Finance and Commerce Daily Newspaper, MN articles from May 2004

Finance and Commerce Daily Newspaper, MN archives from May 2004

U.S. Bancorp talking with ad agencies about projects.
May 1, 2004... Byline: staff Minneapolis-based U.S. Bancorp is talking with several ad agencies about handling advertising assignments on a project basis. U.S. Bancorp spends about $20 million a year on advertising, and Minneapolis agency...

SBA lenders on pace for record year in Minnesota.
May 1, 2004... Byline: Mark Anderson If lending at the Small Business Administration is any indication, Minnesota businesses are getting healthy again. At least they're getting their spending appetites back. Loan originations in the agency's...

Martin/Williams Advertising parts ways with Staples Inc.
May 1, 2004... Byline: Bob Geiger Framingham, Mass.-based office supply chain Staples Inc. has launched a review of East Coast ad agencies after parting with Minneapolis ad agency Martin/Williams Advertising. The Staples departure takes away a...

Hiawatha Line geared to begin running June 26.
May 4, 2004... Byline: staff Hiawatha Line light-rail service, pushed back because of the Twin Cities bus strike last month, will officially begin on Saturday, June 26. Metropolitan Council Chair Peter Bell said service will be available between...

HighJump Software CFO masters art of the deal.
May 4, 2004... Byline: Jessica Griffith Veteran Chief Financial Officer Dan Mayleben gets the attention of his executive team with a carefully crafted spreadsheet. His chart compares corporate data with information from its closest competitors,...

Colle + McVoy ad agency plots a different direction.
May 5, 2004... Byline: Bob Geiger Bloomington ad agency Colle + McVoy's work is prominently displayed in New York City's Times Square, but the agency won't be competing head-to-head with Madison Avenue's mega accounts now that John Jarvis is president of...

Marquette Plaza sees encouraging signs in slow leasing market.
May 6, 2004... Byline: Burl Gilyard The Scoular Co. recently inked a deal for 16,000 square feet at Marquette Plaza in downtown Minneapolis. In the grand scheme of downtown real estate, that's a fairly small deal, but it's an encouraging sign of...

International Market Square lofts selling briskly.
May 6, 2004... Byline: Burl Gilyard To say that the market for new multi-unit condos remains robust is perhaps an understatement. On April 20, two model condo units opened and sales began for The Lofts at International Market Square. Ten days later, 55...

National Assn. of Industrial and Office Properties plans sixth annual Day of Bridging.
May 6, 2004... Byline: staff The Minnesota chapter of the National Association of Industrial and Office Properties will hold its sixth annual Day of Bridging on Thursday, May 20. The event is set aside for NAIOP members and friends to volunteer...

Welsh Capital arranges financing for $30 million project.
May 6, 2004... Byline: staff Bloomington-based Welsh Capital has arranged a revolving construction loan and provided equity capital for the Uptown Landing condominiums project in Burnsville. The project is a three-building, 110-unit condominium...

Real estate investment forum set for May 18 in Bloomington.
May 6, 2004... Byline: staff Twin Cities Commercial Real Estate Investment Market: Insights & Outlook will be held Tuesday, May 18, at the Sheraton Bloomington Hotel, formerly the Radisson South. The event, sponsored by the Minnesota chapter of the...

Smith-Dahmer Associates opens Minneapolis office.
May 7, 2004... Byline: staff Former Campbell Mithun Vice President and Management Supervisor Lauren Holderness has opened a five-employee Minneapolis office of St. Joseph, Mich.-based market research Smith-Dahmer Associates LLC. "Minneapolis is an...

Wirth Cos. aims to make big splash with water park/hotel.
May 7, 2004... Byline: Brian Johnson A Minneapolis-based developer began demolition of the Decathlon Athletic Club in Bloomington on Thursday as part of its plans to build a $100 million water park/hotel development that's being billed as "another...

