“Revitalizing Dayton’s is in everyone’s best interest,” Krsnak wrote. “As for what it’ll take: It starts with momentum. There needs to be a clear vision, curated tenant mix and perhaps, most importantly, a few catalytic leases that signal confidence to the market.
“These kinds of assets can’t afford to sit idle — activation is everything.“
Steve Wortman installed sidewalk signage promoting summertime activities on the Nicollet Mall across from the Dayton’s Project on June 6, 2023. (Jeff Wheeler/The Minnesota Star Tribune)
Samuel Sigelman, director and general counsel for Lighthouse Management Group, said the receiver’s reports speak for themselves. The group’s initial memo, filed in late October, estimated the Dayton’s Project was 11% occupied.
In a statement, Zimmern said he and his partners, which included the team behind the Gansevoort Market food hall in New York City, had for years been “on the sideline waiting” for a certain percentage of the building to lease.
“I don’t have many regrets in life, but that deal was one I really look back on with a level of true missed opportunity,” he said. “I believe we need to return employees to work downtown and do anything we can to grow our city centers. If we don’t, I believe we will be looking at less, not more, of a reason for visitors or businesses to take part in what our great city has to offer.”
The building’s manager and leasing teams did not respond to requests for comments, but the latest receiver’s report noted a few recent wins, including the signing of a seven-year, 17,500-square-foot lease with a new office tenant.
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