The office-retail tower will be called Retek on the Mall, while Target will retain its own name on its storefront. Retek is taking 172,000 sf, with an option to expand into an additional 80,000 sf within a yearor so. Ryan Cos. will move its headquarters into the third floor, which totals 72,000 sf. Given that the project is next to Target Plaza, a 1.8-million sf headquarters complex for the Minneapolis-based retailer that is nearing completion, Target vendors were more than eager to fill out the building, Barr notes.
The city provided a heavy subsidy for the project, in part to lure Target to build a store in DowntownMinneapolis, which does not have much in the way of value retailing. Critics objected that the publicshould not be subsidizing a multi-billion corporation like Minneapolis-based Target Corp., but proponentssuccessfully argued that the project was important to the health of the Downtown.
The project has a complex ownership structure: Ryan owns the 450,000-sf office tower as well as 32,000 sfof retail space, Target Corp. will own its 142,000-sf, two-story discount store and the city will own the 921-stall underground parking ramp.
"The design of the building has been well-received--it is classical, yet eclectic," Barr says. "Theprominent material is brick, which isn't used much anymore, and there is a lot of attention to detail and design aesthetic."
The first four floors will appear to be a row of separate storefronts, harkening back to the turn-of-the-century retail along Nicollet Avenue, Barr says. There will be balconies in the 11-story office towerto bring more of a connection between the office workers and the action on the street, he said. Thebuilding was designed by Minneapolis-based architecture firm, Ellerbe Becket.
After the city of Minneapolis gave Ryan the go-ahead to develop the 900 Nicollet site, Opus took the cityto court, arguing that it had development rights to a portion of the property. Ryan and the city ultimatelyprevailed in court, and condemnation proceedings were initiated.
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