Finance and Commerce Daily Newspaper, MN articles from February 2005

Finance and Commerce Daily Newspaper, MN archives from February 2005

Minneapolis-based CSM Lodging returns to growth track.
February 3, 2005... Byline: Mark Anderson CSM Lodging will close on two more hotel acquisitions this month - an indication that the Minneapolis-based developer and owner has returned to the rapid growth pace it set earlier in the decade. Robin Kirk,...

Downturn is part of Twin Cities' office market cycle.
February 3, 2005... Byline: Burl Gilyard No one can deny that the Twin Cities office market has been tough in recent years. But Twin Cities real estate veterans who have been in the business long enough still recall the brutal climate in the late 1980s and...

First vice president named at CB Richard Ellis office in Bloomington.
February 3, 2005... Byline: Finance & Commerce Staff Brian Helmken has been named first vice president in the Bloomington office of CB Richard Ellis. He will specialize in representing landlords and tenants in the suburban Minneapolis office market. ...

Minneapolis-based Perkins+Will adds principal.
February 3, 2005... Byline: Finance & Commerce Staff Rick Hintz has joined the Minneapolis-based Perkins+Will architectural, planning and design firm as principal and market sector leader in its health-care practice. Hintz, who has 25 years of...

Eden Prairie-based J.E. Dunn-North Central hires new project manager.
February 3, 2005... Byline: Finance & Commerce Staff Eden Prairie-based general contractor J.E. Dunn-North Central has hired Jim Bystrzycki as project manager. Bystrzycki, who previously worked at DLR Group, is responsible for project scheduling,...

Architecture symposium and exhibit planned at U of St. Thomas in St. Paul.
February 3, 2005... Byline: Finance & Commerce Staff "Building the Impossible: Architecture in Motion" is the title of a symposium and exhibit planned at the University of St. Thomas in St. Paul next month. A seven-member panel of engineers, architects...

Project manager, estimator hired at Veit Environmental's Duluth office.
February 3, 2005... Byline: Finance & Commerce Staff John Kraskey has joined the Duluth office of Veit Environmental Inc. as a project manager and estimator. He will be responsible for developing, estimating and managing asbestos, lead and mold abatement...

St. Paul BOMA meeting features mayoral policy adviser.
February 3, 2005... Byline: Finance & Commerce Staff Sia Lo, senior policy adviser for St. Paul Mayor Randy Kelly, will be the featured speaker at the monthly luncheon of the Greater St. Paul Building Owners and Managers Association. The meeting is set...

Minneapolis office of 3D/I announces promotions.
February 3, 2005... Byline: Staff Five staff members have been promoted at the Minneapolis office of 3D/I. Wade Cole and Noel Tiemann were promoted to senior associates. Jason Gamm, Gary Sabart and Clair Willemssen were named associates. Cole is the...

MN lacrosse game designated as St. Paul BOMA Night.
February 3, 2005... Byline: Finance & Commerce Staff The Friday, Feb. 11, contest between the Minnesota Swarm and Toronto Rock professional lacrosse teams has been designated as St. Paul BOMA Night. The game will be held at the Xcel Energy Center in...

MN Construction Briefs: February 3, 2005.
February 3, 2005... Byline: Finance & Commerce Staff The Associated General Contractors of Minnesota and the Minnesota chapter of the National Association of Minority Contractors have made their working partnership official. Under a "partnering" agreement...

Cabela's Inc. store in Rogers revives subsidy debate.
February 3, 2005... Byline: Burl Gilyard In early January, Cabela's Inc. announced that it was "in negotiations" to build a 185,000-square-foot retail store in Rogers. Last week, on Jan. 25, the Rogers City Council approved $5 million in subsidies and...

MN Real Estate Briefs: February 3, 2005.
February 3, 2005... Byline: Burl Gilyard Minnesota State Colleges and Universities (MnSCU) plans to consolidate the system's offices in Wells Fargo Place, 30 E. Seventh St., in downtown St. Paul. MnSCU operations are currently split between Wells Fargo...

Rogers Public Library officials surprised by mold discovery.
February 3, 2005... Byline: Brian Johnson Before crews began renovating the Rogers Public Library last July, library officials had no idea that the Hennepin County facility had a serious mold problem. They didn't discover the fungus until contractors took...

