With the recent confirmation that the Four Seasons Hotel & Private Residences will open within the building we do know that the project will truly be mixed-use.

With those details having now been solidified United Properties has posted updated renderings of the project on their website and we’ve got them right here for you to feast your eyes on.

EXTERIOR DESIGN CHANGES

While much fo the building’s mass has stayed the same since its most recent proposals we do see a change in some of the exterior materials being used in the newest renderings. It now looks like that the tower podium (base) will be clad in what appears to be metal rather than what appeared to be stone in the previous renderings. The new renderings also show a slight increase in the use of glass within the podium area.

Overall the color tones have also been changed from what originally looked to be a warmer pallet to a much cooler palette of grays and chromes.

In the rendering below we also see the recently agreed upon porte cochere located off of Hennepin Avenue. This area will serve as the main entrance to the building.

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FLOOR BY FLOOR BREAKOUT

Now let’s take a moment to see how the space within the building shook out.

The ground floor, as mentioned above, will feature the porte cochere that will provide access to the lobbies for the Four Seasons Hotel & Residences, the office space and anchor tenant RBC Wealth Management, along with the retail space.

Three spaces have been designated as retail on the ground floor of the building. RBC will open a bank branch within a 2,150 square foot retail space facing S Washington Avenue. There is also a 5,428 square foot restaurant space and a 1,523 square foot retail space located off of Nicollet.

The second floor of the building will house back of house space for the hotel along with two skyway connections. One would lead to the Minneapolis Central Library and the other to Marquette Plaza.

Floor three of the building will be home to a 6,900 square foot ballroom, a junior ballroom, four meeting rooms, a board room, admin space, restrooms and pre-function space.

Floor four of the project will be home to the hotel amenities which will include an indoor/outdoor pool. a fitness center, large spa and large outdoor terrace complete with bar.

Floors five through 21 will be home to 532,340 square feet of office space. RBC Wealth Management will occupy 370,000 square feet of that office space, which makes them the anchor of the project. With such a commitment the company will also receive space for their logo at the top of the building facing the downtown skyline.

Floor 22 will be strictly mechanical space.

Floors 23-32 will be home to the Four Seasons Hotel and its 280 rooms.

Floors 33-36 will be home to the Four Seasons Private Residences which will feature 22 condo units. The smallest condo unit is planned to be around 1,700 square feet with the largest unit coming in at around 6,635 square feet. Every unit within the building will have access to one of two private outdoor balcony spaces. The largest unit mentioned above will also have a stunning 1,055 square foot terrace that has pristine views of the Mississippi River.

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LAST BUT NOT LEAST, THE GREEN SPACE

We’ve talked a lot about what is inside the Gateway project, but now let’s talk about whats on the outside.

The corner of S Washington Avenue and Nicollet will feature a large outdoor plaza with multiple seating areas, green spaces and art pieces. The space also will be adjacent to a large outdoor dining area for the restaurant space.

The plaza area was required to be left somewhat vacant so that if in the future the city of Minneapolis decides to construct the Nicollet Central Modern Streetcar system it can run through the site connecting Nicollet Mall and Hennepin Avenue.

McGough is the GC for the Gateway project while United Properties is the developer. Completion of the Gateway project will begin to occur in late 2021 when RBC is expected to move into their new office space.

 


THE DAYTON'S PROJECT: NEW DETAILS, NEW IMAGES

We’ve got some exciting updates on The Dayton’s Project.

The redevelopment of what was most recently was a Macy’s in Downtown Minneapolis is moving forward and at full speed.

Construction began in March 2017 on the $250+ million transformation of the 12 story, 1.2 million square foot building. Demolition work within the building was completed in late 2018 readying it for its restoration, renovation and reconfiguration to begin.

Since then construction has been relatively contained however you can expect to really start to see things progressing now since the developers and the Historical Preservation Committee recently were able to agree upon a central void size.

The project also recently gained the rights to use the official Dayton’s logo within their marketing and with that comes a new marketing brochure which has revealed some new and exciting details about the project. 

THE PLANS

Once complete there will be over 200,000 square feet of retail space located on the basement, first and second floors of building. The remaining nine stories above the retail space will be home to some of the largest single plate floors of office space within Minneapolis. We’re talking about some floors having 90,000 square feet of continuous space, a floor plate size most often found in major metropolitan cities such as New York, Chicago and LA.

Those who are lucky enough to work within the building will have access to modern office spaces, a lounge, fitness center, library and an outdoor tenant-exclusive rooftop featuring ample lounge space, fire pits, a garden and of course stunning views of the Downtown skyline.

Who will occupy these amazing office spaces is still unknown. What we do know is that there is one confirmed tenant for the retail space below.