Senior executive leaves Fallon Worldwide for New York firm.
May 7, 2004... Byline: Bob Geiger Fallon Worldwide has lost another senior executive after Mark Goldstein, chief marketing officer in charge of global new business development, accepted a similar post at New York agency Lowe & Partners Worldwide,...

Buyers snap up tax-forfeited properties.
May 8, 2004... Byline: Brian Johnson When the auctioneer yelled "sold!" and pointed to the woman in the bright red jacket, Twanda Okolo made no attempt to conceal her enthusiasm. "Praise the Lord!" she shouted again and again, as she danced...

MN Marketing Briefs May 8, 2004.
May 8, 2004... Byline: Bob Geiger Creating a successful architectural, construction or engineering firm requires skilled - and lengthy - efforts in building C-level relationships. That's C, as in CEO, CIO, COO and any of the many other corporate titles...

Fallon Intersect merges with Fallon Worldwide.
May 11, 2004... Byline: staff Minneapolis ad agency Fallon Worldwide has quietly merged its Fallon Intersect retail advertising and marketing support division with its parent agency to present a more consistent agency brand to clients. Although...

U of M students rank in 'College World Series of Advertising'.
May 11, 2004... Byline: staff A University of Minnesota team of advertising students has advanced to the national championship competition after defeating 12 other regional National Student Advertising Competition contenders. Under the leadership of...

ATS Medical names its president, CEO as board chairman<P>.
May 12, 2004... Byline: staff Plymouth-based ATS Medical Inc. named Michael D. Dale, the company's president and CEO, as chairman of its board of directors. Dale assumes the responsibilities performed by Manuel A. Villafana, who served as chairman since...

Martinson Hispanic Marketing and Research opens office.
May 12, 2004... Byline: staff Hispanic marketer Tim Martinson has returned to Minneapolis from Miami to launch Martinson Hispanic Marketing and Research, a company dedicated to connecting brands and companies to the Hispanic market. "When people think...

Former politician enjoying life as a developer.
May 13, 2004... Byline: Burl Gilyard Former politician Steve Minn is developing the former Ramar Building in south Minneapolis into a 54-unit condo complex called The Franklin Lofts. Although Minn was often a lightning rod for controversy in public life,...

New rules could boost mortgage-backed securities.
May 13, 2004... Byline: Mark Anderson Wall Street could become a bigger lender to Main Street property owners if Congress adopts new rules this spring aimed at making the path smoother for securitized commercial mortgage lending. The main element of...

Few takers so far for old Best Buy digs.
May 13, 2004... Byline: Burl Gilyard In early 2003, electronics retailer Best Buy Co. began moving into its shiny new corporate campus - four buildings and 1.5 million square feet on a 42.5-acre site - at Interstate 494 and Penn Avenue South. in...

MN Real Estate Briefs May 13, 2004.
May 13, 2004... Byline: Burl Gilyard Metropolitan Council Chairman Peter Bell addressed the monthly meeting of the Greater St. Paul Building Owners & Managers Association (BOMA) earlier this week. Bell talked in broad strokes about the challenges of...

State mortgage bankers see plenty of reason for optimism.
May 13, 2004... Byline: Mark Anderson Minnesota's mortgage bankers were in a positive mood on Tuesday as they gathered for the annual one-day meeting of the Mortgage Association of Minnesota. The tone could have been sober, considering every mortgage...

State Senate moves to close home warranty law 'loophole'.
May 13, 2004... Byline: Brian Johnson It hasn't been easy, but legislation that closes an unintended loophole in the state's home warranty law appears to be finally headed for approval. Senate file 289, which was approved 61-0 last week by the...

Olson + Co. expands office in Minneapolis.
May 13, 2004... Byline: Bob Geiger Minneapolis ad agency Olson + Co., which calls itself the home of Brand Champions, is expanding its office space by 3,000 square feet to house up to 26 graphic designers, interactive department executives and electronic...

Warehouse district among few bright spots in market.
May 13, 2004... Byline: Burl Gilyard No news isn't necessarily good news for the commercial real estate market. Colliers Turley Martin Tucker released its market report for the first quarter last week. For those in the commercial real estate business, the...

