Finance and Commerce Daily Newspaper, MN articles from July 2004

Finance and Commerce Daily Newspaper, MN archives from July 2004

Retail, health-care project proposed in Maple Grove.
July 1, 2004... Byline: Bob Geiger Rapidly expanding Maple Grove is planning its next phase of development - a 157-acre parcel that will include big-box retailers and a hospital and medical office campus. Minneapolis-based Ryan Companies U.S. Inc. is...

Condos planned for historic Union Depot train station.
July 1, 2004... Byline: Burl Gilyard Condos are being planned for the historic Union Depot train station in downtown St. Paul. Steve Frenz, president of Minneapolis-based JAS Apartments Inc., said plans are in the works to add 30 to 35 condo units in...

Unusual financing model helps make River Bluffs housing project possible.
July 1, 2004... Byline: Mark Anderson St. Paul community and business leaders celebrated another step in their landmark Housing 5000 campaign last week. But it was a financial innovation - rather than the housing itself - that was being celebrated....

Colliers team completes sale of two properties.
July 1, 2004... Byline: staff Colliers Turley Martin Tucker announced Wednesday that it represented a private Minnesota partnership in two consecutive property sales. The partnership owns Park West Properties and Alef Homes Co. CTMT represented the...

Shopping center group looks at demographics, strategies.
July 1, 2004... Byline: staff The next meeting of the Minnesota Shopping Center Association will examine demographic trends and retail strategies. The event is set for 8 a.m. next Wednesday at the Sheraton Bloomington Hotel, 7800 Normandale Blvd. ...

Selas Corp. sells Pennsylvania facility for $3.5M.
July 1, 2004... Byline: staff Arden Hills-based Selas Corp. of America has sold the property housing its heat technology business in Dresher, Pa., but will continue to lease the facility for the unit. A Selas official said BT Limekiln LP, also of...

Braun Intertec hires three scientists for environmental unit.
July 1, 2004... Byline: staff Minneapolis-based Braun Intertec Corp. has added three project managers in its environmental department. All three will oversee projects associated with property transactions, development and brownfield redevelopment....

Conference will examine real estate investing.
July 1, 2004... Byline: staff A conference on strategies for adding real estate to investment portfolios will be held at the downtown Minneapolis campus of the University of St. Thomas on Wednesday, July 14. Topics will include "Portfolio Positioning:...

University Bank meets Houses to Homes goal.
July 1, 2004... Byline: staff St. Paul-based University Bank has exceeded its goal of financing the rehabilitation of 1,000 affordable homes in the Twin Cities before the end of 2005. Since the Houses to Homes program was launched in May 2000, University...

Todd Taggart recognized by construction finance group.
July 1, 2004... Byline: staff Todd Taggart, who chairs the construction industry group at Grant Thornton in Minneapolis, received the Debra Hahn Award from the Construction Financial Management Association at the group's national meeting in New Orleans...

MN Construction Briefs July 1, 2004.
July 1, 2004... Byline: Brian Johnson Neighborhood House, a St. Paul organization founded in the late 1800s to assist Jewish settlers from Eastern Europe, plans to break ground soon on a 93,000-square-foot community center that will help the organization...

Internet-connected kiosks installed at KC development.
July 1, 2004... Byline: Bob Geiger St. Louis Park promotion firm AlivePromo Inc. has joined with Columbus, Ohio-based commercial real estate developer Steiner + Associates to install wireless Internet-connected kiosks at Zona Rosa, a 1.2...

MN Real Estate Briefs July 1, 2004.
July 1, 2004... Byline: Mark Anderson Community banks all over the Twin Cities have boosted their lending to developers and commercial real estate (CRE) investors in the land rush that has accompanied low interest rates in the last two years. But a...

Bossardt Corp. finishes $137M Bloomington schools project.
July 1, 2004... Byline: Brian Johnson A massive program of additions and renovations for the Bloomington Public Schools is now in the books. Bossardt Corp., a Bloomington-based construction management firm, completed the $137 million construction...

