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 Posted: Wed 0:17, 21 Aug 2013 Post subject: A trading floor for new ideas-spun3 |
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An investing floor for brand new ideas,[link widoczny dla zalogowanych]
For nearly three years, the trading floor of the Minneapolis Grain Exchange -- a glorious symbol from the city's storied past like a milling empire -- sat empty, its future uncertain.
The architectural gem had always been the place where trades were shouted for wheat, corn, oats and other commodities in a sunken pit about the exchange floor. But that raucous style of trading ended in 2008 following the exchange switched for an electronic system.
Over the summer, the business incubator CoCo,[link widoczny dla zalogowanych], short for Coworking Collaborative Space,[link widoczny dla zalogowanych], opened on the trading floor, actually the fourth floor from the Grain Exchange's main building at 4th Street and 4th Avenue S. in downtown Minneapolis.
That old grain exchange had a new life. Then, almost 2 yrs towards the day's its closure,[link widoczny dla zalogowanych], it regained a little of the spotlight, when Google CEO Eric Schmidt visited the iconic space where corporate titans Pillsbury,[link widoczny dla zalogowanych], Peavey and Cargill once trod. Schmidt discussed the virtues from the incubator concept in the new economy.
"Distance-working is really a disaster,[link widoczny dla zalogowanych]," he explained throughout his Dec. 6 trip to CoCo. "People want to work in a group. People are social."
It seems the trading floor's 20th-century splendor -- ornate columns, floor-to-ceiling windows and paintings depicting the city's milling past -- makes method for 21st-century entrepreneurism. To date, CoCo has about 48 members, ranging from individuals to small firms, most of them technology-oriented.
"It's epic," says CoCo's co-founder Kyle Coolbroth from the exchange building. "It's a location to come and think about great ideas."
The building's owner, MGEX, sought a tenant who was "very alert to obtaining a new tenant that would appreciate and respect the area,[link widoczny dla zalogowanych]," said Rita Maloney,[link widoczny dla zalogowanych], director of marketing and communications. "CoCo absolutely fit that requirement. We definitely did not desire a cubicle farm inside."
The grand surroundings do hold a particular wow factor for visitors, but Coolbroth says its historical status presented some challenges in retrofitting the space for next-generation use. "It's no easy space to do something with," he said. MGEX taken care of the renovation,[link widoczny dla zalogowanych], although Maloney would not reveal the pricetag.
As the floors were refinished,[link widoczny dla zalogowanych], electrical service updated, data improvements installed plus some '60s-era green steel desks removed,[link widoczny dla zalogowanych], preservation rules prohibited any tampering with the interior walls. A little kitchen was added, and bathrooms remodeled within the hallway just from the trading floor. (The floor itself had merely a men's room,[link widoczny dla zalogowanych], a sign of the male-dominated commodities trade.)
Expansive wood tables where grain was once inspected by buyers were preserved. The operation gone to live in its current building in 1902,[link widoczny dla zalogowanych], among the first steel-encased structures in Minneapolis that helped usher within the skyscraper age. (Two other buildings were later attached on the north and east sides.)
Kenney says the exchange's founding fathers "obviously felt this had to be a special place and so it made sense to visit fancy. They hired Minneapolis interior designer John Scott Bradstreet, who was quite well-known to the rich and famous, to fancify the whole space."
Enter Coolbroth and CoCo about A century later. Although the trading floor had been shuttered for pretty much 3 years, Coolbroth says it had been still "incredibly well-preserved. When we first walked in here it was as if time had stopped,[link widoczny dla zalogowanych], people just got up and left. There were still trading cards about the windowsills." The main trading board still reflects the final trades of millet, flaxseed and hog bellies, among a number of other commodities.
CoCo now leases the rehabbed space (along with unlimited coffee) to the people, small firms and groups. Workstations that may be rented part-time for as low as $50 per month, to corporate "campsites" leasing for $2,[link widoczny dla zalogowanych],750 per month.
Coolbroth said hello was the success of CoCo's St. Paul digs -- three floors of renovated warehouse space in St. Paul's Lowertown -- that led the incubator to find more space across the river. Department of Interior extended tax credits for that trading floor's capital improvements, but declined to quantify them. "They were salt-of-the-earth types. Not too many people could have designed a success for the reason that very esoteric world of trade.
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