IDS Center offices in Minneapolis filling, but retail remains weak.
February 3, 2005... Byline: Burl Gilyard The IDS Center is losing retailers while continuing to add new office tenants in the tower. Retailer T.J. Maxx closed its IDS location on Jan. 15, leaving its 35,000 square foot space empty. And on Jan. 27, the...

Final financing notes on IDS Center sale in Minneapolis.
February 3, 2005... Byline: Mark Anderson Some final financing notes on the IDS Center sale: The mortgage broker for the city's biggest commercial real estate sale of the year - probably of the decade - was one of the earliest to be involved with the...

Two agencies vacating space in Washington Avenue building in Minneapolis.
February 3, 2005... Byline: Bob Geiger More than 13,500 square feet of Class C office space is up for lease at 606 Washington Ave. N. after Minneapolis ad agency One and All went out of business and a second shop, Arnold/Ostrom Advertising, decided to cut...

MN lawmakers eye limits on tax breaks for overseas ops.
February 4, 2005... Byline: Charley Shaw Gov. Tim Pawlenty and legislators are taking another stab this year at reining in what critics call a tax loophole that allows businesses to shelter income in so-called foreign operating corporations (FOC). The...

MN lawmakers eye limits on tax breaks for overseas ops.
February 5, 2005... Byline: Charley Shaw Gov. Tim Pawlenty and legislators are taking another stab this year at reining in what critics call a tax loophole that allows businesses to shelter income in so-called foreign operating corporations (FOC). The...

Boiler contract awarded for biomass plant in Benson.
February 8, 2005... Byline: Finance & Commerce Staff Foster Wheeler North America has been awarded an $18 million contract to design and supply a boiler for a biomass power plant in Benson. Fibrominn LLC, a subsidiary of Pennsylvania-based Fibrowatt LLC,...

Rosemount approves early plans for townhome project.
February 8, 2005... Byline: Finance & Commerce Staff Plans are moving forward for a proposed 75-unit townhome development at a former lumberyard near downtown Rosemount. Last week, Rosemount's City Council approved a concept plan and comprehensive plan...

St. Paul-based BioE receives $8.3 million from private investors.
February 8, 2005... Byline: Finance & Commerce Staff BioE, a St. Paul-based biotechnology company, announced Monday that it has received $8.3 million in its latest round of private financing. Company officials say the funds will help the company market its...

Photography exhibit documents 25 years of life at the Minnesota Capitol.
February 8, 2005... Byline: Charley Shaw Tom Olmscheid first started working at the state Capitol in 1976 as a page. Like many young staff hired for legislative sessions, he kept his options open for something permanent. As it turned out, a...

MN's Contractors Recovery Fund may face closer scrutiny.
February 8, 2005... Byline: Charley Shaw When the Minnesota Taxpayers Association raised concerns about so-called "hidden funds" two weeks ago, the Contractors Recovery Fund was high on its list. The group said that the CRF was among many special funds -...

MN-based United Properties expects solid year for retail.
February 10, 2005... Byline: Mark Anderson The Twin Cities retail market will add 2.7 million square feet of space in 2005 - the most in seven years, according to a commercial real estate forecast by Bloomington-based United Properties. But that strong...

Major redevelopment proposed at 50th and France in Edina.
February 10, 2005... Byline: Burl Gilyard Minnetonka-based Haugland Co. is proposing a major mixed-use development at the southwest corner of 50th Street and France Avenue in Edina. Haugland was planning to submit the proposal to the city of Edina as Finance...

Minneapolis-based Kraus-Anderson hires director of marketing, business development.
February 10, 2005... Byline: Finance & Commerce Staff Gregory Fern has been named director of marketing and business development at the Minneapolis-based Kraus-Anderson construction company. Fern, who has 30 years of experience, previously was a principal...

Eden Prairie-based J.E. Dunn-North Central has new senior project manager.
February 10, 2005... Byline: Finance & Commerce Staff Eden Prairie-based general contractor J.E. Dunn-North Central has selected Kurt Arentsen to serve as senior project manager responsible for major construction projects and for new business developments in...