If population is down, what gives with Minneapolis housing boom?
July 1, 2004... Byline: Burl Gilyard You don't have to go far in the city of Minneapolis before running into another new (or rehabbed) loft (or condominium) project. The multi-unit housing market in the core city remains robust. Yet, despite the...

The Carlyle off to a promising start.
July 1, 2004... Byline: Burl Gilyard The Carlyle, a 255-unit 39-story high-rise that will be built near the river in downtown Minneapolis, is generating strong interest, with more than half the units being reserved by prospective buyers during a kickoff...

Grocer moving into retail site is evidence of inner-city renaissance.
July 1, 2004... Byline: Burl Gilyard The building at 1311 Franklin Ave. E. has been a troubled retail site over the years. The structure sits in the Phillips neighborhood of south Minneapolis, traditionally one of the poorer neighborhoods in the city. But...

Twin Cities ad agency Colle + McVoy among likely semi-finalists for Subaru ads.
July 2, 2004... Byline: Bob Geiger One of three Twin Cities ad agencies appears to have advanced in the pitch for the creative portion of the Subaru of America advertising account - business that will be worth an estimated $25 million in fee revenue for...

MN Marketing Briefs July 3, 2004.
July 3, 2004... Byline: Bob Geiger The New York office of Minneapolis-based Fallon Worldwide has dropped from the review for Staples office supply stores after making the finalist round for the estimated $60 million broadcast advertising account. ...

Telex Communications sells off Australian subsidiary.
July 3, 2004... Byline: staff Minneapolis-based Telex Communications Inc. announced the sale of its Australian subsidiary, EVI Audio, to Colin Formston, who has been the manager of the subsidiary for 18 years. Terms of the deal were not disclosed. ...

Van Dusen Mansion available - for $3.9 M.
July 8, 2004... Byline: Burl Gilyard Ten years ago, the Van Dusen Mansion was just weeks away from demolition. Today, after a top-to-bottom restoration, the historic, castle-like property is back on the market. The asking price for the building at 1900...

Duke Realty plans big Twin Cities push.
July 8, 2004... Byline: Todd Messelt Duke Realty Corp. executives say they are poised for a flurry of industrial, office and mixed-use development in the Twin Cities over the next three to five years, the scope of which they say will put them in league...

Braun employees receive professional engineer licenses.
July 8, 2004... Byline: staff Three employees at Bloomington-based Braun Intertec - Christopher Kehl, Joel Kurpius and Chris Rasmussen - have received their professional engineer licenses. Kehl tests and inspects concrete, concrete reinforcement,...

Dept. of Employment and Econ. Development awards $4M in cleanup grants.
July 8, 2004... Byline: staff The state Department of Employment and Economic Development has awarded more than $4 million in cleanup grants to several Minnesota communities. The money - going to eight Twin Cities projects and four in greater...

Groundbreaking set for Rogers industrial park.
July 8, 2004... Byline: staff A groundbreaking will be held Tuesday, Aug. 3, for a building in the second phase of the Diamond Lake Industrial Center in Rogers. The building, which will open in December, will be part of a three-building industrial...

Fountain and gardens planned for Minneapolis library.
July 8, 2004... Byline: staff Construction will begin this fall on the Legacy Fountain and Gardens at Pierre Bottineau Community Library in northeast Minneapolis. The fountain will be placed in the front yard of the library at Broadway and Marshall...

National Assn. of Industrial Office Properties meeting will examine TIC ownership.
July 8, 2004... Byline: staff The Minnesota chapter of the National Association of Industrial and Office Properties will sponsor a panel discussion on tenants-in-common ownership structure at its next breakfast meeting on Tuesday, July 20. The event will...

Parade of Ponds expanded to two weekends.
July 8, 2004... Byline: staff The Twin Cities Parade of Ponds is expanding its annual showcase of water gardens from one weekend to two weekends this year, with more than 100 ponds in the Twin Cities open for public viewing. The event will be held on...

