Archive for April, 2012
Project Profile | United Properties and StuartCo: Penn & American
Penn & American – the multi-phase, retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington – recently signed leases with new restaurant concepts for the southwest metro: Which Wich Superior Sandwiches and Moe’s Southwest Grill. The restaurants are part of the first phase of the redevelopment, which includes two retail buildings developed by United Properties and 234 apartments and townhomes developed by StuartCo.
StuartCo is developing Genesee Apartments & Townhomes at Penn & American, which includes 212 apartments and 22 townhomes along with a rooftop deck, fitness center, outdoor pool and movie theater. Model homes have just opened and the first residents move into the 22 two- and three-bedroom townhomes in June. The studio, one- and two-bedroom apartments and penthouses will open in August and September.
The Penn & American redevelopment includes a new signaled intersection as well as surface, secured structured and public on-street parking. The site allows for future redevelopment to occur in smaller phases; the next phase includes additional retail, hotel or office space. United Properties worked for nearly five years planning the new development, which replaced two former car dealerships.
13th Annual Opus Cup Supports Catalyst Community Partners
The Opus Cup returns on Wednesday, May 2, from 3:30-5:30 p.m. at Braemar Ice Arena in Edina. Bring your friends and family for a free afternoon of fun and entertainment! Enjoy free refreshments while cheering on local industry brokers as Team Lau tries to take the title from Team Jet. Enter the Chuck-a-Puck during both intermissions for a chance to win a $200 gas card, courtesy of bdh + young, or a $200 Visa gift card. Attendees can also purchase $5 raffle tickets for a chance to win four Champion’s Club Twins tickets.
All brokers with less than five years of industry experience will be entered in a drawing to win lunch-with-an-industry-veteran – Tim Murnane or Tom Shaver. Two lucky brokers will win this prize!
All proceeds will be donated to Catalyst Community Partners, a local non-profit organization working to revitalize key commercial corridors in distressed urban neighborhoods, and NAIOP Minnesota’s current charitable partner. For more information, please contact Kristin Weise at 952.656.4781 or kristin.weise@opus-group.com.
It’s time to contact Governor Mark Dayton
It’s likely that the phase out of the State General Property Tax will end up in the Omnibus Tax bill and presented to the Governor for his decision.
- Pat Mascia, Senior Vice President-Minneapolis/St. Paul Operations, Duke Realty, and 2012 NAIOP Minnesota president, sent a letter to the Governor asking him to support the phase out of the state general property tax. Read his letter
- A group of influential NAIOP leaders and members, experienced in commercial
real estate ownership and management, are sending letters to Governor Dayton.
Please take time to write a letter to Governor Mark Dayton and as soon as you can. Your message to the Governor can be as short and simple as “I’m writing to ask you to support the phase-out of the State General Property Tax.”
Talking points and background information
The Governor’s contact information:
The Honorable Governor Mark Dayton
130 State Capitol
75 Rev. Dr. Martin Luther King Jr. Blvd.
St. Paul, MN 55155
(651) 201-3400
From the Capitol
HF 389/SF 270, Interim zoning provided, municipal development contracts provisions modifications, and municipal development land dedication and fees provided.
Fails on the Senate on a close vote after passing on the House floor. BATC will keep pushing this legislation next session.
HF 1954/SF 1741, a bill for an act relating to local governments; requiring counties and certain cities to report additional budgetary information.
Is still alive and well. In the Senate, the bill language is in the Senate Omnibus Tax Bill. In the House, the bill is in the House Ways and Means Committee.
Ramsey and Hennepin County Mortgage Registry and Deed Tax-Environment Response Funds
Both the Hennepin and Ramsey taxes are set to expire and the extension of these two taxes isn’t getting enough traction at the Capitol.
At the April 5th public policy committee meeting, the committee agreed that the money raised and spent on cleaning up polluted and contaminated land is important for redevelopment.
If you have utilized or plan to utilize these funds and feel that the money raised by the tax is vital to contamination cleanup and economic development, you should contact the Tax Chairs at the Capitol and urge them to continue to impose the mortgage registry and deed tax.
- House Tax Chair, Representative Greg Davids, rep.greg.davids@house.mn
- Senate Tax Committee Chair, Senator Julianne Ortman, sen.julianne.ortman@senate.mn
Lorrie Louder, St. Paul Port Authority, provides a background of the tax, its status at the Capitol, and other words of help in an April 5th email. Read her email on Environment Response Funds (ERF).
A meeting at the Capitol with Representative Davids is scheduled for the 16th and Lorrie asks that you send your emails as soon as possible.
Letter from the St. Paul Port Authority to Ramsey County re: ERF
Ramsey County ERF talking points
Facts about Ramsey County’s ERF
Senator Terri Bonoff (D-Minnetonka) reviews status of legislative session
The last day before Minnesota legislators left the Capitol for their spring break, Senator Terri Bonoff (DFL), Assistant Minority Leader, shared her views on the status of some key issues and major legislation with NAIOP’s Public Policy Committee.
Read her update on issues including taxes, light rail, prevailing wage, and the Vikings.
Random Rants: The 99%
We are the 99%!
This chant has recently been heard in cities round the world, starting in lower Manhattan. The second round of these protests is beginning as we venture closer towards the 2012 elections. The sentiment behind the protest is that wages and profits are being amassed by the top 1% of income earners and that taxes on those wages are not fair in relation to income earned by the wealthy. The economic pie is being sliced very unevenly – and those who are wealthy are eating more than their fair share, while only paying for a little sliver of a slice.
It is interesting that the protests began on Wall Street, where millions of Americans of the 99% income bracket invest and risk their earned income for the opportunity to make it grow by investing in businesses to help them grow. That, and the top 1% of income earners already pay 40% of income taxes.
What is often overlooked by those vocal protesters of the 99% movement is that the pie is not static in size – we can bake a bigger pie and the economy grows. (more…)
Welcome new NAIOP members!
Tom Brown, Terra General Contractors
Troon Dowds, Grandbridge Real Estate Capital LLC
David Rau, Greiner Construction Inc.
Charles Simcox, CRESA Partners
