Minneapolis Real Estate – Himspairport http://himspairport.com/ Thu, 10 Jun 2021 23:57:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://himspairport.com/wp-content/uploads/2021/05/default.png Minneapolis Real Estate – Himspairport http://himspairport.com/ 32 32 Dayton developer sues debt holder https://himspairport.com/dayton-developer-sues-debt-holder/ https://himspairport.com/dayton-developer-sues-debt-holder/#respond Thu, 10 Jun 2021 21:20:20 +0000 https://himspairport.com/dayton-developer-sues-debt-holder/ The owner and developer of Dayton’s Project in downtown Minneapolis is suing its debt holder over claims that the debt was purchased under a “predatory loan-to-home program.” 601 Minnesota Mezzanine and its executive members, Mark Karasick and Michael Silberberg of The 601W Cos., Seek an injunction and $ 270 million in damages from global investment […]]]>


The owner and developer of Dayton’s Project in downtown Minneapolis is suing its debt holder over claims that the debt was purchased under a “predatory loan-to-home program.”

601 Minnesota Mezzanine and its executive members, Mark Karasick and Michael Silberberg of The 601W Cos., Seek an injunction and $ 270 million in damages from global investment firm Monarch Alternative Capital LP, claiming continued civil unrest in the metropolitan area and the global pandemic caused potential tenants to withdraw from rental commitments. The Dayton Project is the $ 350 million redevelopment of a 1902 apartment building in downtown Minneapolis at 700 Nicollet Mall, according to the civil complaint received by Finance & Commerce.

Although 601 Minnesota is up to date on its debt obligations, the complaint says the developer is in default for not leasing the project by leasing deadlines. These are scheduled dates when a property must have a certain percentage of the space rented.

601 Minnesota says rental dates were set before the double crisis enveloped Minneapolis: the COVID-19 pandemic and civil unrest after the murder of George Floyd. Monarch would apparently not engage in lease deadline renegotiations, and instead would seek to foreclose the loan and “steal” the property, according to a press release on the developer’s case.

“Predatory lender … seeks to shut down owner-developer of a local Minneapolis real estate project and take over the project for himself,” says the recently filed 601 Minnesota Civil Complaint, which has not yet been made public .

New York-based Monarch did not send a comment at the time of posting.

601 Minnesota is partnering with The Telos Group LLC and United Properties on the project. Work has continued for four years, during which time teams renovated the 1.2 million square foot building to house retail and restaurant businesses on the lower three floors and offices on eight floors, as well as a library, a gym and a park, according to the Liberation.

“This will be the first space of its kind in Minnesota,” Karasick said in the statement. “We will support the local business community with a designated area for small retail stores and kiosks, specializing in products made here in Minnesota, including those made by local artisans and minority-owned businesses.”

Crews completed most of the work on the 12-story building in February and March last year – a month before pandemic restrictions began. Prior to the pandemic and Floyd’s murder, the developer had rental commitments from two “significant” tenants – including a national accounting firm – and was in advanced negotiations with each other for a 150,000 square foot space, according to the complaint.

However, “the Minneapolis leasing market has been virtually frozen due to COVID-related lockdowns and widespread civil unrest, leading to the shutdown of retail and office operations across the city,” according to the complaint.

This included the Dayton Project, which has indefinitely suspended its rental program, according to the complaint.

In January of this year, two potential tenants withdrew from their rental commitments, citing continued civil unrest in the city center. The potential lead tenant, a national accounting firm, has postponed and “drastically” reduced the scope of its initial commitment to rent four floors of office space, according to the complaint.

601 Minnesota was – and still is – allegedly unable to meet rental dates, which were created when “no one could have reasonably predicted how the pandemic and civil unrest would cripple office and retail rentals in the United States. downtown, “the statement said. .

The Dayton Project is currently 98% vacant, according to the complaint.

The complaint states that the project was funded by mortgage financing from JP Morgan Chase Bank, NA; mezzanine financing from Angelo Gordon Management LLC; and federal government and city of Minneapolis tax incentives.

Monarch acquired Angelo Gordon’s $ 78 million mezzanine loan four months ago. Neither the mezzanine loan nor the mortgage is in default. But 601 Minnesota is in default because it failed to meet rental criteria, according to the complaint.

Monarch reportedly refused to meet rental deadlines and instead sought to foreclose the mezzanine loan and take ownership. The statement added that Monarch has ensured that other lenders can refinance the Dayton Project.

In addition, Monarch reportedly agreed to a “good faith agreement” whereby the parties would work together to restructure rental terms, according to the complaint.

“It is clear that Monarch intentionally acquired this mezzanine loan in order to capitalize on the unprecedented crisis facing the Minneapolis business community and to steal property from 601 Minnesota,” the complaint states.

RELATED:

Dayton tenants line up for 2020

Commercialization of the Dayton project in downtown Minneapolis

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Builders look beyond the pandemic – Finance & Commerce https://himspairport.com/builders-look-beyond-the-pandemic-finance-commerce/ https://himspairport.com/builders-look-beyond-the-pandemic-finance-commerce/#respond Wed, 09 Jun 2021 21:35:22 +0000 https://himspairport.com/builders-look-beyond-the-pandemic-finance-commerce/ The transition to the post-pandemic world presents both challenges and opportunities for apartment developers in the metropolitan area. At an event on Wednesday, development officials from Doran Cos., Schafer Richardson and Sherman Associates discussed the pandemic-influenced project changes and expectations of new tenants, as well as the impact of inclusionary zoning on the housing stock. […]]]>


The transition to the post-pandemic world presents both challenges and opportunities for apartment developers in the metropolitan area.

At an event on Wednesday, development officials from Doran Cos., Schafer Richardson and Sherman Associates discussed the pandemic-influenced project changes and expectations of new tenants, as well as the impact of inclusionary zoning on the housing stock. The NAIOP Minnesota, also known as the Commercial Real Estate Development Association, hosted the virtual and in-person event.

“We still have big issues to solve in the Twin Cities and especially in Minneapolis with public safety, inclusion, equity,” Chris Sherman, president of Sherman Associates, said at the event. “The spotlight is on us, and I think there are a lot of people out there who want to make these changes and be the leaders in making those changes.”

Rental activity at Sherman’s properties has resumed in the past two months, following the conviction of Derek Chauvin in the death of George Floyd and the continued rollout of vaccines. However, civil unrest and the pandemic, along with a historic number of new units, caused high vacancy rates last year, Sherman said.

The developers also pointed to new inclusionary zoning rules requiring affordable units in new housing as drivers of high vacancy rates, as developers aim to submit projects ahead of zoning changes. This influenced the high number of new units the metro area saw last year, he said.