Developer plans $12M Hopkins House project.
July 8, 2004... Byline: Brian Johnson A Minnetonka developer who specializes in bringing older houses and apartments back to life is seeking approval from the city of Hopkins to convert a once-popular hotel in that city to condominiums. Troy Mathwig...

MN Construction Briefs July 8, 2004.
July 8, 2004... Byline: Brian Johnson Rebuild Resources, a St. Paul-based nonprofit organization that provides job training and mentoring for young adults struggling with addiction, is the beneficiary of a July 15-16 fundraiser at Fox Hollow Golf Course...

Target moving into more urban areas.
July 8, 2004... Byline: Burly Gilyard Minneapolis-based Target Corp. is primarily thought of as a suburban, big-box retailer. After all, the first Target store opened in the St. Paul suburb of Roseville in 1962. But in recent years, demographic, real...

St. Paul group wary of Lexington Park plan.
July 8, 2004... Byline: Burly Gilyard The Battle of the Midway is on again in St. Paul. Once again, a developer has plans for the moribund intersection of Lexington and University avenues, and once again, local community groups are not rushing to embrace...

Hey City closure underscores the city's landlord role.
July 8, 2004... Byline: Burly Gilyard In 1995, the city of Minneapolis stepped in to buy the vacant Hirshfield's Paint and Wallcoverings building at 824 Hennepin Ave. S. Hirshfield's had moved out in 1990, when the company relocated. In the intervening...

Stonemill Farms sprouting up in Woodbury.
July 8, 2004... Byline: Brian Johnson Stonemill Farms doesn't have a mayor or a city council, but Newland Communities officials like to think of the development as a town in its own right. Put another way, it's like a town within a town in the eastern...

ABRA Auto Body and Glass opens Minneapolis repair center.
July 9, 2004... Byline: staff ABRA Auto Body & Glass, a Minneapolis-based damaged vehicle repair company, announced the opening of its 29th repair center in the Twin Cities. The facility, located at 13819 Johnson Street in Ham Lake, will increase the...

Martin/Williams creates amusing ads for Staples.
July 9, 2004... Byline: Bob Geiger In the "I'm first" world of retail, office supplies chain Staples, Inc. is betting that the sight of middle-aged rock star Alice Cooper shopping for school supplies with a glum-looking daughter will generate hot sales...

St. Paul River Bluff housing project suffers setback.
July 10, 2004... Byline: staff Ramsey County District Court Judge Judith M. Tilsen issued an order on Friday staying the condemnation of an ExxonMobil Oil Corp. site that the city of St. Paul sought to acquire for the proposed River Bluff housing project....

MN Marketing Briefs: July 10, 2004.
July 10, 2004... Byline: staff writer Surprising few industry observers, Kia Motors America has parted with pitch consultant AAR Partners during simultaneous reviews for competing car manufacturers - leaving three Twin Cities agencies questioning their...

Lansing Grain acquires Idaho facilities from General Mills.
July 14, 2004... Byline: staff Okemos, Mich.-based Lansing Grain Co. announced the company would purchase Idaho grain-handling facilities from Golden Valley-based General Mills. Terms of the deal were not disclosed. Lansing Grain will acquire...

Fed rate hike shouldn't hurt real estate market.
July 14, 2004... Byline: staff When the Federal Reserve announced on June 30 its first interest rate hike in 50 months, it sounded momentous, but it shouldn't affect many decisions by real estate developers or investors through the rest of this year,...

Business is booming for affordable housing group.
July 15, 2004... Byline: Burl Gilyard Everybody knows that the residential condo business is booming. But so is the business of providing affordable housing for individuals and families who can't afford those luxury condos. Founded in 1986, the...

Mound aims for past glory with new development.
July 15, 2004... Byline: Brian Johnson Back in the early 1900s, the city of Mound was a popular destination for fishing and relaxation. At one point, James J. Hill's locomotives sent 16 trainloads of tourists per day to the resort town. Sixty hotels and...

Building owners assn. develops i-SITE system with fire department.
July 15, 2004... Byline: staff The Minneapolis Fire Department and the Minneapolis Building Owners and Managers Association (BOMA) on Tuesday unveiled i-SITE, a new computer system designed to provide firefighters and other emergency responders with...