Reuse of landmark buildings is subject of forum.
May 13, 2004... Byline: staff Two housing specialists from the Minneapolis-based Northcountry Cooperative Development Fund will speak at the University of Minnesota on Friday about the steps involved in reclaiming and reusing landmark buildings. ...

Construction group to discuss marketing strategies.
May 13, 2004... Byline: staff The Minnesota Construction Association's May lunch meeting will focus on marketing strategies in a challenging economy. The meeting, scheduled for Wednesday, May 26, from 11:30 a.m. to 1:15 p.m. at the Sheraton Hotel...

Nat'l Assn. of Industrial & Office Properties plans survey of development costs in metro.
May 13, 2004... Byline: staff The Minnesota chapter of the National Association of Industrial & Office Properties is planning a survey of cities in the metropolitan area to determine development costs in those communities. The group will review fees...

Shopping center group names foundation president.
May 13, 2004... Byline: staff The Minnesota Shopping Center Association's Caring Tree Foundation has elected Supervalu Inc. executive David Stradtman as its new president. Stradtman will preside over a group that promotes educational success by...

Minneapolis-based United Properties plans mixed-use project in Bloomington.
May 14, 2004... Byline: staff United Properties, a Minneapolis-based commercial real estate property, plans to break ground Friday on a $35 million mixed-used development at 84th Street and Lyndale Avenue in Bloomington. The Lyndale Green development...

Minnesota commercial investment members celebrate record deals.
May 14, 2004... Byline: staff The Certified Commercial Investment Members of Minnesota and the Dakotas celebrated 2003's biggest real estate deals and the dealmakers who completed them during a Thursday event at the University of St. Thomas. Denise...

Wells Fargo acquires PayDay of Minnesota.
May 14, 2004... Byline: staff Wells Fargo & Co. has acquired PayDay of Minnesota, Inc., a privately held payroll services company based in Bloomington. PayDay of Minnesota provides payroll, payroll tax, direct deposit, and integrated time and...

Minneapolis-based KKE Architects completes design for Camp Snoopy theater.
May 14, 2004... Byline: staff Minneapolis-based KKE Architects has completed interior design and architectural renovation work at the Camp Snoopy Wilderness Theatre in the Mall of America. The 4,000-square-foot theater, part of the nation's largest...

AGC economist to speak at June 10 forum in Bloomington.
May 15, 2004... Byline: staff Ken Simonson, chief economist for the Associated General Contractors of America, will discuss the outlook for Minnesota's construction industry during a June 10 speech at the Marriott Hotel in Bloomington. Simonson, one...

AGC-Minnesota official recognized for safety efforts.
May 15, 2004... Byline: staff The Minnesota Department of Labor and Industry has recognized Doug Swenson of the Associated General Contractors of Minnesota for his work in occupational health and safety training. Swenson, AGC-Minnesota's director of...

Duluth insurance agency receives statewide honor.
May 15, 2004... Byline: staff Otis-Magie Insurance, Duluth's largest independent insurance agency, was named agency of the year by the Minnesota Independent Insurance Association. "Otis-Magie was mentioned over and over again. They've been a strong...

Ad agency, Olson + Co. snatches another Carmichael Lynch senior executive.
May 15, 2004... Byline: Bob Geiger In its third hire from Minneapolis shop Carmichael Lynch in eight months, Minneapolis ad agency Olson + Co. has named Brian Kroening senior vice president and executive creative director, effective June 7. Kroening...

Construction trades announce new contracts.
May 18, 2004... Byline: staff The Lakes and Plains Regional Council of Carpenters and Joiners late last week announced the ratification of several new construction labor contracts for workers in Minnesota, North Dakota and South Dakota. New contracts...

Georgia company plans to purchase FSF Financial.
May 19, 2004... Byline: staff A Georgia company with banking and consumer finance holdings announced last week that it plans to buy Hutchinson-based FSF Financial Corp. MidCountry Financial Corp., a privately held company headquartered in Macon, will...

