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May 20, 2009
Source: Star Tribune
Susan Feyder
Two notable buildings in downtown Minneapolis announced deals to fill large chunks of their space.
Tandem Developers has sold most of the ground level of its Skyscape Condominiums to Velmeir Properties, which will develop a CVS Pharmacy in the building at 10th Street and Portland Avenue S.
Meanwhile, the Pence Building on 8th Street and Hennepin Avenue S. has leased an entire floor to Parameters Ltd., a furniture dealer relocating from St. Louis Park.
Velmeir reportedly paid about $2 million for the 10,592 square feet in Skyscape, which has struggled to fill its ground level since the 27-story condo building was completed in 2007. Otho, an Asian-fusion restaurant, was open for less than a year before closing in November. Another deal to fill some space with a wine shop fell through, according to Andrea Christenson, a vice president specializing in retail for the Twin Cities office of Colliers Turley Martin Tucker, which represented Tandem in the deal.
Christenson said Tandem had been open to either selling or leasing the space but was focused on finding an occupant that could service Skyscape residents and others in the Elliot Park neighborhood. CVS, which offers some grocery as well as pharmacy goods, is an ideal fit, she said.
CVS at one time had its eye on another site in Elliot Park, 1010 Park Av. S., where a mixed-use project was planned but went into foreclosure before construction could begin. The pharmacy chain last year opened another store at the south end of downtown at 11th Street and Hennepin Avenue.
Work on the store at Skyscape already has begun and should be finished this fall, Christenson said. She said the plan is to find a coffee shop or deli for the remaining 1,300 square feet.
Parameters' move to the Pence Building, the former home of Carmichael Lynch, will come this August, according to Jack Benedict, president of the office furniture dealer. The company, founded in 1991, has 10 employees.
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