“I think a lot of people were saying, ‘Well, it’s purely [because of] public safety and COVID. ‘ But it was also production. … This happened in large part because the inclusionary zoning was going to come into effect, ”Sherman said.

Inclusion zoning is now having the opposite effect on new apartment development, Sherman said.

Affordable housing is expensive to create, forcing developers to need and want grants for their projects. Without subsidies, the supply of new units may decrease. While tenants are likely to be better off in the short term with inclusionary zoning, it may reduce available units in the long term because fewer are online, he said.

“There is a common goal here from all parties to provide new affordable housing, and that’s what’s great,” Sherman said. “Now how can we make a better policy to do these things? “

It’s hard to get inclusive zoning to work in specific neighborhoods, said Katie Anthony, director of development at Schafer Richardson.

For example, The Bessemer of the company at Seward Commons in the Seward neighborhood of Minneapolis has benefited from being located in an area of ​​opportunity. But it is entering a market that has not seen a draft market rate for many years, she said.

“We did not have to do inclusion zoning. … If we had, it would have been even more difficult to cross the finish line. It probably wouldn’t have happened, ”said Anthony.

Similar to Sherman, Schafer Richardson has seen some major rebounds in his North Loop properties.

“I would say… without having businesses downtown, without people coming to work or going to the theater,… the greatest convenience for my buildings in the North Loop is the North Loop,” she said. .

The rebound follows challenges similar to Sherman’s, which Anthony says began before the pandemic took hold and public safety concerns arose.

“We find it difficult to retain and find new tenants during the rotation,” she said. “I think we are headed for challenges with renting and stabilizing rents before COVID.”

Even with rebounds, “there’s a lot of work to be done” to make sure Minneapolis moves forward with the growing housing market, Anthony said.

In the suburbs, rental speed and rental prices are higher compared to cities. However, Tony Kuechle, president of development for Doran Cos., Said he was not sure what caused the differences.

“I don’t know if this is political turmoil or just instability in… the marketplace of what’s going on with COVID,” Kuechle said. “People don’t want to take on this extra expense. “

Residents of suburbs and city centers have new needs, mainly influenced by the pandemic, for equipment and the size and style of units, the panelists said.

Schafer Richardson changed the air filtration systems in his office portfolio. It also designs residential units with larger windows, home workspaces and insulated air filtration systems, Anthony said.

People are also demanding larger spaces. With remote work likely to continue, Sherman said he expected demand for spacious units to continue in the long term.

“Three years ago, I couldn’t give up a two-bedroom apartment in the city. And they’re the first to hire now, ”said Anthony.

The developer has also modified the amenity spaces to meet the needs of remote workers. It created smaller, quieter spaces that remote workers can use for phone calls or meetings, which replaced some large community rooms, she said.

“There is a kind of arms race around amenity spaces,” she said.

In the suburbs, Doran has created new user-friendly equipment spaces for teleworkers. Baby boomers are also driving demand for amenities, Kuechle said.

“It’s not necessarily for residents. It’s for the residents’ grandchildren, ”said Kuechle. “It’s fun to go see grandma and grandpa and swim in the pool and play in the arcades and [with] golf and skee ball simulators.

RELATED:

Sherman buys land for a downtown project

Housing policy criticized

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Associated Banc: Bank Completes Funding for Minneapolis Area Logistics Center Project https://himspairport.com/associated-banc-bank-completes-funding-for-minneapolis-area-logistics-center-project/ https://himspairport.com/associated-banc-bank-completes-funding-for-minneapolis-area-logistics-center-project/#respond Tue, 08 Jun 2021 15:59:11 +0000 https://himspairport.com/associated-banc-bank-completes-funding-for-minneapolis-area-logistics-center-project/ MINNEAPOLIS – June 7, 2021 – Associated Bank announced the completion of a loan for the construction of the Southwest Logistics Center in Shakopee, Minnesota. The subject property is located approximately five miles east of downtown Shakopee and 20 miles southwest of downtown Minneapolis. The property is currently vacant land, but will be upgraded to […]]]>


MINNEAPOLIS – June 7, 2021 – Associated Bank announced the completion of a loan for the construction of the Southwest Logistics Center in Shakopee, Minnesota. The subject property is located approximately five miles east of downtown Shakopee and 20 miles southwest of downtown Minneapolis. The property is currently vacant land, but will be upgraded to a one-story bulk warehouse with 505,952 square feet of rental space located on 38.60 acres.

The project will be among the largest speculative industrial buildings of recent years for the Twin Cities market. The developer seeks to capitalize on the growing need for newer and more functional warehousing and distribution spaces, which has accelerated over the past two years and is a trend that is expected to continue. Some of the current large users active in this market include Amazon, Walmart, Federal Express, UPS, DHL, and Home Depot. The site should be completed at the end of 2021.

Mitchell Vega, senior vice president at Associated Bank’s Commercial Real Estate, handled loan agreements and closing.

The Commercial Real Estate division of Associated Bank is committed to providing developers / owners / operators of commercial buildings with a range of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.

# # #

ABOUT ASSOCIATE BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $ 35 billion and is Wisconsin’s largest banking holding company. Headquartered in Green Bay, Wis., Associated is one of the Midwest’s premier banking franchises, offering a full range of financial products and services in more than 240 banking locations serving more than 120 communities in Wisconsin, Illinois and the Minnesota, and commercial financial services in Indiana, Michigan. , Missouri, Ohio and Texas.

Warning

Banc-Corp associated published this content on June 08, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 Jun 2021 15:56:05 UTC.



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The changing faces of downtown https://himspairport.com/the-changing-faces-of-downtown/ https://himspairport.com/the-changing-faces-of-downtown/#respond Mon, 07 Jun 2021 19:48:49 +0000 https://himspairport.com/the-changing-faces-of-downtown/ Meet Taylor Smrikárova (née Cooper) [Real Estate Developer]: I’m a 34 year old real estate developer at Seward Redesign Inc. with no kids but a 20 pound cat named Percy. Although I postponed my wedding celebration three times due to COVID-19, I legally married my four-year-old boyfriend, James Smrikárova, last May. I am originally from […]]]>


Meet Taylor Smrikárova (née Cooper) [Real Estate Developer]:

I’m a 34 year old real estate developer at Seward Redesign Inc. with no kids but a 20 pound cat named Percy. Although I postponed my wedding celebration three times due to COVID-19, I legally married my four-year-old boyfriend, James Smrikárova, last May. I am originally from Prince George County, Maryland. I also sit on the board of directors of CommonBond Communities, the City of Lakes Community Land Trust, the Commercial Land Trust Initiative, and the City of Minneapolis Zoning Board of Adjustments. Four years ago we decided to find a better city life, and within six weeks we had moved across the country to the Twin Cities, out of sight and without family ties or job openings. In the DC area, we left behind two jobs and two diplomas (each) and seven roommates between us.

