As a part of a $20 million plan from
Kraus-Anderson Realty in Bloomington, a vintage office building in Loring Park will be converted into 75 luxury apartments.
The J.L. Robinson Co., the company that predated Kraus-Anderson, constructed the four-level building, which previously housed the Northwestern National Life Insurance Co.
Michael Korsh, director of real estate development for the company, says that the building more recently “was on its way to being less than half-full,” adding, “It wasn’t falling apart but it was headed in that direction. It needed to be repurposed.”
At one point there was a plan to tear it down; at about that time the company stepped in. “We really loved the building and the history of it,” Korsh says, adding that it’s rare that a company gets to revisit a development.
Kraus Anderson plans to secure historic status for the building, to “make sure that it can be kept [intact] forever, or as long as possible,” he says.
In keeping with historic standards, the building's exterior will be cleaned and retouched, but otherwise, left as it is. Original marble and plaster inside the building will also be repaired. “We’ll put it back to how it was but with more modern amenities.”
The amenities include a bar and lounge area, gathering spaces, media rooms, workout facilities, rooftop terrace, underground parking ramp, and more.
In his view, “It’s the perfect site for apartments because it’s right there on the park, close to downtown without being in the middle of a concrete jungle.”
The development, which will open in the fall, takes advantage of the demand for apartments. “People are renting and we expect that to continue, especially in areas like this,” he says, adding that it’ll bring “the kind of residents that are helpful to a neighborhood, who will spend money and use the park.”
Source: Michael Korsh, Kraus Anderson
Writer: Anna Pratt