MN Shopping Center Assn. will examine legislative issues.
February 10, 2005... Byline: Finance & Commerce Staff The next meeting of the Minnesota Shopping Center Association will examine the major issues that are expected to dominate debate at the Legislature this session. The event will be held on Wednesday,...

Minneapolis-based Short Elliott Hendrickson hires transportation expert.
February 10, 2005... Byline: Finance & Commerce Staff Ginny Crowson has joined Short Elliott Hendrickson Inc. as the firm's director of intelligent transportation services. Crowson has more than 13 years of transportation experience, ranging from...

Mahnomen contractor receives Army Corps safety award.
February 10, 2005... Byline: Finance & Commerce Staff Gordon Construction of Mahnomen has received the 2004 Construction Safety Award from the St. Paul district of the Army Corps of Engineers. The company was recognized for its work on a flood control...

Minneapolis-based developers plan renovation of historic sorority house.
February 10, 2005... Byline: Finance & Commerce Staff David Hoban and Arturo Sanchez, partners in Minneapolis-based Structural Integrity, have purchased the historic Tri-Delta Sorority House at the University of Minnesota and plan to restore it as a guest...

Twin Cities offers some smaller, less-glamorous commercial properties for bargain prices.
February 10, 2005... Byline: Finance & Commerce Staff Not every commercial building can be the IDS Center or the Fifth Street Towers - two downtown Minneapolis icons that changed hands last year. On the east side of St. Paul, a small stand-alone commercial...

Developer of Rosemount project goes underground to deal with stormwater challenges.
February 10, 2005... Byline: Finance & Commerce Staff A local developer is going underground in its efforts to deal with stormwater challenges at a Rosemount development site. Wayzata-based Steiner Development, with help from Minnetonka-based engineering...

Nonprofit housing developer expanding into Chaska.
February 10, 2005... Byline: Brian Johnson The Central Community Housing Trust, a nonprofit developer known mostly for its projects in Minneapolis, is expanding to the suburbs with a planned 87-unit affordable housing project in Chaska. The $13 million to...

Madison Marquette expanding its Twin Cities management portfolio.
February 10, 2005... Byline: Finance & Commerce Staff Washington, D.C.-based Madison Marquette Realty Services continues to expand its presence in the Twin Cities retail real estate market. On Feb. 3, Madison Marquette announced that it had assumed...

Minneapolis developer plans condos for former Whitney Hotel.
February 10, 2005... Byline: Mark Anderson Ned Abdul, principal of Swervo Development in Minneapolis, has decided to convert the former Whitney Hotel into residential condominiums. Abdul, who obtained the rights to acquire the historic building out of...

St. Paul's Metro Lofts using fun and location to market condos.
February 10, 2005... Byline: Bob Geiger Wellington Management's approach to marketing its Metro Lofts condominium development in St. Paul is all about fun and location, location, location. The 67-unit complex - located at University Avenue and Highway 280...

Edina-based Regis Corp opens 2,000th Supercuts hair salon in PA.
February 12, 2005... Byline: Staff Supercuts, a division of Edina-based Regis Corp., opened its 2,000th salon in Emmaus, Pa., on Feb. 8. "This is a celebration of all 2,000 shops, not a celebration of No. 2,000 but one through 2,000," said Steve Breuner,...

Video production gets major billing at two Twin Cities schools.
February 12, 2005... Byline: Bob Geiger Two Twin Cities schools - the Minnesota School of Business (MSB) in Richfield and the Brainco advertising, design and interactive studies program in Minneapolis - are putting an emphasis on careers in video production....

St. Paul-based RS Eden builds niche developing 'supportive housing'.
February 17, 2005... Byline: Burl Gilyard Construction is under way in north Minneapolis on a unique mixed-use project - transitional housing for at-risk youth combined with new headquarters for RS Eden, a St. Paul-based treatment, recovery and corrections...

$1B expansion plan unveiled at Bloomington's Mall of America.
February 17, 2005... Byline: Burl Gilyard Triple Five of Minnesota Inc., the managing partner of the Mall of America, has announced plans for a massive expansion of the mall. The Phase II proposal calls for adding 4 million square feet of space, expected...

