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Minneapolis / St. Paul Business Journal
Research group outlines policy reforms to unlock housing affordability
Housing affordability is becoming a bigger issue for U.S. voters, spurring policymakers — especially at the state and local levels — to consider new measures aimed at easing the burden facing both renters and prospective homeowners.<\p> While every city, county or region thinks about housing affordability (and potential solutions) differently, several common policy changes are being pursued, especially to ease restrictions around building new housing. New research from the Mercatus Center at George Mason University in Arlington, Virginia, outlines some of the biggest reforms being adopted across the U.S. today and offers a menu of potential options for policymakers to consider.<\p>
It bet $450M on Twin Cities CRE, now it’s upping the ante
A trio of industrial buildings in Blaine totaling more than 317,000 square feet has been sold in a deal worth more than $45 million.<\p> Finance & Commerce reports that Radnor, Pennsylvania-based EQT Exeter paid a total of $45.7 million for the properties at 8611, 8700 and 8650 35W Service Drive NE. in Blaine.<\p>
MN law on job postings changes in January. Start preparing now.
A new Minnesota law that will require any company with 30 or more employees to include a pay range for all job postings is still months away from taking effect, but labor law experts are advising companies to start preparing now.<\p> The law was part of the Omnibus Labor and Industry policy bill passed last session and signed into law on May 17. Minnesota is among nine states to have passed such a law. <\p>
$10M Asia Village project in Blaine is closer to reality (photos)
Investors behind plans to open an Asia Village at Northtown Mall in Blaine closed on the purchase of the site least week, bringing the project closer to becoming a reality.<\p> The team expects the buildout to take 14 to 16 months before Asia Village opens at the shopping center. The team includes all five investors from Eden Prairie’s Asia Mall, two other private investors and Michael Bui, the restaurateur behind concepts like Pho Mai and the revived Keefer Court.<\p>
Digestible: Italian Eatery, Kitty Kat Klub, Khue's Kitchen
Here’s a roundup of recent news on food and drink around the Twin Cities: <\p> Wayzata, Inver Grove Heights to get Thirsty Whale, Yo Yo Donuts. The owners of Yo Yo Donuts and Thirsty Whale are charting their plans for growth in the pastries business with two upcoming locations in Wayzata and Inver Grove Heights. In September, Thirsty Whale will land on Wayzata’s lakefront at the former Penny’s Coffee location. Yo Yo Donuts will roll into a strip mall at 9092 Buchanan Trail in Inver Grove Heights. Alise and Luke McGregor bought the single Yo Yo Donuts location in Minnetonka a year-and-a-half ago, and the couple is on course to have seven spots under their belt in the coming months. Another opening is on the horizon, but Alise McGregor said she couldn’t disclose details just yet.<\p>
Dream Cabins: Off-the-grid log home lists near $2M
A nearly 40-acre private property near the Canadian border in the Superior National Forest has hit the market for $1.95 million. <\p> The property comes with a lakefront, off-grid log cabin nearly an hour north of Grand Marais, according to its listing with Red Pine Realty. It also has over 4,000 feet of water frontage on Portage Lake, described as “very secluded meandering shorelines, bays and points.”<\p>
The Playbook: How pay raise plans for 2025 are shaping up
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> Despite increasing political backlash toward diversity, equity and inclusion, a majority of workers still say they prioritize inclusion in their organizations. <\p>
Why a Twin Cities hospital CEO wrote a book addressing gun violence
After working for years as a pediatric emergency physician and seeing firsthand how gun violence affects children, CEO of Children's Minnesota Dr. Marc Gorelick wrote a book to address the problem as a public health issue.<\p> Gorelick's book — “Saving Our Kids: An ER Doc’s Common-Sense Solution to the Gun Crisis" — assesses policy and approaches that will help address the issue. The book was released last month and is available on Amazon.<\p>
Yo Yo Donuts charts growth, plans Wayzata, Inver Grove Heights spots
Alise and Luke McGregor, who bought the single Yo Yo Donuts location in Minnetonka about 18 months ago, are on course to have seven spots under their belt in the coming months. Next up: A Thirsty Whale Bakery planned for Wayzata and a Yo Yo Donuts set for Inver Grove Heights.<\p> In September, Thirsty Whale will land on Wayzata’s lakefront at the former Penny’s Coffee location. Yo Yo Donuts will roll into a strip mall at 9092 Buchanan Trail in Inver Grove Heights. <\p>