Braun Intertec names senior materials engineer.
July 15, 2004... Byline: staff Rachel J. Detwiler has been named senior materials engineer at Minneapolis-based Braun Intertec Corp. Detwiler will work in the construction materials department in the company's Bloomington office. She will be responsible...

Fly ash seen as partial solution to cement shortage.
July 15, 2004... Byline: staff A potential increase in demand for fly ash - due to shortages of Portland cement in many parts of the nation this summer - could have a positive impact on the environment. Al Christianson, business representative for...

KKE Architects names new board member.
July 15, 2004... Byline: staff Quin Scott has been elected by the shareholders of Minneapolis-based KKE Architects to the firm's board of directors. Scott, a Minnesota native and Edina resident, has a bachelor of architecture and a bachelor of...

Rosemount cargo center still up in air.
July 15, 2004... Byline: Brian Johnson Rosemount officials are still lobbying to be the home of a regional air freight cargo distribution center, but legislative inaction has left the project in limbo. The center, which would be a central location for...

Council decision hinders Pillsbury 'A' Mill redevelopment.
July 15, 2004... Byline: Burl Gilyard Minneapolis-based developer Schafer Richardson says a decision by the Minneapolis City Council requiring an Environmental Impact Statement (EIS) for its proposed redevelopment of the historic Pillsbury A Mill in...

Colliers 2Q report paints a bleak picture for the local office market.
July 15, 2004... Byline: Burl Gilyard Real estate professionals keep talking about the coming recovery in the commercial real estate market. Inquiries about available properties are on the upswing, they generally say, and broader economic indicators are...

Thrivent Financial lends against the grain - and thrives.
July 15, 2004... Byline: Mark Anderson Wayne Streck makes more commercial real estate loans than almost anybody else in the Twin Cities as head of mortgage investment at Thrivent Financial. And his $5.6 billion portfolio, which constitutes about 15...

Minneapolis Construction Briefs July 15, 2004.
July 15, 2004... Byline: Brian Johnson The Crowne Plaza Minneapolis Airport West Hotel in Bloomington doesn't just have a long name. It has a new look, too. The 257-room hotel, located near Highways 494 and 100 on Green Valley Drive, reopened in...

St. Paul firm touts 'True Loft' brand.
July 15, 2004... Byline: Bob Geiger Patrick Crowe could use a course in time management, stretching himself too thin in a number of successful vocations, thanks partly to low mortgage rates and a consumer rush to buy urban lofts. He's a business...

PAK Properties seeks city aid for Lowry condos.
July 15, 2004... Byline: Burl Gilyard Rich Pakonen, president of PAK Properties, hopes the city of St. Paul will provide him with $2.2 million to help convert the venerable Lowry Professional Building into condos. The 223,428-square-foot Class C office...

Still active, at 81, Parker reflects on celebrated architectural career.
July 15, 2004... Byline: Todd Messelt Most Minnesotans probably have been in a building designed by Minneapolis architect Leonard Parker, including the Minneapolis Convention Center. He has been a key figure in the local design community for nearly 50...

Minneapolis-based Carmichael Lynch lands Peterbilt Motors Co. account.
July 16, 2004... Byline: staff Minneapolis ad agency Carmichael Lynch was awarded the Peterbilt Motors Co. account.Peterbilt is the third manufacturer of premium long-haul trucks to pick the firm as its ad agency. Carmichael Lynch has created advertising...

Minneapolis-based Martin/Williams loses Staples account to New York ad agency.
July 16, 2004... Byline: staff Framingham, Mass.-based office supplies chain Staples Inc. selected New York ad agency McCann-Erickson Worldwide to handle the creative portion of its $60 million broadcast ad account. The move by Staples comes three days...

MN Marketing Briefs July 17, 2004.
July 17, 2004... Byline: Bob Geiger Hennepin County is planning to hire an indoor ad agency to oversee acquisition and placement of advertising on large plasma screens at each of the county's five service centers. Designed to help offset operating...

