Parella to Anchor Calhoun Square Corner
Calhoun Square is close to landing a new restaurant to anchor the vacant restaurant space that is still remembered as the home of Figlio. Parella, a new Italian restaurant, is slated to open at the bustling corner of Lake Street and Hennepin Avenue in June or July.
But as of Tuesday, the lease had not yet been signed.
“We’re very close to having that lease signed. We are deep in negotiations and are confident it will be signed,” says Jackie Knight, senior managing director with the Minneapolis-based Ackerberg Group, which owns Calhoun Square. “We think it’s phenomenal.”
Dara Moskowitz Grumdahl broke the news Monday for Mpls. St. Paul magazine, a sister publication of Twin Cities Business. On Tuesday, Michael Larson—the principal owner of Parella—declined to comment.
Knight adds that the Ackerberg Group plans to reconfigure the entrance to Calhoun Square so that it will be on Lake Street. She said that the Ackerberg Group will have its proposal before the Minneapolis City Planning Commission in the coming weeks.
Parella will lease about 6,500 square feet of space at Calhoun Square, says Knight. Just across the hall from the Parella space, a new People’s Organic location is set to open in April. Knight says that People’s Organic is leasing 975 square feet.
The popular Figlio closed in 2009 after a 25-year run in the space. Il Gatto, a replacement concept from Figlio’s owner, Edina-based Parasole Restaurant Holdings, was short-lived. A national concept, Primebar, closed in March 2013. The high-profile space has been vacant ever since.
The Ackerberg Group acquired Calhoun Square in April 2014 for $69.5 million. Ackerberg Group CEO Stuart Ackerberg has touted a goal of “urbanizing” and reenergizing the mall.
Uptown observers are encouraged by the pending deal at Calhoun Square.
“I think it’s key to maintaining the lively interaction of that intersection. It’s essentially the anchor tenant for the southeast corner of Hennepin and Lake, or Uptown,” says Jeffrey Herman, president of Minneapolis-based Urban Anthology, a commercial real estate firm focused on retail space. “It’s going to add a lot of energy to that corner.”