2021 summer bucket list:

I look forward to outdoor festivals like Open Streets and Northern Spark, and the Green Day / Weezer / Fall Out Boy concert at Target Field.

The most interesting place in the city center:

Edwards Dessert Kitchen. Seriously, this bathroom is so beautiful.

Best park to read:

The small park under the avenue Hennepin bridge.

Most Underrated Attraction:

Peavey Plaza with its renovated fountains. A gem hidden in plain sight!

Burger of your choice:

Smack Shack’s Connecticut Lobster Roll.

Destination of the day off:

Ride an electric bike on the 3rd Avenue bridge and discover the new contemporary art exhibits at the Walker.


Meet Amy Krummen [Empty Nester]:

In July 2019, my husband, Stewart, and I sold our 14 year old home and moved from St. Louis Park to Encore in Minneapolis. One of the many things on my husband’s to-do list was to live downtown. It didn’t take long to convince me that this was a great location as we visited a seventh floor apartment that overlooked the Mississippi River. We were familiar with the area as we often cycled from our suburban home on Saturday mornings via the Cedar Lake Trail to the Mill City Farmers Market. Then after a coffee and pastry from one of the food vendors, we would return to the Greenway trail between Bde Maka Ska and Cedar Lake. One of our favorite places to go on a Sunday afternoon was a production at the Guthrie Theater, so crossing the street from the theater was like crossing the street of longtime friends.

Preferred night meeting place:

There are so many to list, and all within walking distance! Umbra for its delicious food and cool atmosphere, the Aster patio for its wonderful view and relaxed atmosphere, the Nicollet Island Inn for its historic and intimate charms and Zen Box for having the best take out to eat on the 12th floor terrace of our building!

Most Memorable Live Show:

Benjamin Leftwich at 7th St Entry, and Guys and dolls à la Guthrie.

Burger of your choice:

Beef purchased from Sunshine Harvest Farm at the Mill City Farmers Market and grilled on our own grill.

Destination of the day off:

Bike ride along the West River Parkway to Minnehaha Falls or across the campus bridge to the University of Minnesota agricultural campus.


Meet Jeffrey Bores + Michael Hawkins [Lawyer + Financial Operations]:

Jeffrey is the managing partner of Chestnut Cambronne PA, a Washington Square law firm, and Michael works in financial services at Target Corp. We have lived at Stonebridge Lofts for over six years and are currently renting out, with the goal of moving into Eleven when full. We also own taraNa Yoga, which is located at 38th Street and Grand Avenue South in the Kingfield area. All of our classes are currently online, so Jeffrey teaches from our downtown apartment. Jeffrey sits on the board of the Playwrights’ Center in Minneapolis, and we (before the pandemic) saw about 90 theatrical performances a year in the Twin Cities and elsewhere (new theater festivals like the Pacific Playwrights Festival in South Coast Repertory in Costa Mesa, California, and the Humana Festival of New American Plays at the Actors Theater of Louisville).

Choice of drinks:

For beer, Modist Brewing’s False Pattern and any collaboration between the Fair State Brewing Cooperative and BlackStack Brewing. For a cocktail, the boulevardier of JD Hoyt’s Supper Club (which goes very well with the Steak Spaulding!) Or a big well-watered martini on the terrace of the Monte Carlo.

Preferred night meeting place:

For now, our favorite hangout is at home: the meal kits from Jamie Malone’s Keep It Grand (formerly Grand Cafe). We splurge on the Big Kit for a week of dates or savor some of the home-made entrees like Beef Wellington with Bordelaise Sauce, Kugel Potato and Roasted Vegetables. For a special nighttime rendezvous: PS Steak. Get the Denver Cup and treat yourself to a Seafood Ride!

Hang up every day:

Runyon’s – for the chicken wings, of course.

Most Underrated Attraction:

East Town’s mini theater district. We are within walking distance to Guthrie, Open Book (where Ten Thousand Things performs), the Southern Theater (which hosts many theater companies), Mixed Blood (a true theater gem) and Theater in the Round.

Most Memorable Live Show:

It was February 20, 2020, when we saw the Minnesota Orchestra’s Grieg and Rachmaninoff concert schedule, with Tine Thing Helseth on trumpet and Eivind Gullberg Jensen on conduct. Rachmaninoff’s Symphony no. 2 was amazing.


Meet Alyssa Gogil [Registered Nurse]:

I am 28 years old and moved to Minneapolis from Manila, Philippines in 2017. I am a registered nurse and currently working as a field nurse coordinator for an organization located downtown. I love my five minute walk to work! I love living downtown with my husband, Aaron, and our two feathered friends, Samantha and Julien.

2021 summer bucket list:

To try all the restaurants on Eat Street, along Nicollet Avenue.

Basic groceries:

Trader Joe’s because I live above it, ha! It’s so convenient, and the staff have always been great. They go above and beyond, especially when we have been affected by COVID-19.

Hang up every day:

Starbucks in East End: kudos to Cody and his team!


Meet Théo + Sarah Erasmus [Solutions Engineer + Pediatric ICU Nurse]:

We are both 24, married and just moved from St. Paul to Minneapolis. Theo works for Apple as a solutions engineer and Sarah works as a pediatric critical care nurse (AKA, a quiet hero) at M Health Fairview University of Minnesota Masonic Children’s Hospital. No children for us yet. Right now we have no excuse to travel, we love to travel!

2021 summer bucket list:

Biking from Mill City to Stillwater.

Burger of your choice:

Parlor (still a classic!)

Preferred night meeting place:

The kitchen and the Freehouse bar and JUN Szechuan.

Destination of the day off:

Hang around the Gold Medal Park and Stone Arch Bridge for spontaneous food trucks and jazz bands.

The most interesting place in the city center:

Guthrie Theater, Stone Arch Bridge, the rooftop terrace of The Vicinity Apartments (located in the Mill District) and US Bank Stadium overlooking The Commons Park.


This article originally appeared in the June 2021 issue of Magazine Mpls.St. Paul. Learn more about downtown Minneapolis, 2021 summer style, sponsored by the mpls downtown council, here.



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Minneapolis sees more protests after MPs’ death of man https://himspairport.com/minneapolis-sees-more-protests-after-mps-death-of-man/ https://himspairport.com/minneapolis-sees-more-protests-after-mps-death-of-man/#respond Mon, 07 Jun 2021 10:51:45 +0000 https://himspairport.com/minneapolis-sees-more-protests-after-mps-death-of-man/ MINNEAPOLIS (AP) – Protesters took to the streets for the fourth night in a row in Minneapolis after a black man was shot dead by members of a US Marshals task force. Crowds marched on Sunday night in response to Thursday’s fatal shooting against Winston Boogie Smith Jr., 32, in the Uptown neighborhood of Minneapolis. […]]]>


MINNEAPOLIS (AP) – Protesters took to the streets for the fourth night in a row in Minneapolis after a black man was shot dead by members of a US Marshals task force.