Delta CEO gives employees travel passes after IT outage
Delta Air Lines Inc. is offering free flights to all its employees as a way of making up for its scheduling meltdown last month.<\p> CNBC has a report on the airline's move, which was announced by Delta CEO Ed Bastian in a message to the company's staff.<\p>
Lawsuit alleging mismanagement by St. Paul landlord dismissed
A lawsuit filed against an LLC set up by Madison Equities to own and operate its US Bank Center property in St. Paul has been dismissed.<\p> Last August, Nexstar, a Wisconsin company that says it has had an office in the property for nearly a decade, filed a lawsuit alleging the building was being mismanaged by Madison Equities, including not keeping it safe for tenants. The allegations were denied in court by Madison Equities. <\p>
Minnesota Aurora scrap bid to join pro women's soccer league
The Minnesota Aurora women's soccer club won't join the National Women's Soccer League in 2026, after the team withdrew its bid to become an expansion team in the league.<\p> The Pioneer Press reports that the Aurora, which earlier this summer submitted a bid to become the NWSL's 16th franchise, sent a letter to 3,000 community owners saying "circumstances out of our control" led to the decision. It added that "there remains strong interest by investors to support Minnesota Aurora going pro.”<\p>
When it comes to data centers, is Minnesota plugged in?
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
Sun Country flight attendants authorize strike
Flight attendants at Sun Country Airlines (Nasdaq: SNCY) have voted to authorize a strike, the latest sign of growing labor unrest over years of contract talks with the Minneapolis-based carrier.<\p> Teamsters Local 120 represents more than 500 flight attendants at the airline; it's been in talks with Sun Country over a new flight attendant contract since 2014. The last pay scale increase for the airline's flight attendants was in 2016.<\p>
MnDOT proposes overhaul of north metro highway
The Minnesota Department of Transportation has proposed a complete transformation of Highway 252 to reduce traffic problems. <\p> Brooklyn Park and Brooklyn Center residents have been asked to review the proposal, which would convert the highway into a freeway and remove stoplight intersections. The first public meeting is scheduled Thursday afternoon and the second will be next Wednesday, Aug. 21.<\p>
MSPBJ reveals the fastest growing private companies in region
The Minneapolis/St. Paul Business Journal today announces the honorees of our annual Fast 50 awards, celebrating the Twin Cities' fastest-growing, privately held companies by revenue growth. <\p> However, there's a caveat this year: There are only 47 honorees on our Fast 50 List.<\p>
Liver cancer treatment lands MN's biggest VC haul in years
A Twin Cities medical device company that's developed a means of fighting liver cancer with sound waves has raised $102 million, Minnesota's largest VC round in two years.<\p> Plymouth-based HistoSonics said it will use the funding to support commercial growth of its noninvasive Edison Systems device.<\p>
Owner of Mpls. apartments damaged by fire says he 'hopes to rebuild'
The owner of the 4-story apartment building heavily damaged by a fire this week near U.S. Bank Stadium said he intends to reconstruct it. <\p> The fire broke out just before 9:45 p.m. on Tuesday night. It left one elderly man dead and four people hospitalized, including a child, according to a report by Fox 9.<\p>
Nautical Bowls ousts CEO
Fast-casual restaurant chain Nautical Bowls has ousted CEO Peter Taunton — the executive who previously founded Snap Fitness — as the chain of acai bowl eateries fields lawsuits from franchisees.<\p> Taunton, who built Snap Fitness parent Lift Brands Inc. into one of the nation's largest franchisors, had similarly big goals for Nautical Bowls, where he became CEO in 2020.<\p>
Hempel plans mixed-use project in St. Louis Park's West End
Hempel Real Estate is proposing a mixed-use building in St. Louis Park’s West End with 223 apartment units and commercial space, which could include a grocer, restaurant and coffee shop. <\p> The Eden Prairie-based commercial real estate firm has a purchase agreement for the 3.3-acre site at 5401 Gamble Drive, which currently houses the West End One office building, part of the larger West End Office Park complex, according to city documents. <\p>
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