Minneapolis-based GelStat declares three-for-two stock split.
July 21, 2004... Byline: staff Minneapolis-based GelStat Corp. announced on Tuesday that its board of directors has declared a three-for-two stock split, which will be in the form of a 50 percent stock dividend. The stock dividend will be a tax-free...

Biotech manufacturing plant in Brooklyn Park ready for production.
July 21, 2004... Byline: Todd Messelt Minnesota's burgeoning biotech industry will add another feather to its cap Thursday when Protein Design Labs Inc. (PDL) opens its new $200 million biopharmaceutical manufacturing plant in Brooklyn Park. PDL...

St. Paul developer wants forgivable loan from city to help fund residential condo project.
July 22, 2004... Byline: Burl Gilyard Developer Rich Pakonen, president of PAK Properties, believes that he has finally put together a deal for the languishing Lowry Professional Building, 350 St. Peter St., in downtown St. Paul. Pakonen is proposing at...

Lake Street project makes use of federal New Markets funding blueprint.
July 22, 2004... Byline: Mark Anderson The $4.2 million redevelopment of a Lake Street retail-office building that got under way last week will expand the supply of affordable commercial space available to hundreds of immigrant entrepreneurs who are...

Guidebook available on managing HUD housing.
July 22, 2004... Byline: staff A new guidebook is available on occupancy requirements for the more than 2.5 million multifamily housing units operating under U.S. Department of Housing and Urban Development regulations. "Managing Occupancy: A Companion...

Minneapolis-based Piper Jaffray awards grants for housing, neighborhoods.
July 22, 2004... Byline: staff Minneapolis-based Piper Jaffray & Co. is giving $440,500 to 41 nonprofit groups that help develop affordable housing and revitalize economically distressed neighborhoods. Andrew Duff, chairman and chief executive officer...

Sculpture to be unveiled at Burnsville redevelopment project.
July 22, 2004... Byline: staff The developers of Grande Market Place - a European style village of shops and apartments in Burnsville's Heart of the City redevelopment - will unveil a sculpture at the complex this weekend. The event is set for Saturday...

Minneapolis-based Griffin Cos. secures store sites for Tuesday Morning.
July 22, 2004... Byline: staff Lynn Bones, Linda Zelm and John Tramm of Minneapolis-based Griffin Cos. helped the Tuesday Morning retail chain secure two store locations in Chanhassen and Mendota Heights. The 6,400-square-foot site in Chanhassen is...

Minneapolis Construction Briefs: July 22, 2004.
July 22, 2004... Byline: Brian Johnson For the Thao-Yang family, Minnesota's largest Habitat for Humanity project is more than just another residential development in Newport. It's a chance for 4-year-old Pheng to experience life at a new level. The...

Brooklyn Park targets aging apartments in development plan.
July 22, 2004... Byline: Brian Johnson The city of Brooklyn Park, hoping to reduce blight and encourage new development, is considering plans to demolish some of the older apartment complexes in the city and replace them with townhouses, restaurants and...

Bloomington-based United Properties named 'Developer of the Year'.
July 22, 2004... Byline: Burl Gilyard Boyd Stofer, CEO and president of Bloomington-based United Properties, was clearly thrilled on Monday after the National Association of Industrial and Office Properties (NAIOP) named the firm its "Developer of the...

Developers and retailers try to figure out how lifestyle centers fit the needs of shoppers.
July 22, 2004... Byline: Bob Geiger The lifestyle retail center has arrived in the Twin Cities, with the Shoppes at Arbor Lakes showing early success in Maple Grove and a similar shopping venue, the Shoppes at Woodbury Lakes, planned in Woodbury. But...

St. Paul-based Commonwealth Properties to renovate four downtown bldgs. into office condos.
July 22, 2004... Byline: Jim Martyka One of the hottest trends in office space is making its way to St. Paul. Office condos have been successful in the suburbs, but real estate officials are curious about whether they can succeed in a downtown market. ...