Florida REIT acquires two Twin Cities malls.
February 17, 2005... Byline: Mark Anderson Regency Centers Corp., a Jacksonville, Fla.-based REIT, announced on Tuesday that it was ready to make a super-sized retail acquisition that will bring it 13 million square feet of shopping malls, including two...

MN-based Opus Northwest names senior V.P., general manager of real estate.
February 17, 2005... Byline: Finance & Commerce Staff Opus Northwest veteran Tim Murnane has been promoted to senior vice president and general manager of real estate. Murnane, who joined Minnetonka-based Opus in 1984, has led many of the company's office,...

Minneapolis Building Owners and Managers Assn. plans annual resource fair.
February 17, 2005... Byline: Finance & Commerce Staff The Greater Minneapolis Building Owners and Managers Association (BOMA) will sponsor a resource fair on Wednesday, March 9, at the Radisson Plaza Hotel Minneapolis, 35 S. Seventh St. The event, planned...

Dominium Development & Acquisition hires asset manager at Plymouth offices.
February 17, 2005... Byline: Finance & Commerce Staff Karen Kline has been named asset manager at the Plymouth offices of Dominium Development & Acquisition LLC. She will be responsible for overseeing much of Dominium's apartment portfolio. ...

Research analyst joins Minneapolis-based Maxfield Research Inc.
February 17, 2005... Byline: Finance & Commerce Staff Mark Spector has been hired as a research analyst at Maxfield Research Inc., a Minneapolis-based real estate research and consulting firm. Spector will be responsible for researching market strength and...

Edina-based Ron Clark Construction hires land acquisition expert.
February 17, 2005... Byline: Finance & Commerce Staff Paul Andrescik has been hired as a project manager for Edina-based Ron Clark Construction and Design. He will concentrate on land acquisition in first- and second-ring suburbs for medium- and...

Program to look at transit-oriented development in Minneapolis.
February 17, 2005... Byline: Finance & Commerce Staff A program entitled "The Future of Transit-Oriented Development" will be held at the Dorsey & Whitney law firm, 50 S. Sixth St., in downtown Minneapolis on Tuesday, March 8. Experts will talk about how...

Construction Safety Day set for March 3 at Minneapolis Convention Center.
February 17, 2005... Byline: Finance & Commerce Staff Associated General Contractors will sponsor the 20th annual Construction Safety Day on Thursday, March 3, at the Minneapolis Convention Center. The event, which kicks off at 7:30 a.m., will feature...

MN chapter of American Subcontractors Assn. hosting seminar on liens, collections.
February 17, 2005... Byline: Finance & Commerce Staff The Minnesota chapter of the American Subcontractors Association is planning a seminar on liens and collections. The session - designed for subcontractors and suppliers - will be held Tuesday, March 15,...

Minneapolis-based Shea Inc. adds senior designer to staff.
February 17, 2005... Byline: Finance & Commerce Staff Joanne Trangle has joined Minneapolis-based Shea Inc. as a senior designer. Trangle previously was an interior designer with Partners & Sirny, where her work included the Mission American Kitchen & Bar...

Twin Cities firms finish high on mortgage servicing list.
February 17, 2005... Byline: Finance & Commerce Staff Two privately held Twin Cities companies again ranked among the nation's leading commercial mortgage servicing companies in the Mortgage Bankers Association of America's annual year-end survey. ...

MN Construction Briefs: February 17, 2005.
February 17, 2005... Byline: Finance & Commerce Staff The Fifth Street Towers in downtown Minneapolis haven't been updated since the twin towers were built in the 1980s, but that's about to change. CB Richard Ellis has hired SmithGroup Inc. to assist with...

MN Real Estate Briefs: February 17, 2005.
February 17, 2005... Byline: Burl Gilyard Office vacancies may still be 20 percent across the market, but that hasn't stopped Eagan-based Manley Land Development Inc. from pressing ahead with the development of a new office building in Eagan. The...

Minneapolis-based Naterra Land plans new residential development near Biwabik.
February 17, 2005... Byline: Bob Geiger Hoping to replicate residential developments that it has built in the southern United States, Minneapolis-based Naterra Land has acquired 2,000 acres in St. Louis County that will combine northwoods scenery with access...

