INSIDE THIS ISSUE: Hockey’s Stars and the Mega Mall .................. 1-2 THE Snapshot.................................................................2 Legislative Session ................................................3 Member Profiles ...................................................4 Connection MSCA President’s Letter ......................................5 Minnesota Marketplace ................................... 6-7 Rising Star: Alchemy ...........................................7 Click on STARRSM Awards Recap ................................ 8-12 article title to Year End Ceremonies .........................................13 link direct to MSCA Leadership ..............................................14 that page! Calendar of Events & Corp. Sponsors .............15 JANUARY 2017 FEATURE ARTICLE Hockey’s Stars and the Mega Mall by Johnny Reimann, MID-AMERICA REAL ESTATE – MINNESOTA, LLC IT WAS 1992, AND PRE-OBITUARIES WERE BEING WRITTEN ABOUT THE NEW in 2012 and Saks Fifth Avenue Almost 25 MALL OF AMERICA (MOA) OPENING LATE SUMMER THAT YEAR. THE couldn’t last downtown, opting to years later, the re-open as Off Fifth. The Twin Cities Stars – still in GHERMEZIAN FAMILY’S PROJECT WAS TOO AMBITIOUS THEY SAID – A MEGA is an affluent market compared to MALL OF ALMOST 4 MILLION SQUARE FEET IN BLOOMINGTON, MINNESOTA? the average, but a conservative base Dallas – won where people generally don’t flaunt a Stanley Cup, Meanwhile, Minnesota North Stars and the mall is one of the most their wealth. I believe tourism will and the mall is owner Norm Green was preparing iconic shopping destinations in the have to sustain additional luxury one of the most to relocate the team. Urban legend country. Space was delivered late retail at MOA. Of the 40 million + iconic shopping abounds as to why Green moved the last year for a 750,000 square foot annual visitors, 40% are tourists. destinations in team from hockey-rich Minnesota “phase II” near the ground in north MOA offers travel packages from to Dallas. Green was a Canadian lot where Mike Modano used to 36 countries on five continents to the country. shopping center developer, and my light the lamp at Met Center. The lure shoppers from Europe and favorite rumor is that he didn’t get expansion includes an office tower, Asia to the mall. approval to connect Met Center JW Marriott hotel and 130,000 – continued on page 2 with the fledgling MOA, which he square feet of retail and food over coveted in order to further develop three levels. Zara, Toms, Shake around both properties. When Shack and Anthropologie are Norm didn’t get what he wanted, he some of the tenants in the new shipped the team down I-35 to the area covering three floors. lone star state. Some North Star fans Triple Five Group (real estate still haven’t forgiven him. parent company that also owns West Edmonton Mall, the largest mall in the world until 2004) hopes to partially fill the new space with luxury/ aspirational tenants. There are large chunks of first and second level space unleased, with the MOA leasing team in negotiations with several users. Luxury retail in the Twin Almost 25 years later, the Stars – Cities has generally not fared still in Dallas – won a Stanley Cup, well. MOA lost Bloomingdales january | 2017 FEATURE ARTICLE CONTINUED: Hockey’s Stars and the Mega Mall Part of MOA’s success has been I had kids. With kids brings a watching the Vikes at their new The MOA the boldness to be different. Early new perspective, one that I think palace? Offer an entertainment made national morning on Black Friday, more than finally hit home for me in that experience – get them into the headlines with 1,500 shoppers lined up outside one can’t think of the mall as just building for that $120 jersey and the north side grand branded a shopping destination, but as an $12 beer, or at MOA come for the its decision entrance to the mall for door buster entertainment experience that also aquarium but leave with half your not to open on deals. The MOA made national offers depth of shopping. I am now Christmas list checked off. Thanksgiving. headlines with its decision not to at MOA far more frequently for open on Thanksgiving. The result? SeaLife Aquarium or Nickelodean In closing, the Dallas Stars are Friday to Sunday traffic reported Universe (options for young kids to probably the team we’d prefer to as higher than last year’s numbers burn off steam when it’s -6 degrees have rooted for all these years, but that included Thanksgiving. Later Fahrenheit are worth their weight maybe the Wild will turn things that same day, the North Star’s in gold). The entertainment draw is around. One things for sure, the replacement franchise dispatched further reaching than the obvious. Mall of America is as impressive the defending Stanley Cup Celebrity book signings, middle as ever. champion Pittsburgh Penguins school dance competitions in the down the road in St. Paul. Two of vast rotunda areas – events like these Minnesota’s most recognizable assets bring people to the mall on a much rolling along successfully the day larger and more magnetic scale than after turkey and stuffing. say a half hour autograph session with the Minnesota Twins 4th relief Admittedly, I rarely dealt with the pitcher. How is this different than grind of shopping MOA before attending a Wild game at Xcel or SNAPSHOT: THE VILLAGE AT ARBOR LAKES LOCATION: NE Corner of Elm Creek Blvd & Hemlock Lane N. MONTH/YEAR OPENED: Opening late Spring 2017 OWNER: Doran Development MANAGING AGENT: Doran Development CENTER MANAGER: Peter Barott, Doran Property Management REAL ESTATE REPRESENTATIVE: Bruce Carlson | Doran Development, 952-288-2035 ARCHITECT: Architectural Consortium CONSTRUCTION CONTRACTOR: Doran Construction GLA: 29,919 square feet CURRENT OCCUPANCY: (n/a) under construction # OF STORES: (n/a) under construction ANCHOR TENANTS: (n/a) under construction MARKET AREA SERVED: Maple Grove, Plymouth, Brooklyn Park & Champlin CONSTRUCTION STYLE: Steel/masonry/stone/glass WWW.THEVILLAGEATARBORLAKES.COM The Village at Arbor Lakes is Maple Grove’s newest commercial development at Maple Grove’s busiest intersection with the intersection’s best access! This 20-acre commercial development offers pad opportunities as well as multi-tenant retail space with great visibility, large monument signage, ample parking, beautiful landscaping, spacious patios and walkways, all with a “main street” feel. Construction has begun with a spring 2017 completion and delivery. 2 january | 2017 UPDATE Legislative Session by Sonnie Elliott, FAEGRE BAKER DANIELS LLP The 2017 legislature convenes on January and Senate now controlled by one party, seeking settlements from businesses to 3. This is the first year of the biennium, so there are renewed efforts and hopes for avoid costly litigation. Legislation passed the legislature will be setting the budget for compromise and passage of both bills. during the 2016 session sought to remedy the state for the next two years. Outside this situation by providing a cure time for of traditional state budget dynamics, However, any piece of legislation must be a business to fix the alleged violation or major issues like tax reform, the state’s signed by DFL Governor Mark Dayton in provide a plan to do so. Further refinement infrastructure system, and how to handle order to become law. Although the House of the law is needed and MSCA will be the rising insurance premiums for MNSure and Senate have Republican majorities, working with our partners in the business consumers stand out as the largest issues they do not have the 2/3rd majority needed community to address these changes. to be dealt with. Both sides have already to override a gubernatorial veto. MSCA indicated they are looking forward to will continue our work with our partners The legislature will end its regular session in finding common ground with the other side, in the commercial real estate community Mid-May. The MSCA Legislative Committee but whether they can agree on that common to advocate for evenly distributed property will be communicating ways to get involved ground, and pass a budget into law, won’t be tax cuts for businesses and passage of a during the session – we need everyone’s known until early spring. transportation funding package. participation to make our voice heard! 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