NEW DETAILS ON THE DAYTON’S FOOD HALL & MARKET

Dayton’s Food Hall & Market will be curated by Minnesota’s own, Andrew Zimmern, along with his team at Passport Hospitality.  

New details on the food hall show that it will span over 45,000 square feet and will occupy over half of the basement level along with space on the ground floor at the corner of S 7th Street and Nicollet.

Within the space there will be many different seating arrangements along with a central bar featuring lounge seating. Oh yeah, there will also be 40-50 different chef-driven kiosks. Now, that’s a big food hall.

In addition to that large foot print of the food hall it also appears that there will be a 4,856 square foot retail space tucked into the back corner of the food hall. Could we also be getting a full-service Andrew Zimmern restaurant? Fingers crossed.

While food may be the focus, Dayton’s Food Hall & Market also plans to feature a number of special events throughout the year such as guest appearances and demonstrations, movies, live music and more.

Now with the food hall taking up 45,000 square feet of the 200,000 square feet of available retail space, what’s in store for the rest?

NOT ANOTHER BLOCK E

Mid America Real Estate is leasing the retail space within The Dayton’s Project. A new leasing brochure featured on their website offers new details on how the interior reconfiguration of the three levels of retail space will look.

The basement level will be home to Dayton’s Food Hall & Market (which you just read about) along with 25,206 square feet of divisible retail space and that 4,856 square foot retail space that we also mentioned above. Our prediction is that this level will be devoted to food and entertainment.

The ground floor of the building will include another entrance to the Dayton’s Food Hall & Market and another 50,000 square feet of retail space that is split up into a number of different configurations. The ground floor will also be home to the lobby for the office space on the upper floors of the building. We expect this floor to be a mix of clothing retailers, fast casual restaurants and service oriented retailers

Last but not least is the second floor, which most likely will be the busiest level due to its five skyway connections. It’ll be home to another 50,000 square feet of retail space. We do want to point out that there is one interesting aspect of this level that is called out in the marketing brochure. It’s the “Beauty Hub.”

A BEAUTY HUB? WE LIKE THE SOUND OF THAT.

There aren’t many details available on the 13,256 square feet of space that is designated as the Beauty Hub, but that won’t stop us from speculating.

If you think about it, Downtown Minneapolis is a desert when it comes to cosmetics and beauty stores. Yes, there are plenty of places to get your hair done but when you really think about it there are little to no places for cosmetic purchases. No really, think about it. Your only option is pretty much Walgreens or Target. That could change with the Beauty Hub at The Dayton’s Project.

What we believe the Beauty Hub could be is a creative way for the developers to lure in not one, but multiple brand name beauty retailers. The way they would do so is by creating a hub where each of those retailers can feed off of each others energy and more importantly, each others customer base.

Think cosmetic retailers like MAC, Sephora, Bare Essentials or NYX and salons like Rocco Altobelli or Juut. The collection of these tenants would be a destination for visitors to The Dayton’s Project which also might be why the developers have placed this hub in a large space towards the back of the building.

Currently the space designated as the Beauty Hub is listed as divisible so it’s clear that the developers are looking to secure multiple beauty tenants. Now, the question is, who will step up to the plate and make everyone’s Downtown beauty dreams become a reality?

NEW RENDERINGS OFFER A GLIMPSE INTO THE FUTURE

One of the biggest updates that the marketing brochure features are new renderings of both the interior and exterior of The Dayton’s Project.

Since gaining the right to use the Dayton’s logo it appears that the developers plan on branding the building once complete as simply “Dayton’s.” It’s a perfect way to honor this building’s historical pasT that stretches back over a century.

Other things depicted in the exterior renderings include a change to the ground floor bay windows which will now be replaced with large panes of glass (not garage like doors as originally rendered). The exterior will also undergo an extensive cleaning and restoration of the its brick and stone.

Interior renderings show a number of updates to lighting and finishes. There now appears to be an LED/neon light sculpture that will span the void within the space. Speaking of that void, the new renderings also now show the agreed upon void opening which is slightly smaller than what was originally planned now spanning 1,900 square feet instead of the original 2,500 square feet.

One thing we do want to put out is the fact that plans are always subject to change and that some of the floor plans and renderings that you might see here today may change before the completion of the project.

THE TEAM

As we wrap up our latest update on The Dayton’s Project we thought we should give you a reminder of the massive team working on this amazing transformation of one of Downtown Minneapolis’ largest and most historically significant buildings.

It takes a village they say and it is certainly clear with this one that it truly does.

