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Development, Housing, Minneapolis / St. Paul Housing, Twin Cities Real Estate

New Minneapolis Apartment Building Plan

According to Finance & Commerce, Minneapolis-based Hunt Associates and Washington-based Weidner Apartment Homes teamed up and presented on Thursday, June 18th, 2015 preliminary plans for a new six-story Minneapolis apartment building expected to replace the existing building on the 1.7-acre site which is currently home to the nonprofit Minnesota AIDS Project.

The Minnesota AIDS project building, at 1400 Park Ave. S. in Minneapolis, could be torn down late this year or early next year. (Staff photo: Bill Klotz)

The Minnesota AIDS project building, at 1400 Park Ave. S. in Minneapolis, could be torn down late this year or early next year. (Staff photo: Bill Klotz)

The new building will also have two levels of below-ground parking along with significant amount of amenities, including an outdoor courtyard. Hunt added that the developers are working with the project architect BKV Group to create a design similar to what you might find near the University of Minnesota today, with upper floors that “bend in the same time as they stand out.” Located at 1400 Park Ave. S., the site seems to be at an attractive location given that it’s at five blocks southwest of the new Minnesota Vikings stadium and also near the Minneapolis Convention Center (About three blocks to the west, across Interstate 35W). The project is owned by Weidner while Hunt Associates would act as a fee developer.

Development, Multifamily, Real Estate Trends, Uncategorized

Ironton developing Multifamily Historic Rehab along Central Corridor

chittenden_eastman

The Chittenden and Eastman Building

On Tuesday, October 4th, Executive Insight Series speaker Jim Stolpestad of Exeter Realty discussed Ironton Asset Fund’s plans for the Chittenden & Eastman Building, which should be ready for occupancy by Fall of 2012.

Ironton is taking advantage of Minnesota and Federal historic tax credits to rehab the property and develop 104 market rate rental units.  The Chittenden & Eastman Building (“C&E”) is located on the future Central Corridor Light Rail line in St. Paul, just three stops from the University of Minnesota campus.  The apartments will be moderately priced and targeted primarily at non-students, working adults and those in the arts community.

Stolpestad has a successful history with urban multifamily projects, including Cobalt Condominiums, which is anchored by a Lunds store, in Northeast Minneapolis.  His company’s track record, and the fact that Ironton provided cash for the purchase of the distressed building, facilitated the perfect opportunity to reinvent this section of University Avenue.  While the C&E building owner received many offers, ultimately Ironton purchased the property on a short sale, for $1.6 million (asking price was $3.5 million) and acquired C&E in the Fall of 2010.  Ironton is scheduled to close on financing next week and begin the ten-month construction period.
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