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  #321  
Old Posted Nov 5, 2006, 5:58 PM
wellingson wellingson is offline
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Rumor has it that the Ryan company has announced a new 40-60 tower downtown at the site where the TCF tower currently is. Of cource, the only information I've seen on this so far is a couple of blog entries that I came across online a few days ago. Just curious if this rumor/project may well be accurate. There was no information about it that I could see in any news releases or on their (Ryan's) corporate web site. If so, I think a new addition to the skyline in that area would be welcome. Especially looking north up 35W. If anyone has info on this, I'd be interested in reading up on it.
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  #322  
Old Posted Nov 5, 2006, 8:45 PM
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here are a couple articles talking about what's in the works

Ryan plans next downtown Minneapolis office project
By Burl Gilyard, F&C Real Estate Writer
October 12, 2006

Minneapolis-based developer Ryan Companies US Inc. has begun early planning for a new office tower in downtown Minneapolis.

“We have begun initial planning for what we believe will be our next downtown office tower at the corner of Eighth Street and Marquette Avenue,” said Rick Collins, vice president of development for Ryan.

The site is home to the TCF Bank Building, 801 Marquette Ave. Ryan paid $8 million for the building last November. The building’s footprint is four-fifths of an acre, per Hennepin County property tax records.

But the project is still a long-range proposition and would probably not open until 2011 — at the earliest.

“I think it’s unlikely that we’d break ground any earlier than the next 24 months, and it’s probably a two-year delivery, so it’s probably four years out at a reasonable minimum,” Collins said.

The site is kitty-corner from IDS Center, which is considered to be the heart of downtown Minneapolis.

Ryan effectively controls the entire downtown block containing the TCF Bank Building.

The company paid $28 million in June 2005 for the adjacent TCF Tower. Last month, Ryan and partner Ralph Burnet closed on the purchase of the Foshay Tower, which will be redeveloped into a W Hotel.

Ryan is currently renovating the common areas of the Class B TCF Tower, which Collins said will stay put.

Collins said it remains too early to talk about the potential square footage of the new tower.

“We’re still considering whether it’s an office-only building, or whether it might have some other components,” Collins said.

Still, Ryan’s early planning constitutes the most concrete plan to date for a major new office tower in downtown Minneapolis.

Finance and Commerce recently reported that developer Larry Abdo has a contract to purchase 1016 Marquette Ave. and develop a small boutique office building with 48,000 square feet of space.

While new suburban office construction is under way, downtown Minneapolis has the highest vacancy in the market outside of downtown St. Paul.

The most recent market data from United Properties shows an overall direct office vacancy rate of 16.8 percent in downtown Minneapolis, but Class A space is the tightest with a direct vacancy rate of 14.3 percent.

Market observers generally consider 10 percent vacancy to be equilibrium in the market. As the rate approaches 10 percent, that’s when developers start rolling up their sleeves.

But the general consensus is that the market is not quite ready for new downtown development.

“The market’s coming back a little bit from a vacancy standpoint and from a rental rate standpoint, but the cost for new construction is going to be X, which means to be able to pay for the cost of constructing a new building, rental rates need to be Y. And rental rates aren’t at Y yet,” said Brent Erickson, a vice president with United Properties.

“Right now there just isn’t the number of large tenants who have leases expiring in the next few years who could be anchors or co-anchors of a new building,” Erickson said.

The likely development suspects concur.

“We have three sites downtown that we own outright, all three of which have certain aspects that make them attractive for residential or office or hotel or some combination thereof,” said Dave Menke, vice president of development with Opus Northwest.

Two of those Opus sites are at the north end of Nicollet Mall. One site has a surface parking lot across from the central Minneapolis Public Library, while the other is the so-called “Powers Block,” once home to the Powers Department Store.

Opus also owns a site at 701 Third Ave. S. that measures just over an acre and sits on the same block as the Accenture Tower.

“I think office continues to remain fairly soft. There isn’t any real immediate demand or market to support that kind of development,” Menke said.

Menke noted that Opus is also interested in future downtown residential projects; Opus was part of the team that developed Grant Park and The Carlyle.

Houston-based Hines Interests is another major player in the downtown Minneapolis market.