IDS Center in downtown Minneapolis demonstrates that design still matters.
July 22, 2004... Byline: Burl Gilyard The biggest real estate news last week was that the tallest and best known building in Minneapolis, the IDS Center, will come on the market this fall. The iconic skyscraper is owned by a pension fund connected to...

Two national construction trade associations agree to help promote Labor Dept. resources.
July 23, 2004... Byline: Brian Johnson Two national construction trade associations have agreed to promote some of the U.S. Department of Labor's electronic and print materials related to labor law compliance. The Associated Builders and Contractors...

Sunstone Hotels open fifth property in downtown Rochester.
July 24, 2004... Byline: staff Sunstone Hotels opened the Residence Inn Rochester Mayo Clinic in downtown Rochester. The $9 million, seven story, 80-suite hotel provides guests with direct access to the Mayo Clinic and downtown Rochester via...

Minneapolis Marketing Briefs July 29, 2004.
July 29, 2004... Byline: Bob Geiger Rock star Jason Medvec. Ad pitchman Jason Medvec. The 34-year-old president of St. Paul-based Medvec-Eppers wears both titles these days after re-branding his business as the "Rock-and-Roll" advertising agency. ...

Senior co-ops fuel housing, construction boomlet in Twin Cities.
July 29, 2004... Byline: Burl Gilyard Next Monday, the first residents will move into Applewood Pointe of Roseville, a new seniors cooperative housing project developed by Bloomington-based United Properties. If multi-family housing is still in a boom...

Tenants-in-common deals follow industry standard for load fees.
July 29, 2004... Byline: Burl Gilyard One of the larger local real estate deals of 2003 was the sale of the Minnesota Center building in Bloomington. The 14-story suburban office tower changed hands for $40.6 million in October. But the deal is perhaps...

As hotels bounce back, investment interest grows.
July 29, 2004... Byline: Mark Anderson The disabling slump that the hotel industry underwent during the last three years is ending, with guest and revenue numbers climbing and investors venturing back into the steadily evolving market. Like the rest of...

Treasure Island finishes $4.8 million hotel renovation.
July 29, 2004... Byline: staff Treasure Island Resort & Casino in Red Wing has completed a $4.8 million hotel renovation project. The project, which included updates to all 250 rooms and the addition of six high-end suites, 12 extended-stay suites and...

Tenants-in-common seminar planned for Thursday in Woodbury.
July 29, 2004... Byline: staff A free seminar on TIC or tenants-in-common investing for real estate will be held next week in Woodbury. The event will be held Thursday from 5:45 to 7:30 p.m. at 8595 Central Park Place. The sponsors are Safe Harbor...

Home furnishings sector is topic of meeting.
July 29, 2004... Byline: staff Alvin B. Wight, president of the Strategic Decisions market research and consulting firm, will be the keynote speaker at a Minnesota Shopping Center Association meeting next Wednesday in Bloomington. The event will be...

MNCREW plans event to help fund resource center.
July 29, 2004... Byline: staff Minnesota Commercial Real Estate Women (MNCREW) will sponsor an event in October to raise money to create a family resource center at Fairview-University Children's Hospital in Minneapolis. "An Emerald Evening" will be...

Eight real estate executives receive CCIM designation.
July 29, 2004... Byline: staff Eight Twin Cities commercial real estate professionals have received the Certified Commercial Investment Member (CCIM) designation from the CCIM Institute. They are Aaron Barnard, Grubb & Ellis/Northco Real Estate...

Lupe Development hires associate developer.
July 29, 2004... Byline: staff Minneapolis-based Lupe Development Partners has hired Kristine Wagner as an associate developer. Wagner, a native of Chicago, previously worked for SHE Inc. in Vadnais Heights and URS Corp. in Minneapolis as a project...

Braun Intertec hires information technology specialist.
July 29, 2004... Byline: staff Bloomington-based Braun Intertec Corp. has hired Brian Hase as director of information technology. Previously, Hase was senior director and management consultant for Minneapolis-based Systems Consulting Group. He also was...