Photo by Jeff Wheeler
Franklin Street Properties on Tuesday shared more details about its redevelopment plans for the TCF Bank building that was at one time going to be the site of a 50-story tower in downtown Minneapolis.
In a Form 8-K, the Massachusetts-based real estate investment firm informed investors that it planned interior development and construction work to start at the building at 801 Marquette Av. in its third quarter, which runs from July to the end of September. A full marketing campaign will be launched with a leasing team at CBRE to coincide with the improvements.
Costs should run between $15 and $20 million including leasing expenses and should result in 120,000 rentable square feet. After completion, Franklin Street expects net rates of about $15 to $18 per square foot compared to previously expired rents of about $4.75 per square foot.
The four-story building used to be occupied by TCF Bank which moved last year. Franklin Street recently abandoned plans to build a huge skyscraper on the site which is next to the Foshay Tower.
Last month, the investment firm bought another downtown Minneapolis building, Plaza Seven, for $82 million.