“We are a developer, so we’re always interested in looking at opportunities to put together a new development. As to the when, that’s probably anybody’s guess at this point in time,” said Bob Pfefferle, marketing manager with the local office of Hines. “I think we’re a ways off yet before we get to that point that economics justify new construction.”

Hines is developing Twinsville, a project that will be anchored by a new baseball stadium and could include potential office development.

“We are and have seen some unsolicited interest from some suburban users around the Twinsville site as part of a mixed-use development,” Pfefferle said. “That’s relatively new.”

Pfefferle said the inquiries came from “larger users.”

Hines is also part of the development team at The Nicollet, a planned downtown condo tower. There’s been some speculation in downtown real estate circles that the project could go commercial instead, but Pfefferle dismisses those rumors.

“We’re still committed to making that a residential project,” he said.

----------------------------------------------------------------------

Ryan plotting new office tower
Minneapolis/St. Paul Business Journal - October 13, 2006
by Sam Black Staff Writer

Ryan Cos. U.S. Inc. has hired an East Coast architectural firm to design what could be the next big addition to the Minneapolis skyline.

Ryan selected Pickard Chilton Architects Inc., based in New Haven, Conn., to design some concepts for a new office tower at the corner of Eighth Street South and Marquette Avenue.

Pickard Chilton will create some designs by early next year that Minneapolis-based Ryan will use to shop the site to prospective anchor tenants.

The architects will develop pictures and floorplans and suggest how to integrate parking, skyway connections and other parts of the block into the project.

Rick Collins, vice president of development for Ryan, wouldn't put any limits on the height of a proposed tower. He expects it will be taller than the 17-story TCF Tower next door.

Pickard Chilton's sweet spot is designing high-rise office towers.
"This is the sort of building type that we have deep expertise in," said Principal Bill Chilton. "This is absolutely a 10-strike. It's a high-rise mixed-use, complicated project, and that's what we really like to do."

----------------------------------------------------------------

Also, recent rumors have put the square feet at 1.2 million so it's likely that this building will be around 1,000 feet.
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  #323  
Old Posted Nov 6, 2006, 6:06 AM
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This is all great news!!!!!!!!!
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  #324  
Old Posted Nov 6, 2006, 7:19 PM
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That it is. Oh, and I almost forgot.

We may see preliminary design work around December.
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  #325  
Old Posted Nov 6, 2006, 8:18 PM
wellingson wellingson is offline
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Thanks Sirus, for the detailed update!
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  #326  
Old Posted Nov 6, 2006, 8:39 PM
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Quote:
Originally Posted by Sirus
Also, recent rumors have put the square feet at 1.2 million so it's likely that this building will be around 1,000 feet.
hmmmmmm........ are you sure about that? all of the thousand footers in chicago have considerably more than 1.2 million SF (hancok - 2.8 million SF, Aon - 3.6 million SF, sears - 4.4 million SF), and the office towers in that size range (~1.2 million SF), tend to be in the 500 - 700 foot height range. but maybe buildings in chicago are just typically built fatter, i dunno.
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  #327  
Old Posted Nov 6, 2006, 9:50 PM
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The site is really small. Something like 22,000 square feet. That doesn't guarantee anything, but it helps in the argument for a 1,000 foot tower.

It includes both the blue and green outlined areas here:

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  #328  
Old Posted Nov 14, 2006, 3:28 AM
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anyone have examples of buildings with that small of a footprint that are oveer 800 ft tall? just curious how slender that really is...
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  #329  
Old Posted Nov 15, 2006, 8:02 PM
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Quote:
Originally Posted by ivesetsail
anyone have examples of buildings with that small of a footprint that are oveer 800 ft tall? just curious how slender that really is...
Waterview Tower in Chicago is over 1000' and is going up on a tiny site.
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  #330  
Old Posted Nov 15, 2006, 8:42 PM
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That'd be awesome for Minneapolis...

I'm gonna keep my eye on this.

What's Waterview's sq footage, btw?
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  #331  
Old Posted Nov 15, 2006, 9:01 PM
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Wired NY has it at 1.2 million sf. The site footprint (I think) is 23,000 sf, tiny.
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  #332  
Old Posted Nov 15, 2006, 9:15 PM
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As a native Minnesotan, I am glad to see another potential new tower. Also I didn't know that Foshay was being turned into a W Hotel. That will be cool.
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  #333  
Old Posted Nov 16, 2006, 8:09 PM
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Quote:
Originally Posted by WonderlandPark
Wired NY has it at 1.2 million sf. The site footprint (I think) is 23,000 sf, tiny.
So the parcel of land for the new Minneapolis tower is roughly 35,000 sq feet according to Hennepin County.



