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Increasing population of downtown condo residents provides stimulus for retail development
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<br />RETAIL PROJECTS UNDER CONSTRUCTION
<br />': NAME DEVELOPER LOCATION 50. FT. COMPLETION TENANTS
<br />', COMMUNITY
<br />C..hcle.. ~u _~ P ,, ~~ II P~ m .a~~par i~~ <<pplE oalley J_,OJG 1~l .J.r. 200~J
<br />Par k F ` or r;ade Fha.;e I I :. to. m. Real E.,t3le Gaup B uoktyn Park 45,OOC i t .J~c, 2002 ~ Ei.ness
<br />I' 3 ei0ne Pteza Aurord Invmstmenls .,haska x10.0 )G 3rd C,1tc, 200 hohl,'s v luni^r bnties & small shops
<br />~~ F'vm turnitur Li--.le::.=,naaa CKN! 'i~,perty InvesUnents I tL. a;~~ada 1Ffi l10"~ Std 3tr., Z00H
<br />......
<br />..
<br />': T Grove Fhase iIl f?yan Jampar:•~; P'apte fu;ve 1,:Q000 rd ~;ti ,'LfJfJ2 Sl~mherland, OfticeMax
<br />'~. N~-rth Brans - }'e.oil i...nter Solo^n^ ~'<cal. kstata Grnuo Nor t r Branch 1 EO OOr 5 d Cato, ZOOS Grocer
<br />', Caan ~dr:es Ryan 5a-~p3nias S'~a,:rJpez 60,UOG 2nd ;Jtr., 2002 Slurnhertand
<br />I TOTAL COMMUNITY UNDER CONSTRUCTION 041,000
<br />'.. NEION80RHOOD
<br />P~nr aLowry ~hcihn0lu:^M.nagernent, h~linieapoti_ ~+1,~1N 1.,tOtr,!08 At.1i,FamilyDohar
<br />': TOTAL NEIGHBORHOOD UNDER CONSTRUCTION
<br />~~~ 41,300
<br />SPECIALTY
<br />', 4hin~bor Ptaza Ito. ~r ~.~ R .a E tats Grnup
<br />_.. Fdeu Pralnc '>0,0.7tr 3rd UI-, ^,00:
<br />_._
<br />'~, Cenienn(al Shops S[eubach Edina t;p,DOU°
<br />__ 4th (]tr, 200is
<br />_ West Elm, ContainerStora
<br />TOTAL SPECIALTY UNDER CONSTRUCTION 140,000
<br />TOTAL RETAIL UNDER CONSTRUCTION 1,022,300
<br />Sour. e: l~niled Properties:
<br />MINNEAPOLIS CBD
<br />t;tt:anciei in the illtnr,,;alxs!is C;ertral
<br />t~tt;i.rrss 1)istrira ((~I3L) r..mdtxxl reJ....
<br />utit ~ li~;h. at l ~~.,{`.;~, .iltlu. u rh adsorption
<br />increased Fro1>> ?,ti?i9 sq. ft to ~.~'%C; eq. 1t.
<br />in the second half of'2OC17. The inctcasing
<br />population of don°.~tao~s-u condo rc~sidc~nts
<br />1s provide 1~ ~ocr,e, (1e~altliy stiintthts fir
<br />retail development I'<'~r es.unp[e. C`V5 i
<br />utuliin: l.;tr first r~rcw dru More doGVnrrcrevn
<br />in store thatr "'0 scans. tc'itlz a srcond-yr:au-
<br />ter. 201)8 opt°ninr.; shaec! for tilt 12' S',-eet.
<br />and H~ ne.~;pur ~s, true site.
<br />The Outlook
<br />With cor3suuter speladirrg tbrc~att^1it°d by
<br />seti~cral eairnoniic factors, retailers tiwill
<br />coutiutle to be r;r :~tive and find it:ntrvarive
<br />tti r~S tc~ arts ct iuuonrers. I a rdlords skill
<br />~k~> lracc~ to rind ur:~ti>~c apl.ur~n:h~-~ to
<br />at'ir;.ua arld rct:un t,,rrants For:anall-shop
<br />space that bas remained ~-acant~.
<br />hr ~}nres ot~the slo~~s~in~; c~c<>noun~. sr:~cer:aJ
<br />n41w restaurant arld Family c~~u«t~Cainnieut
<br />concepts ca~il3 prul?abh~ enter the manc~t.
<br />helping to re~ritalize same touters that are
<br />i.nt need of~ncw tenant nli~cs.
<br />After Ilse first t1.~>...~,car deGaitae in
<br />con,trtiction since dze late; 99~3i?s, t~eGv
<br />construction 1s expected to lag in early
<br />?OU8.'7'his ie a reflection ref the nation-
<br />~~•ide lict>~ir~~ slolvdol~rn. altl7c5ugh sotrte
<br />opporauristrc developers Gave boas able
<br />u~ find local nie:hes r} btuld hem~s.'The
<br />slowdol~~u in the housing market has
<br />dis<cniagcd thre euu~ana- oi~ncw~ retail
<br />and re,tauranc concepts into chc*~l`wiu
<br />C;itres marki~t, but those that ;u-e already
<br />ir1 the tsar ket ,Ire continuing to look for
<br />suit rl?ls ;pair.
<br />9tter some dehry, high-profile G:crtterc
<br />C: al}roun Square and St>uthdale will
<br />pu:,babf~ bc~in loin-neede<~l n~tal.~ocers in
<br />the second half c~h?UUS.
<br />l7ttke Realty .ur'.)~rfkie~ R.Anderson Rral
<br />f~state are plantriug tl~~e ~9-acre ~vc~;t F,nd
<br />davcloptneue in the south~uvcst quadrane
<br />of I-3r)4 and H~~'v. l i)(1, ~~~hic1~ ti~~ill likely
<br />include .~4t),000 sq. tt. of "litetyl ~~' retail
<br />spare ("incauding a. nrovi~; t(leaii:r), 1.1 n1.il-
<br />hon square feet of of~lct space, and a hotel.
<br />`;ire w<.>rk began it> t1~u fill, svi:*1a. ~ pecitii
<br />development plan revie~~s scheduled for
<br />this ~.>inter.
<br />Redevriopnreut ofqualitc 4ites s~eidrin the
<br />l-~9=a %E,9~ loop will ]fkaly aca>ut~t For
<br />a si:;nificrrnt portion irf the auis~ity seen
<br />in the nesa 12--18 months. [Zetai;ers and
<br />hultllords rJeed trJ work through the ~isting~
<br />ins~entor~ r~fva~ant spact in ncti~°ct d.ccl-
<br />opnrents ita outf r-ri1r,~ suburbs s~ here the
<br />horning doc~°nttu-u has been most evident. ^
<br />17 ;Jrt~r l ~~, _ t _-t ~l
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