99 replies to this topic

[Minneapolitan]

If that were the case, why is the sales center still open and why is the tower still being advertised? Construction is supposed to start sometime in June. The date is approaching fast and the developers still haven't announced that it's dead, so I'm not concerned. There was all sorts of speculation about the IVY and how it wasn't going to happen but, it's now officially under construction. With that said, I think there's a lot of developers in Minneapolis and elsewhere in the TC area that don't want the Nicollet to be built because it will hinder the chances of their project being built.

Edited by Minneapolitan, 19 February 2006 - 03:38 PM.

[GRDadof3]

That could be.  It will definitely be a nice addition to the MPLS skyline if it goes through.

[MrSmith]

My "sources" in development , financing and real estate assurred me the Ivy would be built --even when i thought it was dead.  These same sources are extremely skeptical of the Nicollet.  The issue they site is money.

In order to get financing and begin construction a developer generally needs 50% of the units under contract (purchase agreement).  Which means in order to start construction they need 178 of the 356 units sold.

I believe the Nicollet currently has approx. 125 of the 356 units reserved.  In March these will be turned into purchase agreements.  According to my sources as a general rule only about 25% of reservations turn into purchase agreements.  If this is true that means the Nicollet will only have 31 purchase agreements by the end of March --which is far short of the 178 needed.

Even if you are extremely optimistic and believe all 125 reservations will turn into purchase agreements they still need to sell another 50 units by June in order to reach the 50% level.

I think the project is still very possible -- but it definitely an uphill climb.

Edited by MrSmith, 20 February 2006 - 12:34 PM.

[Minneapolitan]

^ LOL! This is interesting because my "source" told me yesterday that over 140 units are reserved, 4 of the 6 "large" units are sold and the project is going to break ground this spring! I then decided it was time to visit the sales office so I went in this afternoon and had a long discussion with someone who is representing this project. I was told that over 140 units are reserved and "this will definitely break ground in June." I've since come to the conclusion that most, including those associated with the project, don't know what the hell is going on.

Edited by Minneapolitan, 20 February 2006 - 09:40 PM.

[Snowguy716]

My "source" told me that Jesus was coming down on April 6th to bless the project himself before he heads out on Jesus Rocks The World Easter tour on the 7th.

So, I guess the project is a go..  

[Minneapolitan]

LOL!

[mnpulse]

ROFL!!

[GRDadof3]

I'm just glad to see so much discussion in the Minneapolis section     And never trust a "source" who gets paid a commission on the project, even if it is Jesus himself (just from my own experience).

[sushisimo]

Snowguy716, on Feb 20 2006, 10:38 PM, said:

My "source" told me that Jesus was coming down on April 6th to bless the project himself before he heads out on Jesus Rocks The World Easter tour on the 7th.

So, I guess the project is a go..  

BWAH! But don't foget the project incorporates the Scientology office now. So, instead of Jesus, I think it will be Tom Cruise coming to town. Maybe he and Katie Holmes will buy a penthouse suite at the Nicollet.

[Gregory]

Hi-

New here. Just so you guys know, Mr. Smith is very negative about Minneapolis development. I'm not sure if it's actually a source but wishful thinking on his part.

I'm sure he's a good guy, just not a fan of development.....which makes his interest here kinda odd I suppose.

Nicollet will be built. In fact I believe we will see a super-tall within the year on the drawing board. I have positive sources and that's a rumor. Credible rumor actually.

Edited by Gregory, 22 February 2006 - 03:06 PM.

[Minneapolitan]

^ C'mon! Mr. Smith has brought up legitimate concerns relating to some of these projects. He has attended neighborhood meetings and apparently has friends who are "in the know." He brings this knowledge to the debate and I respect that. I don't think he is "negative about Minneapolis development" at all. If anything, he wants the development process to flow smoothly and have a positive impact on the city.