I'd imagine that they won't build right up to the back of the property though since the Foshay tower is right there, but that's not a guarantee. It's anyone's guess what the footprint of the tower will be or how they're going to use the space. It still could come out to be a shorter tower with larger floor plates.
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  #334  
Old Posted Nov 17, 2006, 12:15 AM
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My guess is that it will be shorter than the Fosay. It would be awesome to see something of respectable height though.
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  #335  
Old Posted Nov 25, 2006, 5:06 PM
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I'm not sure if this is related, but there was an article in the Star Tribune about two weeks ago that mentioned that Target had been shopping around for a new headquarters. I do know they they already have a space problem, they've filled up all the Target Plaza buildings, had to build a new tower along 394 (or is it 100?), and yet they still have to rent space in City Center. I could imagine them building something aobut double the space of Target Plaza South...does anyone know the square footage of that?

Edit: Target PLaza South is 1.2 million sq ft. I suppose twice that would be a bit big for that site. Also of intrest, the Traget Plaza complex was built by Ryan.

http://www.ryancompanies.com/project...orporation.htm

Last edited by Gamosan; Nov 25, 2006 at 5:20 PM.
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  #336  
Old Posted Nov 27, 2006, 11:33 PM
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I heard that some, but probably not all of the TCF building will be demolished to make way.
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  #337  
Old Posted Nov 28, 2006, 9:30 PM
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Quote:
Originally Posted by Gamosan
I'm not sure if this is related, but there was an article in the Star Tribune about two weeks ago that mentioned that Target had been shopping around for a new headquarters. I do know they they already have a space problem, they've filled up all the Target Plaza buildings, had to build a new tower along 394 (or is it 100?), and yet they still have to rent space in City Center. I could imagine them building something aobut double the space of Target Plaza South...does anyone know the square footage of that?

Edit: Target PLaza South is 1.2 million sq ft. I suppose twice that would be a bit big for that site. Also of intrest, the Traget Plaza complex was built by Ryan.

http://www.ryancompanies.com/project...orporation.htm
Target has said that they are not expanding downtown beyond their present square footage.

They have space in Target Plaza North & South, the Retek Building, 60 South 6th(City Center), and the credit facilities on 394.

Any expansion will take place in the campus on 610 in Brooklyn Park. They have 3000 employees up there now and plan on having as many as 15,000 in 10 years.

As much as I'd like to see them as a tennant in a new office tower I can say that an unnamed person in their property dept. has told me it won't be them.
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  #338  
Old Posted Nov 28, 2006, 9:36 PM
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Quote:
Originally Posted by Gamosan
I'm not sure if this is related, but there was an article in the Star Tribune about two weeks ago that mentioned that Target had been shopping around for a new headquarters. I do know they they already have a space problem, they've filled up all the Target Plaza buildings, had to build a new tower along 394 (or is it 100?), and yet they still have to rent space in City Center. I could imagine them building something aobut double the space of Target Plaza South...does anyone know the square footage of that?

Edit: Target PLaza South is 1.2 million sq ft. I suppose twice that would be a bit big for that site. Also of intrest, the Traget Plaza complex was built by Ryan.

http://www.ryancompanies.com/project...orporation.htm
Target has said that they are not expanding downtown beyond their present square footage.

They have space in Target Plaza North & South, the Retek Building, 60 South 6th(City Center), and the credit facilities on 394.

Any expansion will take place in the campus on 610 in Brooklyn Park. They have 3000 employees up there now and plan on having as many as 15,000 in 10 years.

As much as I'd like to see them as a tennant in a new office tower I can say that an unnamed person in their property dept. has told me it won't be them.
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  #339  
Old Posted Nov 30, 2006, 9:29 AM
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I have not been to Minneapolis in over three years. I'll be there this weekend. I'm excited to see what everything looks like now.
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  #340  
Old Posted Nov 30, 2006, 2:25 PM
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Bring a coat. It is going to be very cold!!!!
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