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  #1  
Old Posted Oct 27, 2015, 8:41 PM
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MINNEAPOLIS | 801 Marquette Avenue | 655 FEET | 50 Floors - *CANCELLED*

Franklin Street Properties Corp. Announces Third Quarter 2015 Results


Quote:
Additionally, we have made progress on a redevelopment plan for our CBD Minneapolis, Minnesota property located at 801 Marquette Avenue. Although subject to change, FSP currently contemplates co-developing an approximately 50-story, mixed-use tower that would include a full-service hotel, residential apartments and office space. Under the current plan, FSP would contribute the land and approximately $80 to $90 million in additional capital costs for 100% ownership of the office portion of the project, which is tentatively slated to be approximately 260,000 rentable square feet in the middle of the tower stack. FSP is working with a residential group and hotel company to further evaluate the project. Final costing and development agreements have yet to be concluded and are fully subject to change and/or cancellation. If successful in the costing and pre-development work ahead, we intend to break ground on the project sometime during the second half of 2016. Significant thought and design are being incorporated into the redevelopment of 801 Marquette Avenue in order to integrate it with and enhance the appeal of its next-door neighbor office building, FSP’s tower at 121 South Eighth Street.
http://ir.franklinstreetproperties.c...1&FID=31615461


Site-



*EDIT* 7/19

Renderings of the cancelled tower.

http://bklarchitecture.com/project-category/mixed-use/



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Last edited by Urbannizer; Jul 19, 2016 at 4:42 AM.
     
     
  #2  
Old Posted Oct 27, 2015, 8:44 PM
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FINALLY! after nearly 25 years, minneapolis could be adding a new 500+ footer to its skyline.

50 floors of mixed-use has got to be at least 600', maybe even 700'!

and it looks like this would replace a pretty dumpy, forgettable low-rise building. no loss there.

let's all hope this one goes through as currently planned.
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  #3  
Old Posted Oct 27, 2015, 8:48 PM
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Knowing this city i'll believe it when i see it.
     
     
  #4  
Old Posted Oct 27, 2015, 9:14 PM
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Nasa35 from SSC reported that he heard the tower would stand 655' tall.

i have no idea how reliable his info is, but it certainly sounds like a plausible height figure.
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  #5  
Old Posted Oct 28, 2015, 12:18 AM
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I love how in Minneapolis a "pretty dumpy, forgettable low rise building" looks like that. It's not new and shiny, but I would trade a few of our ugo low rises for that any day.

And, hey, hey, a new tall for Minneapolis. Nice.
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  #6  
Old Posted Oct 28, 2015, 4:51 AM
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I was starting to have doubts about this block....So this is good news! Skyline went from 35 - 40 floors and now this within one week! Sounds like this will have 15-20 floors of office space also.
     
     
  #7  
Old Posted Oct 28, 2015, 2:32 PM
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  #8  
Old Posted Oct 28, 2015, 2:36 PM
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Designed by Perkins and Will, according to that article.
     
     
  #9  
Old Posted Oct 28, 2015, 3:15 PM
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according to the news articles, FSP wants to present this project to the city for approval in jauary and hopes to break ground in the 2nd half of 2016.

if that timeline holds, we won't have to wait too long to see some renderings.
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  #10  
Old Posted Oct 29, 2015, 1:57 AM
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I was stoked to see this today!

Any general feelings about the resources of the developer? Do they have what it will take to make this happen?

Might not be the new-tallest we want, but this will make a mark, and I'll take it.
     
     
  #11  
Old Posted Oct 29, 2015, 2:01 PM
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I don't understand the floor plan stacking for this tower, residential above office.
Office wants big open floor plans, typically steel construction.
Residential wants heavy concrete construction to reduce noise and sway.

Residential will probably have their own elevators, reducing core efficiency for the office portion.
Just seems like a bad match.
     
     
  #12  
Old Posted Oct 29, 2015, 2:22 PM
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Quote:
Originally Posted by aaron38 View Post
I don't understand the floor plan stacking for this tower, residential above office.
Office wants big open floor plans, typically steel construction.
Residential wants heavy concrete construction to reduce noise and sway.

Residential will probably have their own elevators, reducing core efficiency for the office portion.
Just seems like a bad match.
I think with any mixed used towers that involve office and residential, the residential being on top is par for the course. You want the larger floors on the bottom, and the office part of the core is going to be smaller because it will not be servicing the entire building, allowing some space for the residential part.