Owners: The 601 W Companies

Investors: Telos Group and United Properties

Architect and Interior Design: Gensler

Leasing: Telos Group

Property Management: Transwestern

Retail Leasing: Mid-America

Office Leasing: Transwestern

General Contractor: Gardner Builders

Owner’s Representative: Hightower Initiatives

Preservation Architects & Historical Advisor: PVN

Structural Engineer: Meyer Borgman Johnson

MEP / FP Engineer: McGuire Engineers Inc

Work on The Dayton’s Project is expected to wrap up in Spring 2020. Check back before then for more updates on this exciting and transformative project.

 

MAJOR CHANGE FOR PROPOSED DOWNTOWN TOWER
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The Gateway Project has had another design revision, this time removing the hotel and residential components entirely.

United Properties has submitted new documents to the City of Minneapolis now showing a entirely commercial project. The revised plans show a 30 story 458’ building with the overall exterior design remaining largely unchanged.

Three levels of underground parking would include 500 spaces with an entrance off of S 3rd Street. The first two levels above ground would be devoted to 23,000 sqf of retail/restaurant space, some of that space being devoted to a bank branch for RBC. In addition, the lower two levels would also include 14,000 sqf of conference space, a 5,000 sqf fitness center, along with a lobby for the office space within the upper floors of the project.

The office part is where we are seeing a huge change from previous proposals. Now totaling 28 stories in height and 790,000 square feet in space the total office space within the project has nearly doubled. RBC would still occupy 310,000 sqf of office space, remaining the anchor tenant for the building. 

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Other details about the project include skyway access (potentially in two places) and also a public plaza located at the corner of Nicollet Mall and S Washington Avenue. That plaza would be built so that in the future it could accommodate a streetcar line passing through if the city decides to moves forward with the streetcar line. 

United Properties will be responsible for the development of the overall project while Smallwood, Reynolds, Stewart, Stewart & Associates out of Atlanta, Georgia is responsible for the design. 

Construction is expected to begin in 2019 with a completion in 2021.

 
11 story office building planned for North Loop

Proposal for 616 N. 5th Street | Schaefer Richardson

It's a development frenzy in the North Loop. This week another new project was announced for the ever growing and ever changing neighborhood BY Schaefer Richardson.

Located at 616 N. 5th Street on what currently is the site of a Weather-Rite warehouse, Schaefer Richardson plans to construct an 11 story, 200,000 square foot office building. One level of underground parking would be include, along with two above ground levels that would be wrapped in retail. The design for the overall structure is pretty iconic we'd say and to be honest, we absolutely love it.

The mid-rise features a dramatic use of light and dark tones. Designed by Minneapolis based UrbanWorks Architecture, the overall feel for the building plays off an "urban-industrial" design. 

The unique "saw-tooth" (three triangular peaks) in the roofline create an interesting and defining element to the project which is a good thing as it will arguably be the tallest structure within the neighborhood once completed. However it's not just for looks as the roofline design will allow more natural light to filtrate from the North to the surrounding areas while also allowing for solar panels to potentially be installed facing the south.

A BELIEF IN THE NORTH LOOP

Schaefer Richardson currently owns quite a number of office properties in the North Loop however none are as large as what the company is currently proposing on the Weather-Rite site. While the project is the most recent to be proposed, it's not the only large scale development planned for the neighborhood... or even the block.

Currently United Properties' has a 10 story building in the planning process that will be located directly next to the Target Field light rail stop. The company is looking for a number of lease assurances before construction begins. Overall the development will dramatically change the overall feel and look of the area, especially with Schaefer Richardson's proposed project just down the block.

Meanwhile, across the Interstate 94 exit/entrance roadway that somewhat divides a portion of the North Loop, Hines is currently developing T3, a seven story office building with retail on the first floor that will be the first and largest wood structure of it's type within the country.

While Schaefer Richardson has debuted the plans for their North Loop project they will wait until half of the the space is leased within the building before construction begins. 

AN ENTIRELY NEW BLOCK

As mentioned above, Schaefer Richardson's proposal comes on the heels of this particular block's redevelopment in the last five years. The area use to be filled with almost entirely office and industrial buildings... That was until a few housing developers took a chance and of course the Minnesota Twins selected the area for the new stadium.

Since the stadium opened this portion of Fifth Street has seen a number of new projects. Be The Match opened their brand new headquarters this past winter while last year Junction Flats, a new 6 story, 182 unit apartment building across the street from the Weather-Rite site, opened the year before.

Directly next to the site where Schaefer Richardson has proposed their office building District 600 opened this month, bringing a new 6 story building with ground floor retail and 78 apartment units to the neighborhood. 

