The Nicollet: Edina In, Financial Freedom Out

by Alex Stenback on July 17, 2006

The_nicollet
Big news from today’s Downtown Journal on The Nicollet – a towering 357 unit condo development (picture at right) planned for Downtown Minneapolis.

After a year and a half of "sales" where only 48 of a planned 357 units have sold, Financial Freedom real estate has been ousted/stepped aside as lead broker, with Edina Realty stepping into the breach.  Both sides are publicly taking the high road on the split.

Pratt said he was not disappointed with Financial Freedom’s sales of the project. “I wish them well,” he said. “They’re doing a number of positive things to develop Minneapolis.”

…Clark Gassen, founder and president of Financial Freedom, said the switch is a positive one for his company, which is known for its extensive condo conversions, sales of existing homes and new developments in Southwest Minneapolis.

Whether or not the lackluster sales figures have anything whatsoever to do with the broker selling the units, our guess is that Financial Freedom is glad to be rid of the assignment (and probably got a VERY large check from the developers for their contract – which is typical in these situations.)

We’ll soon find out whether it’s the salesman or the product at the Nicollet, so stay tuned.
· The Nicollet Swaps Sales Team [downtownjournal.com]

{ 3 comments… read them below or add one }

Darren Johnson July 27, 2006 at 12:34 pm

Its going down like a lead balloon. Careful don’t get too close to this one

Duane August 4, 2006 at 1:06 pm

I remember this guy, he was the pioneer in real estate blogging, especially as far as Minnesota goes. Can anyone think of his name? Seems like it started with an A

Editor August 4, 2006 at 1:11 pm

As if I don’t have enough blog guilt.

Thanks Duane. We plan to re-emerge, better than ever shortly. Busy summer.

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