I'm happy to report that Block E has a new owner (almost). Bob Lux, the developer of Grant Park and the Carlyle has signed a purchas agreement to take over 213,000 sq ft of the Block E building (excludes Graves 601). I think by having somebody that actually lives in Minneapolis owning this building we will see a pitch to get tenents that make sense. Now that Target Field is open, and attracting thousands of people to the area it could actually work out.
I'm hopefull that Mr. Lux doesn't make the mistake that the previous developers made by brining in mediocre tenents. I look forward to seeing a multitude of fun and trendy shops and restaurants open in the space.
One question that I have. Didn't Bob Lux also try to open the Pinnacle in St. Paul? Did that thing ever get built?
Showing posts with label Block E. Show all posts
Showing posts with label Block E. Show all posts
Friday, April 9, 2010
Tuesday, March 30, 2010
Another One Bites the Dust
Gameworks is shutting its doors, and the already empty Block E, just became more of a ghost town. I realize this isn't in Ward 1 but I'm trying to broaden my horizon just a little.
Gameworks occupied 34,012 square feet of the stone Goliath that has been on life support for several years now. Block E still has 24,000 square feet that Borders has been trying to unload for just over two years without any luck. All this, and Hooters is on the verge of eviction unless it can somehow come up with almost $450,000 that it owes in back rent.
Kieren's did take the leap of faith, and moved in to Block E two weeks ago today. I'm not sure how they're doing but something tells me that is one place that can't fail (famous last words). With the addition of Kieren's they did double the number of worthwhile businesses there, The Shout House being the other one.
Here's my opinion...If you're going to build a monstrosity in the middle of a downtown area, don't fill it with large chains that people can find in the suburbs where they don't have to pay for parking. I don't know many families that are getting home after work and saying, 'ok kids, hop in the minivan, we're goin' downtown to Applebee's!' No, I'm thinking that when working class people get home from work after a long rush hour commute, they're saying, 'ok kids, hop in the minivan, we're goin' 3 blocks to Applebee's (or a movie theatre, or Dave and Busters).
Block E is a good idea in principal but the company that owns it might need a little lesson in property management. If you're going to build something in an area where families don't live, then you need to fill it with things that those people can't get anywhere else. Or, you need to at least appeal to the people that do actually live in the area. I don't claim to have the answers, and believe me, I know the economy has a lot to do with this but Block E was failing before the recession so I don't know if I buy that excuse. No, I think it was just poor management, and poor solicitation to get tenants that would really bring in the people.
What thrives downtown? Live theatre, niche restaurants, bars, these are the things that needed to be looked at when filling the space. I said when the palce opened it wasn't going to make it, and it's too bad. I hope they can get it together and find some worthwhile tenants but it might be too little, too late with this economy. Although, maybe the Kieren's move is the start of something great for Block E.
Gameworks occupied 34,012 square feet of the stone Goliath that has been on life support for several years now. Block E still has 24,000 square feet that Borders has been trying to unload for just over two years without any luck. All this, and Hooters is on the verge of eviction unless it can somehow come up with almost $450,000 that it owes in back rent.
Kieren's did take the leap of faith, and moved in to Block E two weeks ago today. I'm not sure how they're doing but something tells me that is one place that can't fail (famous last words). With the addition of Kieren's they did double the number of worthwhile businesses there, The Shout House being the other one.
Here's my opinion...If you're going to build a monstrosity in the middle of a downtown area, don't fill it with large chains that people can find in the suburbs where they don't have to pay for parking. I don't know many families that are getting home after work and saying, 'ok kids, hop in the minivan, we're goin' downtown to Applebee's!' No, I'm thinking that when working class people get home from work after a long rush hour commute, they're saying, 'ok kids, hop in the minivan, we're goin' 3 blocks to Applebee's (or a movie theatre, or Dave and Busters).
Block E is a good idea in principal but the company that owns it might need a little lesson in property management. If you're going to build something in an area where families don't live, then you need to fill it with things that those people can't get anywhere else. Or, you need to at least appeal to the people that do actually live in the area. I don't claim to have the answers, and believe me, I know the economy has a lot to do with this but Block E was failing before the recession so I don't know if I buy that excuse. No, I think it was just poor management, and poor solicitation to get tenants that would really bring in the people.
What thrives downtown? Live theatre, niche restaurants, bars, these are the things that needed to be looked at when filling the space. I said when the palce opened it wasn't going to make it, and it's too bad. I hope they can get it together and find some worthwhile tenants but it might be too little, too late with this economy. Although, maybe the Kieren's move is the start of something great for Block E.
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