Westwood Elementary School becomes town of Zimmerman's star attraction.
February 17, 2005... Byline: Brian Johnson It's no Mall of America, but the new Westwood Elementary School in Zimmerman has become a mini tourist attraction for the city. The school's appeal? It recently became the first new Minnesota building - and one of...

Four firms vie to redevelop the Walker library site in Minneapolis.
February 17, 2005... Byline: Burl Gilyard Four development teams have submitted proposals to the city to redevelop the site of the Walker Community Library, 2880 Hennepin Ave. S., in the Uptown neighborhood of Minneapolis. All of the proposals call for...

Report credits JOBZ program with creating 2,500 MN jobs.
February 18, 2005... Byline: Charley Shaw State officials and analysts are touting the success of the JOBZ program, pointing to the number of new business deals that have occurred since the program began operating a year ago. "It has generated a lot of...

Minneapolis ad agency mono wins USA Network account.
February 19, 2005... Byline: Bob Geiger Less than one month after hiring a former Fallon Minneapolis executive, fledgling Minneapolis ad agency mono has won the brand advertising assignment for New York City-based USA Network, a cable television network that...

MN lawmakers debate changing telecom landscape.
February 22, 2005... Byline: Charley Shaw Minnesota lawmakers are faced with the pressing need to change the state's telecommunications laws to address major developments affecting the industry. "It's a convergence of court decisions, regulatory decisions...

Michael Hoffman named CEO of Bloomington-based Toro Company.
February 23, 2005... Byline: Finance & Commerce Staff The Toro Company announced Tuesday that it has chosen Michael Hoffman as the company's new chief executive officer. Hoffman has held various sales, service and marketing positions with Toro since...

City officials cool on Greater Minneapolis Convention & Visitors Assn. bid for new major hotel.
February 24, 2005... Byline: Burl Gilyard When the Minneapolis City Council approved a deal in 1989 to subsidize the Minneapolis Hilton Hotel - dubbed the "convention hotel" for its proximity to the Minneapolis Convention Center - then-Minneapolis Mayor Don...

MN's Nat'l Assn. of Industrial and Office Properties study fuels debate on business property taxes.
February 24, 2005... Byline: Bill Clements New year, old song. Once again, the Minnesota chapter of the National Association of Industrial and Office Properties (NAIOP) is offering its annual tax study as evidence that high business property taxes in...

Is Minneapolis's downtown apartment sector about to rebound?
February 24, 2005... Byline: Mark Anderson After several years of high vacancy rates and costly tenant give-aways, the downtown Minneapolis apartment market might be on the verge of rebounding. Some high-end projects that came on line in the last two years...

Minnesota Nat'l Assn. of Industrial of Office Properties named national chapter of the year.
February 24, 2005... Byline: Finance & Commerce Staff The Minnesota chapter of the National Association of Industrial and Office Properties (NAIOP) was named national chapter of the year at the group's leadership and legislative retreat in Washington, D.C., on...

Project engineer joins 3D/I's Minneapolis office.
February 24, 2005... Byline: Finance & Commerce Staff The Minneapolis office of 3D/I has hired Leah M. Hawk as a project engineer. Hawk will be assigned to a new hospital and clinic for Lakewood Health System, assisting project managers with document...

Chicago investment firm buys Stewartville housing communities.
February 24, 2005... Byline: Finance & Commerce Staff Green Courte Partners, a Chicago-based private real estate investment firm, has acquired two manufactured housing communities in the Rochester area. The firm bought the Southern Hills and North Ridge...

Construction contracts are subject of Army Corps workshop in St. Paul.
February 24, 2005... Byline: Finance & Commerce Staff Tom Koopmeiners, deputy for small business with the St. Paul district of the U.S. Army Corps of Engineers, will present a workshop on how to win construction contracts with the agency. "Doing Business...

Cub Foods buys Country Market stores in Champlin, Chanhassen.
February 24, 2005... Byline: Finance & Commerce Staff Stillwater-based Cub Foods has purchased two Country Market grocery stores in Champlin and Chanhassen and plans to begin converting them to Cub stores. Company officials said extensive expansion and...

