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More TCF Bank building redevelopment details released


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.

Opus starts construction on Shakopee industrial building

The Opus Group has started construction on a 122,400-square-foot speculative industrial complex that would be the final phase of the development of the Valley Park Business Center in Shakopee.

Opus has recently completed a 200,000-square-foot speculative development and a 216,000-square-foot industrial warehouse and office space for the AmerisourceBergen pharmaceutical company a the 50-acre site.

“We are thrilled to advance our work on this site with this great offering for small to mid-size users,” said Joe Mahoney, senior manager for real estate development at Opus, in a statement. “The high-level of interest we’ve already received for this project confirm the depth of the market and the need for space like this.”

The new industrial building will feature 28-foot clear height, 193 parking stalls, 24 dock doors and six drive-in doors. It is scheduled to be completed by late 2016.

Opus Development Company is the developer and Opus Design Build is the design-builder and Opus AE Group is the architect. Colliers International will market the property for lease.