Campbell Mithun lands advertising project from EchoStar.
May 19, 2004... Byline: staff Minneapolis ad agency Campbell Mithun has landed an undisclosed advertising project from EchoStar's Dish Network after a hush-hush pitch for an estimated $100 million campaign for the provider of direct satellite broadcasting...

Spectre Gaming opens facility for manufacturing, distribution.
May 19, 2004... Byline: staff Minneapolis-based Spectre Gaming Inc. opened a manufacturing and distribution facility in El Cajon, Calif. "By locating in a market that will soon become the largest gaming market in the United States, Spectre will be...

Rule change boosts SBA real estate lending.
May 20, 2004... Byline: staff writer Real estate lenders at Twin Cities banks might have an easier time making loans this year, thanks to relaxed rules governing some of their partners at the U.S. Small Business Administration. The rule changes affect...

Minneapolis realtor sold on tenancy-in-common real estate investments.
May 20, 2004... Byline: staff writer Michael Houge, principal with the Minneapolis-based Upland Real Estate Group, has spent the last decade of his real estate brokerage career specializing in net-leased properties - generally buildings fully occupied by...

Nat'l Assn. of Industrial & Office Properties looks at local development costs in Twin Cities.
May 20, 2004... Byline: staff writer How do metro area cities compare with each other when it comes to office development costs? That's what the Minnesota chapter of the National Association of Industrial & Office Properties is trying to find out with...

Harmon Inc. names field workforce superintendent.
May 20, 2004... Byline: staff Harmon Inc., the Golden Valley-based installer of building glass, has named Tom Pichman as the national superintendent of its field workforce. Pichman, who will be based in Chicago, will coordinate communication between...

Opus Northwest hires real estate rep for multifamily and office projects.
May 20, 2004... Byline: staff Minnetonka-based builder and developer Opus Northwest LLC has hired Michael Ramme as a real estate representative. Ramme, who has a bachelor's degree from the University of Colorado-Boulder and master's in business...

National home builders will be panel topic.
May 20, 2004... Byline: staff The next meeting of the Sensible Land Use Coalition will feature a panel discussion on national home builders and their impact on the Twin Cities market. National home builders have operated in the Twin Cities since 1972,...

Hartford Group planning Woodbury mixed-use project.
May 20, 2004... Byline: staff Hartford Group Inc., a real estate development firm based in Eden Prairie, is planning a mixed-use project on a 21.5-acre site in Woodbury. "Legacy Village at Woodbury" could include office condominiums, medical offices,...

Minneapolis Marketing Briefs May 20, 2004.
May 20, 2004... Byline: Bob Geiger Baltimore-based direct marketing and marketing services company Vertis has acquired Minneapolis photography firm Forte and will combine 14,000 square feet of studio and office space at 500 S. Washington Ave, adjacent to...

Nat'l Assn. of Office & Industrial Properties meeting offered insights on commercial market.
May 20, 2004... Byline: Burl Gilyard The May meeting of the Minnesota chapter of the National Association of Office & Industrial Properties (NAIOP) drew a sizeable crowd to the Sheraton Bloomington Hotel on Tuesday. The monthly scrambled...

Developer to turn former prison into condominiums.
May 20, 2004... Byline: Burl Gilyard Thanks to the burgeoning boom in condo construction and multi-unit housing projects, it seems that there's almost no site that can't be recast as the latest and the greatest in urban living. Witness the in-progress...

Former Warden Oil site may have housing in its future.
May 20, 2004... Byline: Brian Johnson When high-density housing is proposed in an established neighborhood, the words "not in my backyard" are a familiar refrain. But folks in Minneapolis' Harrison neighborhood seem to be saying "the more, the merrier,"...

High life: Strother Communications enjoys plush space in the Foshay Tower.
May 20, 2004... Byline: Bob Geiger Public relations executive Patrick Strother has the only Class B office space in downtown Minneapolis with gold-plated plumbing fixtures and stunning African mahogany woodwork. Not all the plumbing fixtures are...