MN-based KKE Architects awards scholarships to two architectural students.
February 24, 2005... Byline: Finance & Commerce Staff Two graduate students in the University of Minnesota College of Architecture and Landscape have been awarded the Ron Krank Vision Award, named after the retired founder of Minneapolis-based KKE Architects...

East Lake Community Library renovation meeting set for March 24.
February 24, 2005... Byline: Finance & Commerce Staff A public meeting on the renovation and redesign of East Lake Community Library will be held Thursday, March 24. The meeting is scheduled for 6:30 to 8 p.m. at the library, 2727 E. Lake St. Officials...

Assistant property manager joins Minnetonka-based Opus Northwest Management.
February 24, 2005... Byline: Finance & Commerce Staff Phillip Mantia has been hired as an assistant property manager at Minnetonka-based Opus Northwest Management. Mantia, a recent graduate of the University of St. Thomas in St. Paul, will manage about 1.1...

Bloomington-based United Properties hires director of portfolio management.
February 24, 2005... Byline: Finance & Commerce Staff Scott Russi has joined Bloomington-based United Properties Corporate Real Estate Services as director of portfolio management and client representation. He will be responsible for strategic planning and for...

Wayzata-based Schoell & Madson hires Elk River branch manager.
February 24, 2005... Byline: Finance & Commerce Staff Jay Hill is the new branch manager of the Elk River office of Wayzata-based Schoell & Madson Inc. Hill, who is licensed as a civil engineer and land surveyor, will handle project management, from...

St. Paul College plans upgrade to construction trades facilities.
February 24, 2005... Byline: Finance & Commerce Staff St. Paul College wants to build a better home for its building trades program and is hoping the Legislature can help. The college, at 235 Marshall Ave., plans to remodel 94,000 square feet of...

Minneapolis-based Cuningham Group spinoff to focus of urban infill, suburban redevelopment.
February 24, 2005... Byline: Brian Johnson When it comes to television shows, spinoffs are seldom as successful as the originals. Just ask any of the former Seinfeld cast members. But architectural firms aren't sitcoms, and the folks at UrbanWorks...

Minneapolis-based Upland Real Estate Group repositions for tenant-in-common growth.
February 24, 2005... Byline: Burl Gilyard As tenant-in-common (TIC) real estate deals continue to attract new investors in real estate, one of the leading local players in the field is repositioning itself for the ever-changing landscape. Minneapolis-based...

MN Real Estate Briefs: February 24, 2005.
February 24, 2005... Byline: Burl Gilyard Minneapolis-based Equity Options has carved out a niche for itself as a full-service firm specializing in converting apartments into condominiums. Last Saturday, Equity Options held its first-ever condo-conversion...

Twin Cities homebuilders urged to consider condos - with care.
February 24, 2005... Byline: Brian Johnson Builders of single-family homes and townhomes should consider jumping on the condominium bandwagon, according to a local residential construction expert. Betty Hardle, president of Coon Rapids-based Residential...

MN Marketing Briefs: February 24, 2005.
February 24, 2005... Byline: Bob Geiger Beginning with its January report, the National Association of Realtors (NAR) will include condo and co-op sales in its monthly figures for existing home sales. That change should boost national home sales figures...

Off 5th Saks offers help for ailing downtown Minneapolis retail.
February 24, 2005... Byline: Bob Geiger Downtown retail has been in varying degrees of decline since Southdale - the nation's first enclosed mall - opened in Edina in 1956. The October announcement that Birmingham, Ala., based Saks Inc. would be closing...

Welsh Cos. boosts visibility with Minneapolis skyway location.
February 24, 2005... Byline: Mark Anderson Welsh Capital, the seven-year-old debt and equity arm of Bloomington-based Welsh Cos., is creating some company milestones early in 2005. Senior vice president Peter Austin will open the mortgage bank's first...

MN Marketing Briefs: February 26, 2005.
February 26, 2005... Byline: Bob Geiger Hoping to form closer ties with Minnetonka-based client Musicland Group Inc., Ft. Lauderdale, Fla., agency Zimmerman & Partners Advertising held a two-day career fair in Minnetonka this week that attracted nearly 150...