Crowds marched on Sunday night in response to Thursday’s fatal shooting against Winston Boogie Smith Jr., 32, in the Uptown neighborhood of Minneapolis. Officers stood guard during the protests.

There were no immediate reports of injuries or arrests resulting from Sunday’s protests.

Authorities said Smith was wanted for a weapons violation and fired a gun before two MPs shot him while inside a parked vehicle. Members of the US Marshals Fugitive Task Force were trying to arrest him on an arrest warrant for allegedly being a criminal in possession of a gun.

Family and friends have described Smith as a father of three who was often harassed by police. They demand transparency in the investigation and have asked anyone who may have video footage to come forward.

over the weekend led to arrests. The night after the shooting, some people ransacked buildings and robbed businesses.

The fatal shooting comes as Minneapolis has been on the alert for just over a year, and the fatal shooting of an officer in the nearby Brooklyn Center in April.



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Construction of St. Paul is strong in 2020 with new locations, development of the green line – Twin Cities https://himspairport.com/construction-of-st-paul-is-strong-in-2020-with-new-locations-development-of-the-green-line-twin-cities/ https://himspairport.com/construction-of-st-paul-is-strong-in-2020-with-new-locations-development-of-the-green-line-twin-cities/#respond Sun, 06 Jun 2021 01:41:43 +0000 https://himspairport.com/construction-of-st-paul-is-strong-in-2020-with-new-locations-development-of-the-green-line-twin-cities/ Despite social unrest and a pandemic-induced economic recession, builders large and small continued to build in St. Paul’s last year. Landowners secured $ 692 million in building permits in 2020, up from $ 550 million the year before and 2% more than the city’s six-year average, according to a Pioneer Press analysis. New multi-family apartment […]]]>


Despite social unrest and a pandemic-induced economic recession, builders large and small continued to build in St. Paul’s last year.

Landowners secured $ 692 million in building permits in 2020, up from $ 550 million the year before and 2% more than the city’s six-year average, according to a Pioneer Press analysis.

New multi-family apartment buildings have paved the way, and properties along the Green Line have seen a surge of activity, six years after the tram extended to the capital.

“That story that cities are dying, and nobody wants to live here, and nobody wants to do business here?” I can’t find any evidence that is true, ”said Mitra Jalali, a member of the city council, who represents Ward 4, the northwest corner of the city, which was the starting point for the new real estate development in the year. last.

Jalali has heard all kinds of comments about construction activity around Raymond Avenue and University Avenue near the Minneapolis border. Some voters are celebrating the addition of new housing, while others lament the high monthly rents and construction noise associated with apartments that have yet to open to the public.

With an estimated construction price of $ 43.5 million, this affordable five-story, two-building development at 1845 University Ave. W. in St. Paul will expand to 243 apartments, as well as 2,500 square feet of retail space on the ground floor when it opens in a few months. Developer Reuter Walton and the Frana Companies predict a total investment of $ 64 million ultimately, pictured on Wednesday, June 2, 2021 (Scott Takushi / Pioneer Press)

Nearby, the Vandalia Tower near Vandalia and University avenues in Ward 4 recently completed an 18-month renovation that has attracted tenants from the North Loop and beyond to Minneapolis. Of the 15 properties his company runs in the metro, “most of our rental business is there,” said Michael Wendorf, rental agent at Principled Real Estate Advisors. “We are pleasantly busy here. And that’s good for St. Paul.

Further east along the Green Line, around Snelling and University avenues, several apartment buildings with a few luxury units are under development or ready to be let. The largest building permit obtained in the city in the first 12 months of the pandemic was for a mixed residential and commercial development under construction in front of a Goodwill factory outlet near University and Fairview avenues.

The five-story, two-building and affordable housing development at 1845 W. University Ave. will offer 243 apartments and 2,500 square feet of retail space on the first floor when it opens in a few months. Developer Reuter Walton and Frana Cos. expect a total investment of $ 64 million when it opens.

“A significant increase in the complexity and size of development projects contributes to the increase in permit assessments,” said Ricardo Cervantes, director of the department of safety and inspections at St. Paul, in a written statement.

The Green Line corridor also remained warm during the first months of 2021.

At Raymond and University Aves. in St. Paul, the Minneapolis-based Kraus-Anderson Development Company is building 222 apartment units at market rates on the former U.S. bank site across from Key’s Cafe on Wednesday, June 2, 2021 (Scott Takushi / Pioneer Press)

At the end of February, on Raymond and University avenues, Kraus-Anderson Development Co., based in Minneapolis, inaugurated 222 apartment units at market rate on the former US bank site across from Key’s Cafe. Three months later, the company began redeveloping the vacant Walmart Supercenter east of University and Snelling avenues into a big box decorating hub.

“I think the Green Line brought different opportunities, and there was a good number of older real estate that had lived their useful lives and were ripe for redevelopment,” said Matt Alexander, senior vice president at Kraus- Anderson.

NEAR CITY CENTER BEHIND

From early 2020 until March of this year, Ward 4 had 14 major projects representing some $ 245 million in construction activity, eclipsing most other neighborhoods combined.

Ward 2 was also busy with 20 major projects valued at $ 215 million spanning downtown St. Paul, the West Side, part of West Seventh Street, Cathedral Hill and the eastern stretches of Grand Avenue. .

Elsewhere, master planning documents call for thousands of additional housing and business units in Highland Park on Ford’s former auto manufacturing site, now known as Highland Bridge, and the city is working on planning for the redevelopment. of the old Hillcrest Country Club. It may not be long before these political quarters, 3 and 7, start showing similar levels of real estate activity.

The Highland Bridge development is under construction at the site of the former Ford automobile plant in the Highland neighborhood of St. Paul on Wednesday, June 2, 2021 (Scott Takushi / Pioneer Press)

Meanwhile, the Greater East Side and Payne-Phalen remain calm, with Ward 6 landing just three of the city’s 62 major projects allowed from January 2020 through March 2021. The other neighborhoods each only had a handful of major ones. projects. In the three neighborhoods with the least construction activity, the most significant new projects were public school additions.

The East Side, North End and Como neighborhoods are “very single-family residential,” said City Council President Amy Brendmoen, who represents Ward 5, which spans much of Rice Street and the surrounding area. Como district. “But I think we will see investments on Larpenteur Avenue and Rice Street in the years to come.”

Overall, construction projects of all sizes increased across the city over the past year, from new terraces to renovated office buildings. Homeowners have likely reacted to low interest rates, a stubbornly strong stock market and healthy housing demand in central cities, as well as a resilient white-collar employment sector across the metro area. of Twin Cities.