Minneapolis-based Vicom opens properties through Minnesota digital subsidiary.
May 21, 2004... Byline: staff Minneapolis-based Vicom Inc. and its subsidiary, MDU Inc. completed the installation of equipment necessary to launch its TV and video services to 21 properties through its network of system operators. "We have...

Small banks stagger under a wave of new regulations.
May 21, 2004... Byline: Mark Anderson Banking regulators are starting to worry out loud that the cost of complying with an ever-expanding book of rules is harming the nation's small banks. John Reich, vice chairman of the Federal Deposit Insurance...

Minneapolis-based Fallon-Worldwide unit contending for Staples.
May 21, 2004... Byline: Bob Geiger The New York office of Minneapolis-based Fallon Worldwide is one of six contenders for the broadcast creative portion of Staples' estimated $60 million national ad account. News of Fallon's inclusion in the review...

MN Marketing Briefs: May 22, 2004.
May 22, 2004... Byline: Bob Geiger The National Pork Board, a Clive, Iowa-based research, promotion and consumer education trade group that represents pork farmers, is considering at least two Twin Cities ad agencies for its $10 million advertising...

Twin Cities homebuilding activity slows down a bit in April.
May 25, 2004... Byline: staff Residential construction activity took a breather in April, according to building permit figures released Monday by the Builders Association of the Twin Cities. The figures, which cover most of the 11-county metro area,...

CorVu opens offices in Washington, D.C., and Dallas.
May 25, 2004... Byline: staff Minneapolis-based CorVu Corp. opened offices in Dallas and Washington D.C. The Dallas-based sales office will be a regional sales center. The Washington, D.C.-based office will serve the company's sales efforts to the...

National Pork Board to continue its ad agency review.
May 25, 2004... Byline: staff The National Pork Board will continue its ad agency review following the U.S. Supreme Court's decision on whether the First Amendment rights of beef ranchers are being violated by a marketing fund check-off program. The...

Fallon Minneapolis lands Starz Encore account.
May 26, 2004... Byline: staff One day after losing the creative portion of Milford, Conn.-based Subway Restaurants' national ad account worth more than $200 million, Fallon Minneapolis has landed an estimated $30 million media placement account for cable...

U.S. Bank buys National City's trust bond business.
May 26, 2004... Byline: staff Minneapolis-based U.S. Bancorp announced that its lead bank, U.S. Bank, acquired the corporate trust bond administration business of National City Corp. U.S. Bank's corporate trust division will gain approximately 3,800...

Plato Learning gains stronger foothold in industry through acquisitions.
May 26, 2004... Byline: Liz Wolf Bloomington-based Plato Learning Inc. is becoming a heavyweight in the fast-growing and competitive K-12 education market. In fact, the computer-based education service provider has completed seven acquisitions since...

Fallon Minneapolis and Subway split over creative differences.
May 26, 2004... Byline: Bob Geiger Fallon Minneapolis has parted with its biggest ad client, Subway Restaurants, after handling the creative portion of Subway's $220 million to $230 million account for less than one year. Milford, Conn.-based Subway...

Remembering the start of downtown's housing boom.
May 27, 2004... Byline: Mark Anderson The booming market for downtown and riverfront housing has contributed much of the buzz to a largely sluggish commercial development scene over the last several years, drawing many new lenders into the multi-family...

Declining TIF revenues weaken their allure.
May 27, 2004... Byline: Burl Gilyard A few weeks ago the Minnesota Office of the State Auditor released its annual survey of tax increment financing (TIF) revenues across the state. The news for local governments was not good. According to the...

Construction sector has varying opinions on success of legislative session, despite potential job losses.
May 27, 2004... Byline: Brian Johnson The 2004 Legislature has received bad reviews from commercial contractors and others for its lack of results, but the local homebuilding industry has a different take on the recently concluded session. While...