[Minneapolitan]

Gregory, on Feb 22 2006, 03:05 PM, said:

Nicollet will be built. In fact I believe we will see a super-tall within the year on the drawing board. I have positive sources and that's a rumor. Credible rumor actually.

Super-tall? Will this be another residential tower, hotel, office, or mix-use? Did you hear how many stories or how tall this tower will be?

[Gregory]

Minneapolitan, on Feb 23 2006, 10:17 AM, said:

^ C'mon! Mr. Smith has brought up legitimate concerns relating to some of these projects. He has attended neighborhood meetings and apparently has friends who are "in the know." He brings this knowledge to the debate and I respect that. I don't think he is "negative about Minneapolis development" at all. If anything, he wants the development process to flow smoothly and have a positive impact on the city.

I completely disagree with you (no offense, friendly disagreement). I believe he is interested and involved, but that involvement is typically a negative involvement. No biggie, that's his right. I consider myself the anti- Mr. Smith. Pro growth, keep the skyscrapers downtown. Stop giving so many voices power.  The city needs to unzone the downtown area. That would solve the problems.

And I completely respect Mr. Smith. He's not a whiner, he's a doer. Now I don't typically agree with a thing he says or in his goals and motivations...but you have to repsect someone that walks the walk...he does that. But you know what? About every nice project we have going he would stop if he could...so even though I respect him, I vigorously disagree with him.

Edited by Gregory, 23 February 2006 - 01:54 PM.

[Gregory]

Minneapolitan, on Feb 23 2006, 10:23 AM, said:

Super-tall? Will this be another residential tower, hotel, office, or mix-use? Did you hear how many stories or how tall this tower will be?

I have some pals at Ryan. There's been a 1000 footer (office tower-70ish story) in the pike now for about three years. No design has been designated nor does a developer have a signed agreement. The Normandy site is always talked about. This same guy told me three years ago a 50 story building was going to be built where the Nicollet is going up. He was right. This is beers at Ikes talking. But I think within 18 months we might finally have our first iconic since the IDS was originally built.

Edited by Gregory, 23 February 2006 - 01:39 PM.

[Minneapolitan]

Gregory, on Feb 23 2006, 01:39 PM, said:

I have some pals at Ryan. There's been a 1000 footer (office tower-70ish story) in the pike now for about three years. No design has been designated nor does a developer have a signed agreement. The Normandy site is always talked about. This same guy told me three years ago a 50 story building was going to be built where the Nicollet is going up. He was right. This is beers at Ikes talking. But I think within 18 months we might finally have our first iconic since the IDS was originally built.

That would be great!! The office market is steadily improving (Class A space is now under 15%) so this could be a reality very soon.

[Gregory]

Personally, I'd love to see something like seattle's one supertall...which, IMO, is the most under-rated skyscraper in the world. It's a spectacular building. That would look great at the Kraus Anderson lot.

Minneapolitan, on Feb 23 2006, 01:50 PM, said:

That would be great!! The office market is steadily improving (Class A space is now under 15%) so this could be a reality very soon.

Yup....and if the stadium is built, you put a few 50+ story residentials over there??? Wow, would we have a skyline.

[Minneapolitan]

It was just announced that the developers for the 56-story Nicollet are in talks with a few hotel owners who are interested in buying the first nine floors of the project. A gentleman involved in the project said there is interest  in locating a 5-star hotel that will include about 220 rooms and a restaurant.

Edited by Minneapolitan, 13 November 2006 - 05:53 PM.

[nickmgray]

It's been reported that the Nicollet Project will be changed to a mixed use development http://tccondomap.com  which wil include a 200 rom hotel, 100 condo units and office space.  A redesign of the project has yet to be released.

[MJLO]

did this project die with the economy?

[AvianKeahi]

MJLO, on Mar 23 2009, 07:18 PM, said:

did this project die with the economy?

Dead as a doornail, just like countless other projects across the country.  But this thing died before the big plunge.  The developers didn't have deep enough pockets.