First & First recently purchased two buildings next door to Red Stag Supperclub and the former Superior Plating site (now under contract to
Lennar, a major national housing developer). The buildings, located at 501 & 505 1st Avenue NE, are home to the retail store I like You and art gallery/tax consultants Fox Tax (in 501-503), and the chiropractic clinic Ambiente Gallerie (in 505).
“We are excited about the continually evolving neighborhood of Northeast,” says
Peter Remes, CEO of First & First. “Although these two buildings are a bit neglected and right now don't offer the best street presence, they are charming and have tremendous potential. We purchased them from At Home Apartments, which had purchased the buildings for a residential opportunity which it later decided to not pursue.”
First & First plans on renovating the buildings to improve their overall appearance, installing new windows and rehabbing the common areas. The current tenants remain under leases and have no plans to leave at present, Remes says.
As additional spaces in the buildings are rehabbed and become available, Remes says he hopes to “fill them with dynamic, creative businesses that love the brick-and-timber ambience, the Northeast Neighborhood and want to contribute to the area’s growth.”
First & First has adaptively reused such Minneapolis structures as the former Theatre de la Jeune Lune, now the event space Aria and First & First’s offices; Icehouse;
The Broadway; and
Franklin Theater. The creative development company is also working on creative campus in St. Paul off the Green Line light rail in the
Vandalia Tower, which will include a micro-brewery and restaurants.