That said, the first months of 2021 were milder than 2020 and 2019 when it comes to the construction of multi-family buildings and mixed commercial-residential structures in Saint-Paul. From January to May this year, construction companies withdrew only 10 building permits for these types of projects, up from 25 a year ago at the same time and 20 the year before.

Industry experts warn that comparing permits for short periods may not be particularly meaningful, especially given vagaries such as weather and pandemic staffing in permitting departments.

Madison Equities director Jim Crockarell has been optimistic about renovating his downtown properties during the pandemic, even as office workers zoom in from afar.

“Rumors were that people were leaving St. Paul – residential and commercial tenants. We didn’t see that to be true, ”he said. “We have surprising success with rentals, despite the fact that the city center still seems empty. “

In 2020, Madison Equities renovated three floors of the Lowry Building on Fourth and Wabasha streets, or 60 of the 150 units. Over the past four or five months, the company has managed to fill most of these vacancies. Just down the street at 325 Cedar St., Madison Equities spent most of the pandemic on a $ 25 million top-to-bottom renovation of the Degree of Honor building into 78 upscale apartments. Rents there are priced higher than the Lowry, and units move slower.

“We’re not renting them out as quickly as the cheaper units at the Lowry, but we’ve had a good reception,” said Crockarell, who plans a similar conversion of the Park Square Court building to Mears Park if inflation doesn’t rise. construction costs too high. “So far this looks promising for St. Paul.”

AFFORDABLE HOUSING

Even with all the new apartments, St. Paul still has a serious need for affordable housing, and city officials don’t always agree on how to get more.

Reports from apartment listing agencies show that the pandemic has not affected rents as much as one might expect. In St. Paul, a median two-bedroom apartment was rented for $ 1,335 a month in April, down from $ 1,200 a year ago, according to HousingLink.org. The year-over-year changes were less dramatic across the river, with the same home renting for $ 1,400 in Minneapolis, an increase of 2%.

Alarmed by rising rents, the St. Paul Planning Commission is now considering inclusive zoning – the possibility of requiring affordable housing to be included in major new construction – and eliminating parking minimums, which would further facilitate the construction of real estate for developers. in neighborhoods to which they previously had limited access due to zoning.

City council and the mayor have fought for a housing development project off Lexington Parkway and University Avenue that Jalali and other critics say should offer cheaper units.

The 288-unit Alatus project, Jalali said, is not really affordable, although half of the units would be studios and bedrooms meeting the technical definition, at around $ 1,000 to $ 1,100 per month. She acknowledges that this position has put her at odds with voters who see greater housing density as a partial response to housing shortages.

“We cannot remedy our housing shortage without supply. We also cannot have equity without a broader anti-displacement strategy, ”Jalali said. “We have to do both and everything, yesterday. We cannot rely on goodwill as a public policy. We need real strategies and tools as guarantees. … And I think Alatus’s situation revealed that very clearly.



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Two men guilty of all Minneapolis real estate agent kidnapping and murder counts https://himspairport.com/two-men-guilty-of-all-minneapolis-real-estate-agent-kidnapping-and-murder-counts/ https://himspairport.com/two-men-guilty-of-all-minneapolis-real-estate-agent-kidnapping-and-murder-counts/#respond Fri, 04 Jun 2021 22:35:00 +0000 https://himspairport.com/two-men-guilty-of-all-minneapolis-real-estate-agent-kidnapping-and-murder-counts/ A Hennepin County jury convicted two men of kidnapping a realtor from a bogus house in 2019 and shooting her down in a Minneapolis alley. Cedric Berry and Berry Davis, both 42, were tried in Hennepin County District Court on identical charges – aiding and abetting first degree premeditated murder, aiding and abetting first degree […]]]>


A Hennepin County jury convicted two men of kidnapping a realtor from a bogus house in 2019 and shooting her down in a Minneapolis alley.

Cedric Berry and Berry Davis, both 42, were tried in Hennepin County District Court on identical charges – aiding and abetting first degree premeditated murder, aiding and abetting first degree premeditated murder attempt , complicity in kidnapping and complicity of first degree. murder degree felony while committing kidnapping. The jury returned its verdict shortly after 5 p.m. Friday.

In closing arguments on Friday, prosecutors said the men were part of a sprawling ploy to reach out to Baugh’s boyfriend, Jon Mitchell-Momoh, who was having a feud with former associate and known drug dealer Lyndon Wiggins. Mitchell-Momoh was shot three times – twice in the chest and once in the groin – after Baugh was kidnapped from a Maple Grove home on December 31, 2019.

“They kept her for three terrifying hours while they went to shoot three bullets at her partner in front of their children, and they drove her down a dark alley in northern Minneapolis in a U-Haul… and executed her. “the Hennepin County aide said. Lawyer Paige Starkey.

Defense teams told jurors in oral argument that prosecutors pieced together an incomplete file under pressure from the attention Baugh’s murder had received from the community and local and national press. One of Berry’s attorneys, Tanya Bishop, said no witnesses had identified her client at any of the crime scenes and that police and prosecutors had not thoroughly investigated other leads and suspects.

The day Baugh was killed, Berry spent his time dealing drugs, Bishop said, adding that he was being used “in an elaborate ploy as a dabbler while doing regular things he thought he was doing. be part of a drug deal and nothing more. did what he usually did for drugs, drug dealing – renting vehicles, buying cell phones, changing his number … Cedric Berry is sitting here innocent…”

Starkey told jurors that Berry was “most likely the shooter” and that three shots entered Baugh’s brain, heart and spine.

Berry and Davis are the first of five indicted suspects to stand trial. Wiggins and his girlfriend, Elsa Segura, a former Hennepin County probation officer, are awaiting trial on the same charges against Berry and Davis.

Berry’s wife Shante Davis is awaiting trial for helping an offender. She is also the sister of Berry Davis.

Berry said Thursday that he, Berry Davis and Wiggins all worked together to sell drugs.

Mitchell-Momoh said last week that he left Wiggins’ music label in 2019 and Wiggins later accused him of stealing music. Starkey told jurors on Friday that in the fall or winter of that year, Wiggins was arrested and told Segura he believed Mitchell-Momoh had “reported” him to authorities.

Wiggins pleaded guilty last May in federal court to possession and intent to distribute 33,140 imitation oxycodone pills containing fentanyl. He accepted a prison sentence of at least 15 years and up to life in prison. It is not known if the case relates to Wiggins’ alleged complaint against Mitchell-Momoh.

In November 2019, Berry’s apartment was searched and he was arrested in connection with a drug investigation; he was released from prison without being charged, Starkey said.