What also is quite interesting is that the current proposal from Schaefer Richardson will develop roughly 1/3 of the Weather-Rite site. Depending on how successful the first building is, the company could proceed with two additional phases including more retail, office and potentially even residential space.

 

Wondering what else is being developed in Minneapolis? Check out our development map here.

10 story apartment project planned for North Loop

A new 10 story, $70 million building complete with apartments, a restaurant, parking and even a public park on site could soon be developed in the North Loop. United Properties and Greco are in the process of planning a new development for what is currently a parking lot at 729 Washington Avenue.

This project would be another win for the North Loop district that is beginning to see a surge in development including the first condos proposed for the area in nearly a decade. Ridding the area of a parking lot would also be on track with Downtown Minneapolis' proposal to push the population to 70,000 by 2025. The way to succeeding in that goal starts with those parking lots.

ESG Architects

Plans for the project include a 10 story residential building that would include 150 residential units. What's unique about these units is that some would be large enough to house an entire family which currently is something hard to find within the downtown area. The project would also include an 8,000 square foot restaurant on the first floor complete with a 2,000 square foot patio. It also appears that the restaurant space has been spoken for by a restauranteur but unfortunately just what is planned for the space cannot be said yet.

Designed by ESG Architects, the building is truly "warehouse" in it's aesthetics. Almost entirely clad in brick units will feature large warehouse styled windows with recessed balconies. Plans for the project include the development of a park connecting Washington Avenue and 3rd Avenue. The project also would involve the creation of a parking ramp that would be developed first with the building and park soon following.

ESG Architects

If you're not familiar with United Properties we think you might in fact know them but just don't realize it. United Properties are the developers responsible for the new 36 story residential project that would be developed on the site of the Nicollet Hotel block that recently made quite a bit of news. They also are responsible for numerous office projects within the area along with various retail developments.

Greco Properties already has their foot in the door when it comes to the North Loop. Their projects in the area are all wildly successful and include ElseWarehouse and The Copham, along with Heritage Landing which was co-developed with Stuart Co. in 2000. If you haven't checked out their projects just click on the projects highlighted above because they are quite the stunners.

Plans for United Properties and Greco's redevelopment of 729 Washington Avenue will begin to go before the city starting next week and if all goes according to plan to project could be finished by 2017. Check back often to The Development Tracker  | Minneapolis for more information on this exciting development and more.

 


Minneapolis selects United Properties for redevelopment of Nicollet Hotel block

Minneapolis has finally spoken about who they are recommending as the developer for the former Nicollet Hotel block in Downtown Minneapolis the MSPBJ reported today. From us here at The Development Tracker we would just like to pat Minneapolis on the back (if that is somehow possible) and say wise choice.

If you're unaware of what's going on regarding the Nicollet Hotel block (located at 30 Third South Street) don't worry as we are here to fill you in. Relax in that seat of yours and let your eyes feast on the words below.

Nicollet Hotel   (Image provided by the Hennepin County Library)

Nicollet Hotel (Image provided by the Hennepin County Library)

Minneapolis put a call out last year for development proposals for the block that use to be home to the grand and iconic Nicollet Hotel. Minneapolis was looking for a new development to be constructed on arguably one of Minneapolis' most development primed sites but there was a catch as Minneapolis didn't want just anything built there. The requirement was for a development that was for sure just not going to be another six story residential project. The new development needed to be grand, iconic, and over 20 stories tall. 

Four groups submitted proposals for the site. Doran Companies submitted plans for a 30 story structure that would include apartments, a hotel, offices, and retail while Mortenson proposed a 31 story structure with 273 apartments. Then there was Duval Development who submitted something truly iconic, an 80 story structure that would stand about 100 feet taller than the IDS building which is currently the state's tallest building. However Duval's proposal was taken out of the running when financially backing could not be proven. The winner of them all was the proposal put forward by United Properties. 

"The Gateway"   Image property of United Properties

"The Gateway" Image property of United Properties

"The Gateway" as viewed from Hennepin Avenue.    Image property of United Properties

"The Gateway" as viewed from Hennepin Avenue. Image property of United Properties

Called "The Gateway" United Properties proposal includes a 36 story building that will include luxury apartment units, a 183 room Hilton hotel, along with restaurant and retail space on the street level and even the possibility for a charter school along with some office space on the skyway level. 

Mortenson worked with Duluth based LHB Corp, StaurtCo which currently is responsible for the development of One Southdale Place in Edina, MN, Aimbridge Hospitality, and FRM associates which is based out of Minneapolis.

More details will emerge today regarding the project. City officials say United Properties proposed a project with the highest development cost along with the highest purchase price which played a large role in its recommendation of the project.

As more details emerge we will be sure have to have them right here at The Development Tracker | Minneapolis.