Failed condo site to be sold

The site of 1010 Park Av. S., a $100 million mixed-use project planned for Minneapolis' Elliot Park neighborhood that went into foreclosure last fall, is going back on the market.

Russ Bushman, chief credit officer of Minnwest Bank, said last week that a listing of the property is pending with the Twin Cities office of CB Richard Ellis. Minnwest, which bid about $4.1 million on the property at a sheriff's sale in October, recently took ownership of the site when the redemption period expired.

Heritage Development of Little Canada paid $4.8 million for the property in 2004, according to Hennepin County property records. In 2005 the developers announced plans for a project that was to include 382 condominium units in two towers and about 17,000 square feet of street-level retail.

None of that was built, and the site now consists of a parking lot and two older office buildings, Bushman said. He said Minnwest expects to be able to recoup its costs of reclaiming the property.

Hamline University, which last month announced plans to launch a business school at its St. Paul campus, has found a second business school site in St. Louis Park.

Hamline recently leased 33,000 square feet at the 1600 Tower, a Class A office building near Hwy. 100 and Interstate 394. Julian Schuster, dean of the business school, said the facilities will accommodate hundreds of students and initially will be used for graduate-level programs. Hamline offers undergraduate and graduate business degrees.

Schuster said the new facilities, to open this fall, will help it accomplish its goal of establishing a presence on the west side of the Mississippi River. He said the school looked at about a dozen buildings before choosing the St. Louis Park property.

Hamline is the second major tenant to sign a lease in recent months at the 1600 Tower. In December, Willis of Minnesota Inc., a subsidiary of London-based insurer Willis Group, signed a lease for 30,000 square feet. The 254,142-square-foot building, owned by Duke Realty, will be 95 percent occupied when Hamline moves in, according to NAI Welsh Senior Vice President Kevin O'Neill, who represented the school in the lease negotiations.

Minneapolis-based Griffin Companies, a 40-year veteran in the local commercial real estate market, recently joined Coldwell Banker Commercial Affiliates, a nationwide commercial real estate brokerage franchise system based in New Jersey.

Griffin has changed its name to Coldwell Banker Commercial Griffin Companies. The firm has 16 commercial sales professionals who work in all industry sectors, including investments, land, office, retail, industrial and multifamily. It also offers property management services.

Coldwell Banker officials said the affiliation fits its goal of increasing its presence in major markets. Griffin said the change allows it to be more competitive by tapping into the resources of a global brand.

Susan Feyder • 612-673-1723