A tale of good luck and bad, with plenty of suspense, the redevelopment of a 44,000-square-foot Minneapolis property has a happy ending for the developers.
Developer and author Paul H. Maenner offers an insider'sperspective of New Urbanist in-fill project, and six lessons learned by the developers.
"Nationwide, each community has its own higher-end or specialty neighborhood commercial retailing district. In the Minneapolis/St. Paul market, there are three such districts, the most prominent of which is known as the '50th & France' district.
...After watching the occupancy of this building drop from 100 percent to 30 percent over the course of 12 months between January 1996 and January 1997, and after considering one disappointing retail concept after another, we concluded that the time was ripe to pursue a much broader development opportunity.
...Today, the property is 95 percent leased and occupied and is generating a stable and reliable cash flow. It has become a legacy asset for each of the partners. It represents what is truly a 'fortress' piece of real estate: a highly functional and attractive asset, located at a prominent corner in an affluent market. It serves its niche extraordinarily well.
Thanks to Laura Kranz
FULL STORY: Anatomy of an Urban In-Fill Development
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