According to Starkey: On December 29, 2019, Berry bought a cell phone and registered it under a false name. That same day, Berry, Davis, and Wiggins all drove to Segura’s and then to a mall where Davis purchased “murder supplies” that included cleaning solutions, two-way radios and a tent. Segura allegedly used the phone Berry bought to lure Baugh into the bogus home exposure.

Cellphone data showed Berry and Davis toured the Maple Grove home for 36 minutes on December 30 – the first date Segura would have installed Baugh, Starkey said. Another real estate agent had also arrived to show the same house and stayed at the address longer than Baugh.

It is not known whether the Dec. 30 incident was a thwarted trial or kidnapping, Starkey said.

Surveillance video showed Berry and Davis kidnapping Baugh in a U-Haul truck on December 31, Starkey said.

Berry said Thursday he spent the day dealing drugs and got himself a U-Haul that he briefly used to move personal effects and then left him alone because that Wiggins needed it to transport marijuana.

Starkey told jurors that Berry’s testimony was “muddled nonsense and weak denial,” and that six of his fingerprints were found on the duct tape wrapped around Baugh’s wrists and around his neck and that his DNA was also found on ties found in the U-Haul. .

Davis’ DNA was found on the U-Haul’s gearshift, Starkey said.

One of Davis’ attorneys, Matt Jamet, told jurors prosecutors based their case on circumstantial evidence and the cell phone data did not necessarily match a particular person, as Berry was known to use multiple phones and several people had access to them.

Chao Xiong • 612-270-4708

Twitter: @ChaoStrib



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Scared, shaken, but still strong: Twin Cities businesses face a long road of return one year after unrest and destruction | https://himspairport.com/scared-shaken-but-still-strong-twin-cities-businesses-face-a-long-road-of-return-one-year-after-unrest-and-destruction/ https://himspairport.com/scared-shaken-but-still-strong-twin-cities-businesses-face-a-long-road-of-return-one-year-after-unrest-and-destruction/#respond Fri, 04 Jun 2021 14:20:00 +0000 https://himspairport.com/scared-shaken-but-still-strong-twin-cities-businesses-face-a-long-road-of-return-one-year-after-unrest-and-destruction/ Rudy Trujillo stood outside his tax services business along Lake Street, recalling the troubled days after George Floyd was murdered by police a year ago, how he ducked as bullets were fired from moving car and watching other businesses burn. “You wouldn’t believe the things I’ve seen,” said the 60-year-old, owner of Trujillo Tax Services […]]]>


Rudy Trujillo stood outside his tax services business along Lake Street, recalling the troubled days after George Floyd was murdered by police a year ago, how he ducked as bullets were fired from moving car and watching other businesses burn.

“You wouldn’t believe the things I’ve seen,” said the 60-year-old, owner of Trujillo Tax Services at E. Lake Street and S. 5th Avenue in Minneapolis. “It was really scary. Protesters, arsonists and looters, all mixed up.”

Reconstruction during a pandemic has put Trujillo and other business owners to the test – mentally, emotionally and financially. The mile-long Lake Street corridor, the epicenter of the riots a year ago, is still a shell of what it used to be. The empty lots look like anonymous graves for once successful businesses that have been destroyed.

More than 1,500 businesses were damaged along Lake Street and other business districts in Minneapolis and St. Paul in the riots. With more than $ 500 million in damage, it was the second costliest civil disruption in U.S. history, behind the 1992 Los Angeles riots.

Now, if there weren’t signs posted in the windows or, in many cases, spray-painted “We’re Open” on the onboard doors, those who didn’t know might assume they were closed. Occasionally, however, a door to a boarded up building opens, revealing activity and transactions.

“I continue to be heartbroken when I hear what business owners are going through,” said Allison Sharkey, executive director of the Lake Street Council, the nonprofit serving businesses along this line. which was a thriving business district.

“I hear about them struggling to reopen after a COVID shutdown, then civil unrest strikes, then they reopen again, then they’re robbed. It’s that series of trauma and setbacks.”

Reconstruction is not halfway and could take years.

For many, insurance and legal issues persist. For those with insurance, some plans did not cover the full cost of reconstruction, leaving financial gaps that are difficult to fill. Government funds have been pledged but are not available, as nonprofits and corporate money try to fill the void.

The Star Tribune surveyed a 6 mile stretch from the Speedway at 3800 W. Lake St. to Dunn Bros. Coffee at 4648 E. Lake St. Of the 334 businesses damaged along the route, 110 are still closed. Only 21% of the most damaged properties are back in business.

Olivia Rodriguez, owner of El Rey Car Audio in front of Trujillo’s office, tries to find meaning or normalcy. Looters broke into his store at 417 E. Lake St., nearly depleting inventory. Funding from the Lake Street Council and organizations, such as the North Foundation and Urban Ventures, have helped.

Repairing her property and restocking inventory continues to be a problem. The same goes for withdrawing customers.

Rodriguez said some customers intentionally shopped at his business after the unrest as a sign of support. Without these clients and the support of nonprofits, “it would have been impossible to stay in business,” she said.

“This [train trip] mentality where you get out of Minnehaha and the lake and get all my needs met, now it’s a little more challenged, ”said Erik Hansen, director of economic policy and development for the Minneapolis planning department. , especially those traveling by car, will go further to find a more convenient place to shop. We have lost these regional shopping centers. People couldn’t get what they needed. “

COMMITTED TO RECOVERY

Wellington Management, based in St. Paul, which includes six buildings at or near the intersection of Lake and Hiawatha among the 100 commercial properties it owns and manages, is on schedule this year to reopen three of the buildings that burned down. during the unrest, said David Wellington, executive vice president of the company.

One is Everlake, an 189-unit low-income apartment building on 29th Street E. that was under construction when it burned down. The units were to be ready for rent by the end of 2020. Using most of the original contractors, the project started again six weeks after Floyd’s death and progressed faster than initial construction. It should be ready in the fall.

About 74,000 square feet, or about half, of the Hi-Lake Mall in the 2200 block of Lake Street burned down or was decimated. The insurer considered it a total loss and said it needed to be demolished, Wellington said. The center will be presented to potential tenants in a few weeks and will be built on the discounted Burlington department store.

“We knew pretty quickly that the financial and economic impact for these neighborhoods and for the people who live around Lake Street, West Broadway and University Avenue would be very significant,” Wellington said. “This is part of the reason why we wanted to reinvest.

Other redevelopment projects are on hold. A group of buyers have secured the purchase of the centennial Coliseum building at 2700 E. Lake St. for around $ 2 million and say they want to make it a hub for businesses that were displaced during the riots, but also businesses owned by people of color, immigrants and women. Neighborhood Development Center, a St. Paul real estate company, has acquired corner land at Chicago Avenue and E. Lake Street, the site of a two-story building destroyed by arson during the riots. The site could become a multi-storey commercial complex with affordable housing.