Look at many examples of this, such as the John Hancock building in Chicago. They are refurbishing the Leveque Tower here in Columbus, with Office and Hotel on the bottom, and residential on the top. I cannot even think offhand of any that have office above residential.
     
     
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Old Posted Oct 29, 2015, 9:48 PM
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Quote:
Originally Posted by toddguy View Post
I think with any mixed used towers that involve office and residential, the residential being on top is par for the course. You want the larger floors on the bottom, and the office part of the core is going to be smaller because it will not be servicing the entire building, allowing some space for the residential part.

Look at many examples of this, such as the John Hancock building in Chicago. They are refurbishing the Leveque Tower here in Columbus, with Office and Hotel on the bottom, and residential on the top. I cannot even think offhand of any that have office above residential.
I wasn't saying to put residential below office. I don't understand putting the two in the same building at all. I can't think of a single project in Chicago that is putting residential over office. Over hotel yes, but hotel room floors aren't huge column free floorplates. Can build all concrete for the hotel and the condos.

This is either all steel, which is unusual for res, or all concrete, unusual for office. Don't think they can put concrete slab floors above steel. Am I wrong?
     
     
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Old Posted Oct 29, 2015, 9:56 PM
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Quote:
Originally Posted by aaron38 View Post
I can't think of a single project in Chicago that is putting residential over office.
it's not done these days, but it has happened in chicago in the past:

- JHC

- 900 N michigan

- olympia center

- one magnificent mile
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Last edited by Steely Dan; Oct 29, 2015 at 10:15 PM.
     
     
  #15  
Old Posted Oct 29, 2015, 10:08 PM
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A) Office uses can certainly be concrete construction and probably will be in this case
B) views command a much higher premium in the residential sector than the office

If your framework is Chicago, then much about this project doesn't make sense. The Chicago market is highly specialized and competitive, and different sectors are on different market cycles - it's highly unlikely that a developer would compete well in the office and residential and hotel sectors all at the same time.

However, in a healthy smaller market like Minneapolis without a lot of new supply in any sector, mixed use towers can be a way to diversify and reduce risk. If the office portion fails to rent, it can always be converted to a different use, etc.
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  #16  
Old Posted Oct 30, 2015, 2:29 AM
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Quote:
Originally Posted by aaron38 View Post
I wasn't saying to put residential below office. I don't understand putting the two in the same building at all. I can't think of a single project in Chicago that is putting residential over office. Over hotel yes, but hotel room floors aren't huge column free floorplates. Can build all concrete for the hotel and the condos.

This is either all steel, which is unusual for res, or all concrete, unusual for office. Don't think they can put concrete slab floors above steel. Am I wrong?
We just had a new 12 story building completed here in Columbus, 250 South High, that is lower half office, upper half apartments. Maybe as has been stated it is something less common in very large markets like Chicago?

Isn't all concrete for some office buildings also becoming a bit more common?


Anyway congratulations to Minneapolis (and the midwest) for this new proposal!

*I would probably commit homicide to get something like this built here. lol
     
     
  #17  
Old Posted Feb 15, 2016, 2:52 PM
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nasa35 from SSC has reported that he heard the height of this proposal is now slated to be 921', which would make it a new tallest for minneapolis.

but grains of salt and all that until we hear something more official.
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  #18  
Old Posted Feb 15, 2016, 2:54 PM
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Quote:
Originally Posted by toddguy View Post
Isn't all concrete for some office buildings also becoming a bit more common?
perhaps elsewhere, but not in chicago. i can't think of a single recent office tower in chicago that has an all concrete structure.

a concrete core with steel framing is still very much the norm in this town for office tower construction.
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Last edited by Steely Dan; Feb 15, 2016 at 3:25 PM.
     
     
  #19  
Old Posted Feb 16, 2016, 4:16 AM
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Steely Dan: I think that is a fictitious height based on another (Duval's Tower) a few months back! I hope I'm wrong, we'll find out in two days I guess!
     
     
  #20  
Old Posted Feb 16, 2016, 2:44 PM
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Quote:
Originally Posted by TallBob View Post
I think that is a fictitious height based on another (Duval's Tower) a few months back!
i very highly doubt that's the case. nasa35 is too familiar with minneapolis development to make such a rookie mistake. he's either heard some allegedly insider info (accurate or otherwise) about this project getting a significant height boost, or he's making up a rumor for his own shits and giggles, but i really don't think he's confusing this project with anything else.

time will tell.
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Last edited by Steely Dan; Feb 16, 2016 at 11:19 PM.
     
     
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