AGC chief economist featured at Young Constructors Forum.
May 27, 2004... Byline: staff Ken Simonson, chief economist for Associated General Contractors of America, will peer into his crystal ball to examine the construction economy during an appearance in Minneapolis next month. Simonson will speak at the...

Braun Intertec names senior materials engineer.
May 27, 2004... Byline: staff Bloomington-based Braun Intertec Corp. has named Kurt Berglund senior materials engineer in charge of materials testing and of evaluating and restoring structures. He will also assist in evaluating concrete and masonry. ...

NAIOP meeting to offer industrial market update.
May 27, 2004... Byline: staff The next monthly meeting of the Minnesota chapter of the National Association of Industrial and Office Properties will feature a panel of commercial real estate professionals discussing market conditions for industrial...

Wells Fargo No. 1 in SBA commercial real estate loans.
May 27, 2004... Byline: staff For the second year in a row, Wells Fargo & Co. led the nation in providing commercial real estate loans through the Small Business Administration's 504 loan program. Jerry Gray, head of Wells Fargo SBA Lending and...

Contractors, ironworkers still working on benefits deal.
May 27, 2004... Byline: staff Union and management negotiators haven't yet reached an agreement on health and pension benefits for local ironworkers despite several months of talks and recent meetings with federal mediators, according to the Associated...

Pillsbury Center to change name due to acquisition.
May 27, 2004... Byline: Burl Gilyard What's in a building name? Pillsbury Center is something of an icon in downtown Minneapolis. The two-tower structure won design accolades when it opened in 1981 as the home base for the venerable Minnesota food and...

Martin/Williams Advertising cuts deal for lease, office remodeling.
May 27, 2004... Byline: Bob Geiger Minneapolis agency Martin/Williams Advertising found a way to cut remodeling costs and to extend the lease on its 80,000 square feet of Class A office space at 60 S. Sixth St. Just have the building owner chip in...

Oakdale bucks trend with major office project.
May 27, 2004... Byline: Brian Johnson Carlson Real Estate Co., undaunted by the lingering slump in metro area office properties, is moving forward with plans to develop a 55-acre Oakdale site with up to 700,000 square feet of office space. The site,...

MN Marketing Briefs May 27, 2004.
May 27, 2004... Byline: Bob Geiger Advertising for four Minnesota shopping malls has been reassigned to the Chicago office of Pittsburgh-based MARC USA following a pitch that involved six other ad agencies. MARC USA will create advertising for the...

Community banks hopping on the commercial real estate bandwagon.
May 27, 2004... Byline: Mark Anderson The commercial real estate industry hasn't been at a loss for capital or credit over the last several years, thanks in part to a maturing, more reliable real estate industry and partly to the poor alternatives...

MN Real Estate Briefs May 27, 2004.
May 27, 2004... Byline: Burl Gilyard The Minnesota Department of Employment and Economic Development (DEED) on Wednesday signed a lease for 151,000 square feet of office space in the First National Bank Building, 332 Minnesota St., in downtown St. Paul....

Minneapolis-based Carmichael Lynch hires Marsh, promotes Lentsch.
May 28, 2004... Byline: staff Minneapolis ad agency Carmichael Lynch hired Bruce Marsh as creative director of the agency's newly formed Carmichael Lynch Interactive and Direct division. Marsh joins Carmichael from a creative director post at New York...

U.S. Bank names former rival as new local leader.
May 29, 2004... Byline: Mark Anderson U.S. Bank continues to shuffle the deck of top-level executives, hiring Wells Fargo Bank veteran David Latta to be its new Twin Cities market president. Latta replaced Joseph Otting, who was promoted to executive...

MN Marketing Briefs May 27, 2004.
May 29, 2004... Byline: Bob Geiger Burnsville-based Northern Tool & Equipment Co. plans to upgrade its marketing to young men, naming Minneapolis ad agency Hunt Adkins as the company's first agency of record. Northern Tool & Equipment, best known for...