Developer CEDARst has acquired a pair of historic warehouses in Downtown Minneapolis, which it will redevelop into a 345-unit multifamily community. The company expects to break ground in the fourth quarter of this year and estimate that the first units will begin delivering in summer 2022.
CEDARst picked up two multi-story warehouses in the North Loop neighborhood, also known as the Warehouse District, along with an adjacent, 32,000-square-foot surface lot. One warehouse is an eight-story, 275,000-square-foot building and the second is a five-story, 108,000-square-foot property. The site was acquired from a consortium led by the Martin Falk Paper Company for about $21.1 million.
The developer plans to renovate and reposition the larger warehouse, creating 260 residential units and 15,000 square feet of retail, while the smaller building will be turned into a 20,000-square-foot amenity space with 7,000 square feet of retail space and 50 residential units. Both buildings will see the addition of underground parking. CEDARst also intends to develop 34 residential units on the surface lot along with 20,000 square feet of ground-floor retail and 284 parking spaces.
Ice skating rink
The completed project, called 6th and 3rd, will feature unique amenities including a rooftop ice skating rink and icehouse with views of the Minneapolis skyline, as well as a bowling alley, swimming pool, paddle courts and coworking center. The property will resemble CEDARst’s other adaptive reuse project in the North Loop, the Duffey Lofts, a 190-unit community at 500-528 Washington Ave. N.
Pat Minea and Dan Trebil of Northmarq arranged acquisition financing on behalf of CEDARst from First Western Bank & