Commercial Property & Real Estate News

Will New Buildings Rise from Current Minneapolis Parking Lots?What used to be surface parking in downtown Minneapolis has virtually disappeared, transformed into new condos, apartments and offices, according to a recent report on available development tracts in the heart of the city.

More than 63 acres of undeveloped land existed in the downtown core a dozen years ago, according to a recent Business Journal survey. Today, after a decade-long building boom, less than 20 acres remain undeveloped, and the word is some of the landowners are simply not interested in selling.

Whether that's good news or worrisome depends on which side of the development table one sits.

Actual versus Potential

The apartment and condo market has been particularly strong in downtown Minneapolis in recent years. The trend

92 Views, 0 Comments

A Diverse Work Force Demands New and Innovative Office AmenitiesTomorrow's office buildings are going to be different. Designers and architects, as well as construction professionals and property managers in Dakota County, recognize the growing emphasis on building health and the needs of a multi-generational work force.

Amenities are the name of the game for offices of the future, but the expected perks may vary depending on the age of the work force. Millennials are known to love their coffee, while other workers prefer game rooms or multi-purpose break rooms where they can unwind and enjoy a little personal time. Some simply zone out with a video or video game. Older workers, including Baby Boomers not ready to retire, appreciate rooms where they can gather with coworkers to socialize, network, toss around

71 Views, 0 Comments

What Everyone Needs to Know About Buying Commercial Real EstateCommercial and residential real estate transactions differ greatly. Crow Wing County buyers will notice big differences in everything from acquiring financing to negotiating the purchase terms. They can prepare for this process by using this guide to learn all they need to know. That way, they can find and acquire their ideal commercial property with confidence they are taking all the right steps.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Balloon Mortgages are the Most Common Financing Option

To finance the purchase price of a commercial property, buyers must approach a bank or other lender to learn about their loan options. For commercial

86 Views, 0 Comments

Living in the Clouds: Elevens Condos Will Soar 41 StoriesAt 41 stories tall, Eleven will become the tallest residential building in Minneapolis, dwarfing St. Anthony Falls and the Stone Arch Bridge over the Mississippi that it will overlook. Its condos, beginning at $900,000 for a 1,400 square-foot unit, will be among the city's priciest. But they will be unique, according to Mike Ryan, market president of Ryan Cos., the developer that is partnering with Luigi Bernardi's Arcadia to construct the tower. Ryan calls the units the equivalent of "a single-family home" in the city's downtown core rather than "a really nice apartment."

Construction was slated to begin this month.

The building reflects Bernardi's vision for "something different." A Twin Cities area developer for more than 40 years, he and his

63 Views, 0 Comments

Another Major Dinkytown Development Seeks City ApprovalDinkytown is a beloved, close-to-campus commercial district interlaced with low-cost student housing, that has served the varied needs of generations of University of Minnesota students but faces another attempt at modernization. Existing buildings in the vicinity would be demolished to make room for new development if a plan destined for review by the Minneapolis Planning Commission Committee of the Whole gains traction.

CA Ventures, a Chicago-based developer, reportedly envisions high-rise development that would not only occupy an entire block in the heart of the diminutive funky center of Dinkytown, but that would displace the existing Golden Arches that have been a feature here for decades. The planned new construction, based on currently

99 Views, 0 Comments

Urban Office Development No Longer Means Strictly City CenterIs it a relatively unique phenomenon or a lasting trend? A growing number of area companies have already, or are planning to consolidate their workforce in downtown buildings within the coming year. St. Paul-based Merrill Corp. will relocate more than 300 employees to two buildings of the former Baker Center in downtown Minneapolis by early 2020. Stantec moved approximately 175 employees from Roseville offices to new quarters in Baker Center in early 2019. These are no longer isolated occurrences.

McDonald's moved from its suburban campus to downtown Chicago last year. Millennials are sometimes credited with the shift in corporate real estate. Not yet ready to settle in traditional suburbs, this is the generation that seeks work-life balance, and

65 Views, 0 Comments

http://www.minnesotacommercial.com/blog/shopping-for-business-and-fun-at-st-pauls-former-downtown-macys.html
http://www.minnesotacommercial.com/ramsey-county-commercial-real-estate.phpA bold three-phase plan to forever change the character of St. Paul's riverfront, and its entire downtown, would add well over one million square feet of office space, hundreds of new apartments and condos, luxury hotel rooms, along with approximately 1,500 or more parking spaces and new access to the water from the city's current bluffs. This is in addition to those changes at the former downtown Macy's store. The dramatic plan originally received tentative approval from Ramsey County in November 2018. But there is still a lot of uncertainty surrounding the bold proposal.

What is truth and what is hyperbole may be difficult to sort out. Even if the project gets started, will it reach completion?

Reality of New Workspace Needs

Ramsey County

142 Views, 0 Comments

Tomorrow's Workplace May Feature All the Comforts of HomeCollaboration is a key concept in office design for the future, according to designers who are trying to respond to client demands for flexibility in the workplace. Technology and altered business relationships, along with changing work force schedules have led to new demands for less formal offices, along with new spaces that can be used on a shared basis or reconfigured as needed.

Notable Features of New Office Design

Increased social interaction in the workplace is now viewed as a boon to creativity, boosting performance and helping to establish a
positive corporate culture.
Newer office layouts are more open; they also include dedicated space for employees to meet informally and comfortable areas dedicated to networking or brainstorming, in

62 Views, 0 Comments

is-commercial-building-over for-the-twin-citiesThere seem to be abundant signs globally that the availability of cheap money that followed the financial crisis of a decade ago is ending, and that a slowdown in all real estate sectors will arrive sooner rather than later. But, is it true? And if a slowdown becomes reality, what effect will it have on Twin Cities development and the local economy as a whole?

The answer is by no means simple, and opinions are far from united: Here's an overview from those who are trying to sort it all out:

No one is yet predicting a crash, but signs of a softening are everywhere, despite record high prices and plenty, perhaps too much, financial liquidity. The opportunities, according to some, aren't in balance with the demand. The noted Chicago-based investor,

152 Views, 0 Comments

is-there-a-retail-rebirth-in-commercial-real-estateIs it simply wishful thinking, or as some business leaders contend, are we seeing a rebirth of innovation in retail and commercial development in Itasca County? There is no doubt, according to experts, that there are still some store closings and retail chain reorganizations ahead, but the impact may simply be "more of the same" rather than a pronounced downturn, as many had feared.

Based on prevailing opinion from leaders at the International Council of Shopping Centers convention in Las Vegas, there is still ample opportunity for retailers to grow and prosper. Low unemployment rates hinder growth because entry-level retail jobs are sometimes difficult to fill. There may still be store closings, according to most experts, but they are likely to be

63 Views, 0 Comments