Weekly business roundup, 5/25 – 5/31
Minneapolis
Landlord Stephen Frenz ordered to return $27,813 to former tenants.
- Frenz was initially sued by tenants, back in 2016, for a lack of heat; now Minneapolis is turning the heat up on Frenz.
- This is the largest such ordered abatement in Minneapolis in decades.
- Frenz is also facing $187,000 in fines to the city of Minneapolis, and possible loss of his renter’s license.
Blue Light Special: Minneapolis looks to make a potential $7 million investment to reopen Nicollet Avenue.
- Nicollet is currently blocked by a K-Mart.
- Much of that money would go toward buying the land on which the K-Mart is located, and razing the building to open up the thoroughfare.
- K-Mart, however, still has several years (decades) left on its lease, and has expressed interest in staying open.
Surly is closing its Brewer’s Table at their destination brewery.
- The James Beard-nominated, fine-dining addition to the brewery was known for incredible eats and boundary-pushing small plates to supplement any brew (or enjoyed on their own).
- This is yet another blow to Twin Cities fine-dining, which has seen the loss of La Belle Vie, Heartland, Vincent, Piccolo, Pilgrimage, Workshop at Union, and many others in just the last year or two.
St. Paul
UBS Plaza, one of the two hulking cement towers that surround the Wells Fargo Building as part of the Town Center complex, has been sold for $14.15 million.
A longer winter (carnival): St. Paul is adding an extra week to its annual Winter Carnival celebrations in 2018 to coincide with the Super Bowl taking place in Minneapolis.
Quick sale: IRET, a North Dakota-based investment firm, has purchased the Oxbo apartment and retail complex on St. Paul’s West 7th Street near the Xcel Energy Center, for $61.5 million.
- The building is barely a few months old.
- New Bohemia’s flagship bar/eatery anchors the base of the complex. Open space for other potential retailers remains in the spaces next door.
Metro
Richfield-based Best Buy surprises, well, everyone with a positive Q1 report.
- Revenue rose 1% to $8.58 billion.
- As a result, the company promises robots. Well, more automation at least. Welcome to the future.
- Best Buy was expected to see a dip 1.5% dip, and instead saw a 1.6% overall gain in earnings.
UNTUCKit, the New York-based T-shirt brand that is know for formal, semi-formal, and casual shirts meant to be worn untucked (hey, clever name), is opening their first Minnesota store.
- The store will be located at Mall of America
- There are shirts for both men and women to untuck.
- Local retailer Evereve, formerly Hot Mama, geared toward mothers, is also expected to open a location at Mall of American within the next few months.
