Minneapolis' North Loop may not be as forested as other more outlying neighborhoods of the Twin Cities, but this autumn brings colorful changes there anyway.
Known for being stocked with living spaces converted from former warehouses, the North Loop will finally see redevelopment of a warehouse building that has long been on the market: the Holden Building at 607 Washington Ave. N., which dates from 1910. Local firm
Greco Development has a purchase agreement for the 180,000-square-foot building and plans to convert it into apartments.
Greco's Arnie Gregory says it'll take about $25 million to rehab 180,000
square feet of "old, boarded-up, vacant building" into 120 apartments
(half affordable, half market rate). He'll rely on a mortgage of $12--14
million as well as "pay as you go" tax-increment financing. He expects
downtown service workers will snap up the affordable units, while the
market-rate apartments will go to young professionals. The basement and
first floor will have 100 stalls of parking, a 5,000 square-foot annex
will house retail or a bar, and each residential floor will have a
common area, possibly including co-working space. Why buy it now?
Gregory credits state tax credits for re-use of historic buildings.
"The neighborhood is always glad to see an imposing older building re-purposed for active uses," observes David Frank, president of the
North Loop Neighborhood Association. Greco is scheduled to present the project to the association's planning and zoning committee next week, according to Frank.
Something the North Loop is not so well known for is a sizable population of
children. But the facilities to attract and maintain a (much) younger population will see a significant increase with the addition of a
new playground at 400 W. River Pkwy. Construction of the playground begins this week, with a big boost coming next month: a national convention of park officials has designated it as their public-service project. A series of fund-raising dinner events is underway.
But the North Loop's biggest new feature is Target Field, where the Minnesota Twins began play this season. One of the facility's most admired public features is a plaza designed by local landscape architect Tom Oslund and an adjoining parking-ramp screen called "
The Wave" by California-based artist and MacArthur Fellow Ned Kahn. Oslund and Kahn will share the stage for an artist talk at noon, Sept. 16, at the Minneapolis Central Library. Later that day, beginning at 6 p.m., an interactive musical event will celebrate "The Wave."
Source: Arnie Gregory, Greco Development; David Frank, North Loop
Neighborhood Association
Writer: Chris Steller