- Real Estate
- Food & Drink
March 26, 2018
The Cascade is still about one year from opening, but businesses already are close to committing to space in the Uptown project.
A brewery and multiple restaurants are among tenants showing early interest in the project being developed by Lloyd Cos. along Phillips and Main avenues between Second and Third streets.
“People are pretty excited,” said commercial broker Scott Blount, who is working on three deals for the project.
“These groups want to plan ahead. They like the idea that they have ample time to plan and put the whole concept together. They don’t feel rushed and feel like this gives them an opportunity to do the proper planning and set things in motion so the business succeeds.”
The brewery would take the south end of the mixed-use building, which would include outdoor seating, Blount said. The other restaurants include a pizza and ice cream shop and a bakery cafe.
“Everyone likes the idea of playing off the (nearby) Levitt (outdoor music venue),” he said. “All three tenants have talked about that. They’ve committed to doing at least 50 shows a year, and people see momentum there.”
The growing population is a big factor too.
The Cascade will add about 200 apartments to the area, including some directly connected to the commercial space. Add in the other Uptown-area residential units, and there about 400 apartments or condos close enough to walk to The Cascade.
“That’s a lot of density,” Blount said. “It’s a built-in clientele for the tenants we’re working with, especially something like a bakery with coffee and pastry in the morning.”
Combined, the three tenants would take almost 7,000 square feet, leaving about 13,000 square feet for other businesses. There has been interest from other retailers, Blount said, and the hope is to add at least one more restaurant on the north end of the building.
“We’re still looking for a tenant to do more of a full-service or quick-service restaurant. Millennials prefer quick-casual as opposed to traditional sit-down, so nationally there’s more and more of those — tapas bars, gathering places where it’s not a formal sit-down dinner but a chance to get together more casually.”
Lloyd also has had early interest from residents in The Cascade apartments, vice president of development Erica Beck said. Those will include access to an outdoor pool, outdoor kitchen and green space for entertainment and recreation, as well as areas for pets and bikes.
“Immediately following the ground-breaking, we started receiving calls about leasing and people asking to be put on a wait list,” she said. “So we have a wait list started, but we don’t anticipate a lot of actual leasing activity until later this year.”
The project is on target for a spring 2019 opening, Beck said. Elevator shafts are being installed, and walls will start going up soon. The recently announced Sioux Steel redevelopment has built momentum for the entire area, she said, adding The Cascade is a good example of what’s possible at Uptown.
“What we set out to create was a concept unlike anything we currently have within our downtown or in our community for that matter,” she said. “And that’s a true mixed-use development with a lot of on-site amenities for both residents and businesses that will be really attractive to both.”
It’s still about one year from opening, but businesses already are close to committing to space at The Cascade.