As we bid farewell to 2023, Element Commercial Real Estate is thrilled to reflect on a year marked by significant accomplishments and growth. Our commitment to community and driving possibilities has fueled our success across various facets of commercial real estate.
Strategic Team Expansion:
Dedicated to strengthening our team, Element made two significant additions. Welcoming Kristen Murray as the Director of Development and Emily Best as the Executive Assistant, our team now has additional talent and expertise to better serve and collaborate with our clients and project partners.
Commitment to Community and Historic Preservation:
One of the year's highlights was the Sneaker Ball grand opening of Juxtaposition Arts campus, where Element served as Owner's Rep, playing a pivotal role in the design, fundraising and construction of their vibrant campus. The team celebrated alongside the many project partners and leaders whose extraordinary vision has given this North Minneapolis based organization a sustainable future.
Reuniting from the JXTA project, Element continues working with 4RM+ULA Architects on the Dreamland project led by the Cultural Wellness Center, a new 3-story building that will revitalize the African American community and incubate impactful, community-centered initiatives dedicated to human rights and social justice. Dreamland on 38th will bring together culture and wellness, and create a model for culturally driven development, showcasing our commitment to projects that uplift and benefit the community.
Another significant milestone on the development side has been initiating the design work for Pillsbury Creative Commons in collaboration with Pillsbury United Communities and Gensler. Envisioned as an expanded and renovated Pillsbury House + Theatre, the new technical arts radio campus will fuel racial equity through targeted economic, artistic and social investments.
In addition to exciting new development projects, Element's experience in historic rehabilitation projects brought our fourth historic tax credit renovation at the Prince Building on St. Anthony Main, expanding existing tenants and attracting new office users to the revitalized 3rd and 5th floor office spaces that overlook the Mississippi River and downtown skyline.
Empowering Emerging Developers:
Working alongside emerging BIPOC developers in the Twin Cities to support their capacity and skill-building as they build out community-based development projects, Element team members provided over 200 hours of technical assistance through the City of Minneapolis DTAP (Developer Technical Assistance Program) and Hennepin County TOD (Transit-Oriented Development) programs. Element continues providing comprehensive support through various development stages, including feasibility analysis, pro-forma development, and loan preparation in the redevelopment of commercial properties in North Minneapolis and East Lake Street.
On the brokerage front, the Element team executed an impressive 54 transactions throughout the year, covering a total of 433,829 square feet. With an average size of 8,034 square feet per transaction, our team's expertise and dedication shone through in every deal.
Notably, the team successfully completed nearly 20,000 square feet of leasing at St. Paul's Vandalia Tower, welcoming King Coil Spirits to the community, a vibrant distillery that pays homage to the building's rich history of King Koil mattress factory.
In the North Loop, Element managed the leasing and project coordination for the expansion of Coen+Partners, a global landscape architecture and urban design practice. Their office footprint tripled in size, unveiling a stunning new third-floor space with wall to wall views of the surrounding neighborhood charm, allowing for a clean and inviting environment. We take pride in actively working toward the vision of our clients, contributing to their overall growth and success.
Local & National Expansion:
Element made notable strides in expanding our neighborhood presence, representing prominent retail space in Wayzata that attracted two esteemed tenants, Lucy Interiors an award-winning studio opening earlier this year, along with Rêve Studios, a new fitness concept set to open their doors in January 2024.
Taking our leasing experience beyond the Twin Cities market, the team facilitated the expansion of fitness client, Discover Strength, with the signing of 10 leases across various states, including Arizona, Colorado, Illinois, Minnesota, Wisconsin, and Washington DC. These exciting new locations add to the continued growth and success the Discover Strength franchise has seen over the last few years.
As we look back on a year filled with achievements, Element expresses gratitude to our clients, partners, and dedicated team members who made this success possible. Here's to continued growth, collaboration, and success in the coming year!