For small businesses, funds are deployed to speed up the take-over process. Part of the $ 12 million raised for the Lake Street Council’s We Love Lake Street Recovery Grant program will go towards acquisition and pre-development costs for local businesses, Sharkey said.

The objective of the allocated dollars is to transform tenants into owners, but also to keep local owners. The funds will cover up to 10% of the purchase price, with a cap of $ 100,000 per project. Businesses can also apply for up to $ 50,000 in pre-development grants, she said. Applications will be accepted in multiple rounds on the first day of each month until funding is no longer available.

The City of Minneapolis Community Property Development Fund, which has around $ 8 million, will also be used to help with the reconstruction. The city said it was further assisting reconstruction efforts through newly designated cultural districts, an initiative implemented before the pandemic and Floyd’s death, Hansen said.

About $ 270 million of the $ 1.9 trillion US federal bailout could spill over to help businesses that are still struggling, Hansen said. The intention of the city is to invest the money directly in the communities.

State money could be added to the mix, although all measures are expected to be adopted at the special session next month.

Henry Jimenez, executive director of the Latino Economic Development Center, is not impressed.

“I have the impression that the government is still working the same way, as if the world is going on,” he said. “It’s a time for creativity and a time for innovation. I feel like it’s the same process.”

The take-over process, he said, will have to be driven by businesses in the home town and their customers.

“If the people of Minneapolis really want Lake Street to survive, they have to go beyond the intention of spending money on Lake Street, by making sure these businesses survive,” he said. “I feel like the pandemic is forcing businesses to go above and beyond to make it safe for customers. It’s to the point where businesses need customers to go beyond.”

IT WILL TAKE YEARS

It may take a year or two before other reconstruction projects materialize; there could also be empty lots lingering for a long time, Wellington said.

“Lake Street and West Broadway, and to a lesser extent University Avenue, will never be alike,” he said.

A more unfortunate consequence of the riots could be the loss of shops for those living in the affected neighborhoods, according to stakeholders.

“On either side of these commercial corridors are also some of the more modest housing we have in the Twin Cities,” said Kathryn Greiner, executive director of Minneapolis-based Rebuilding Together.

Efforts to support some neighborhoods will take several years, Greiner said.

Jimenez said Minnesota’s economy couldn’t afford to see the Lake Street corridor deteriorate. “The number of businesses on this corridor and the amount of products and services and products they acquire outside of the subway, in the region and the state, is not just a driver for Minneapolis and St. Paul, but the state, ”he said.

IT’S OUR HOUSE

For Trujillo, the effect is personal. He has operated his business from various locations on Lake Street since 1993. His goal was to end his career there.

Trujillo was able to recover computers and other equipment from the building on the first night of the riots. Other than two bullet holes outside the building, his office was not hit.

He has yet to remove the wood covering his windows since Derek Chauvin was convicted of Floyd’s murder. He awaits Chauvin’s conviction on June 25. But now it has security cameras and bulletproof windows, ready in case there is a next time.

Business has improved, but not to pre-pandemic levels, Trujillo said. To stay afloat, he used government grants and Lake Street Council funds, as well as a loan under the Federal Paycheck Protection Program.

But with the construction of streets and sidewalks just outside his office, the flow of traffic near his intersection has decreased significantly, he said. Trujillo believes potential consumers are avoiding the area for this reason, along with increased violence. After tax season, he anticipates a significant drop in clientele.

“It was a hub of Minneapolis,” Trujillo said. “It all happened on Lake Street.

Editors Jeff Meitrodt and Evan Ramstad contributed to this report.

© 2021 StarTribune. Go to startribune.com. Distributed by Tribune Content Agency, LLC.



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Bethesda Lutheran Communities plans to build apartments for adults with developmental disabilities in Milwaukee https://himspairport.com/bethesda-lutheran-communities-plans-to-build-apartments-for-adults-with-developmental-disabilities-in-milwaukee/ https://himspairport.com/bethesda-lutheran-communities-plans-to-build-apartments-for-adults-with-developmental-disabilities-in-milwaukee/#respond Thu, 03 Jun 2021 18:51:00 +0000 https://himspairport.com/bethesda-lutheran-communities-plans-to-build-apartments-for-adults-with-developmental-disabilities-in-milwaukee/ A rendering of Bethesda Cornerstone Village – Highland Housing Development. (Render: Quorum Architects) Watertown based Lutheran communities of Bethesda is moving forward with plans to bring a new model of housing for people with intellectual and developmental disabilities to the western part of Milwaukee, the first of what could be several similar developments in the […]]]>


A rendering of Bethesda Cornerstone Village – Highland Housing Development. (Render: Quorum Architects)

Watertown based Lutheran communities of Bethesda is moving forward with plans to bring a new model of housing for people with intellectual and developmental disabilities to the western part of Milwaukee, the first of what could be several similar developments in the area.

Bethesda plans to construct a 68-unit apartment building at 3200 W. Highland Blvd. which will include units for adults with intellectual and developmental disabilities and units for the elderly.

Bethesda leaders say the integrated approach to housing provides a safe home for people with disabilities while promoting greater inclusion in the community.

The $ 15.7 million project is planned as a 75,000 square foot building. Thirteen units would be dedicated to adults with intellectual and developmental disabilities and 55 units would be intended for people aged 55 and over. A total of 62 would be affordable housing and six would be market rate housing.

The facilities would include an approximately 1,100 square foot community service facility, community center, fitness center, green space, walking path and outdoor patio.

The nonprofit recently opened its first location using this housing model, called Cornerstone Village, in a suburb of Minneapolis.

“There is a real need,” said Tom Campbell, vice president of real estate for Bethesda. “The proof of concept is our Minneapolis project. Our reserve is full of people with intellectual disabilities. It’s a level two suburb there, so we think by the very nature of the people Highland is in, we’re going to help.

Campbell noted that many more new units are needed in Milwaukee to address housing issues for this population. There are approximately 40,000 adults in Milwaukee County with dementia and, according to national research, the majority of these people live with an aging parent or guardian, creating uncertainty about their living circumstances. future.

The planned Milwaukee development is one of four additional locations Bethesda currently has under construction – including a suburban site in St. Paul and two in the Sacramento, California area.

Bethesda is also working with Elm Grove-based Luther Group LLC on another housing development in Milwaukee that would include around 100 units. Campbell said the organization is in control of the site’s location but is not yet disclosing it.

“Our goal here is really to roll out multiple developments,” said Campbell. “We are working within the metro to create additional housing communities to fill this unmet need. … This concept really allows people with intellectual disabilities to lead more independent lives. These are not licensed installations; these are apartment communities where support services are put in place to enable these people to lead independent lives.

The Cornerstone Village – Highland project received tax credits from the Wisconsin Housing and Economic Development Authority in April.

Attorney Aurora Health donated the property at 3200 W. Highland, which was once his Aurora Family Services building, in Bethesda for the project. Bethesda plans to demolish the building and construct the building on site. The Greater Milwaukee Foundation provided a pre-construction expense grant.

The Milwaukee Center for Independence is expected to provide services – such as benefits advocacy, employment and vocational training, case management and art, music, pets and horticultural therapy – on-site in the new establishment.

Bethesda retained the services of Quorum Architects and Cardinal Capital Management to design and construct the building. The organization has also worked with Near West Side Partners on community engagement efforts.

“Cornerstone Village is truly a community – a community not only for the residents who live in the housing community itself, but also for the outdoors. So how can we impact this surrounding neighborhood? We are looking for partners, ”said Campbell.

Bethesda plans to open the Highland facility in the spring of 2022.



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MedCraft Healthcare Real Estate Expands Across Arizona to Serve Rapidly Growing Southwestern Market https://himspairport.com/medcraft-healthcare-real-estate-expands-across-arizona-to-serve-rapidly-growing-southwestern-market/ https://himspairport.com/medcraft-healthcare-real-estate-expands-across-arizona-to-serve-rapidly-growing-southwestern-market/#respond Wed, 02 Jun 2021 16:07:00 +0000 https://himspairport.com/medcraft-healthcare-real-estate-expands-across-arizona-to-serve-rapidly-growing-southwestern-market/ MINNEAPOLIS – (COMMERCIAL THREAD) – MedCraft Healthcare Real Estate, a national leader in the development, financing and management of ambulatory care and medical office buildings, has established an active and growing presence in Arizona and the Southwestern region of the States -United with several important partnerships with the health system. Tucson HealthCare (TMC), Yuma Regional […]]]>


MINNEAPOLIS – (COMMERCIAL THREAD) – MedCraft Healthcare Real Estate, a national leader in the development, financing and management of ambulatory care and medical office buildings, has established an active and growing presence in Arizona and the Southwestern region of the States -United with several important partnerships with the health system. Tucson HealthCare (TMC), Yuma Regional Medical Center (YRMC) and Northern Arizona Healthcare (NAH) have all engaged MedCraft as a healthcare real estate partner to position themselves for the delivery of future care in the fourth fastest growing state. fastest in the country.

“Our experienced multidisciplinary team of experts enables our clients to accelerate their growth and improve access to high quality and affordable care through highly effective healthcare facility strategies,” said Eric Carmichael, director of MedCraft.

TMC ASC Development and MOB Physician Investment Model Drive Rincon Campus Expansion

MedCraft’s real estate expertise was recently demonstrated with the inauguration in May 2021 of the Rincon Ambulatory Surgery Center (ASC) on TMC’s Rincon campus, in partnership with contractor Kraus-Anderson and architect Orcutt Winslow. The state-of-the-art 4-operating room ASC will provide a convenient and affordable option for outpatient surgeries and procedures serving the growing Southeast Tucson area. MedCraft has also provided capital for the development of the new Rincon ASC and has partnered with TMC on other initiatives to reposition and expand its services.

Prior to the development of ASC, MedCraft acquired the adjacent 44,000 square foot two-story medical office building from TMC and created an attractive co-investment real estate opportunity to recruit full-time tenant physician. The new investment model has helped develop TMC’s primary and specialty care practices to serve more patients while providing continued economic returns for clinicians.

“As a collaborative and fully aligned partner, MedCraft has provided unique solutions that align with TMC’s goals. Creative financing options, providing TMC and physicians with real estate investment opportunities in both facilities and highly qualified expertise in facility planning, they have helped us position the Rincon campus for long-term growth. term, ”said Richard Prevallet, vice president of facilities and construction, TMC.

Construction of the ASC is expected to be completed in the spring of 2022. It is part of an expansion plan for TMC which includes a new 60-bed hospital scheduled to open on campus in 2023.

YRMC Multi-Site Development, Planning and Programming Foster Physician Alignment

YRMC turned to MedCraft as an experienced healthcare real estate partner to develop and manage two new projects for both its surgical facility on the Yuma campus and its Foothills campus in a market growing suburb. The YRMC required the aggregation and optimization of clinical practices in order to serve the community more effectively. MedCraft helped develop a site and facility plan on land near the main campus to create a more integrated experience for patients, visitors, and medical staff.

The company has also provided expert facility planning and scheduling services as part of the development process to create a new model of collaborative practice with input from physicians and facility leaders who can adapt to volumes and the growth. The new physician alignment strategy brought clinicians and the YRMC together to ensure that all parties were aligned with the vision for long-term success.

“We have entrusted the MedCraft team with our partner in the development of two new medical offices for the Yuma Regional Medical Center. Their planning and programming efforts have been second to none in bringing physicians and leaders together to define future models of care and connect us with industry peers on lessons learned, ”said Trudie Milner , COO, YRMC. “In addition, we were able to mobilize capital from MedCraft to ensure the timely implementation of this growth and development strategy. We are looking to innovate on both projects this year.

NAH secures the strategic acquisition of land for the future hospital and realizes benefits with the disposal of assets and restructuring of leases

Northern Arizona Healthcare (NAH), based in Flagstaff, has been engaged with MedCraft for the past five years as a strategic real estate advisor. MedCraft experts have advised the NAH leadership team on key real estate and facilities issues and have been instrumental in achieving several strategic goals.

Among NAH’s accomplishments, MedCraft helped identify, assemble and secure a pristine 180-acre site in a highly visible strategic location for the future expansion and relocation of the NAH Flagstaff campus. Due to the physical constraints of modernizing and expanding the existing hospital, MedCraft facilitated a confidential site search process that involved negotiating with multiple landowners to bring together sufficient acreage for NAH’s vision for one. multipurpose health care village. NAH recently announced its intention to invest $ 750 million in the development of this campus. To achieve greater efficiency, MedCraft also coordinated the sale of non-core real estate assets, consolidated several locations and negotiated leases that supported several key programs and administrative initiatives.

“Today’s healthcare environment demands innovative approaches to planning, developing and managing healthcare real estate. Our partnerships with healthcare providers in Arizona and the United States are tailored to meet their needs to provide excellent care and deliver long-term value, ”said Tom Immen, vice president of MedCraft.

Interviews with MedCraft executives and healthcare partners are available. To schedule, please contact abbey@outlookmarketingsrv.com.

About MedCraft Healthcare Real Estate, LLC

MedCraft Healthcare Real Estate is a national leader in the development, financing and management of ambulatory care and medical office buildings. MedCraft focuses solely on healthcare real estate projects and has partnered with healthcare systems and physicians in more than 85 projects totaling $ 3.5 billion over its 37 years of operation. Visit www.MedCraft.com.



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