With news surfacing recently about a 20-story office tower proposed for across from Target Field, it appears interest is perking up in commercial real estate circles for top-of-the line office space in the city's North Loop neighborhood.
Long home to hipster lofts, condos and restaurants, development of Class A office space has lagged somewhat in the burgeoning area. But Houston-based Hines, a global real estate developer, is pitching an office tower of that ilk called 350 North Fifth for a spot adjacent to the home of the Minnesota Twins.
If developed, the glassy tower will sit about a half-block away from the newly renovated Ford Center, a former Model-T plant that is owned by Bloomington-based United Properties. Following a $40 million renovation, Ford Center's Class A space is now home to six companies and is almost totally leased.
"There's a vibrancy to that neighborhood, a vibe with a little bit of an edge," said Jim Montez, senior director of Brokerage Services for Cushman & Wakefield/NorthMarq, who was involved in leasing the Ford Center space.
An affiliate of Hines bought a 6-acre swath of North Loop land in July for $13.7 million, according to Hennepin County property records. The site, bordered by N. 5th Street, 3rd Avenue N., Washington Avenue, the Northstar Rail Line and the Cedar Lake Trail, is made up largely of surface parking lots and the vintage Union Plaza and Minikahda Storage buildings. It is also near the proposed $79.3 million light-rail transit hub and public park next to Target Field -- a site on which Hennepin County officials envision an amphitheater and public space with restaurants and bars on a plaza and a station at the confluence of five commuter lines.
Hines, already one of the largest property owners and managers in downtown Minneapolis, has envisioned residential and commercial uses for its strategically located spot that they've called North Loop Green. Already construction crews are busy moving earth to make way for the 185-unit Dock Street Apartments complex, part of the Hines project.
About a year ago, Hines contracted with the Connecticut-based architectural firm Pickard Chilton to create a conceptual design for the office building. "We've studied various concepts looking at how we should use the site," said Hines director Bob Pfefferle, who noted that the office building is "still very conceptual."
With a design for a new 490,000-square-foot office tower in the mix, the company is now looking for tenants to lease the space. And while Pickard Chilton renderings indicate that the building will open in 2015, Pfefferle demured when asked about a timeline for the project.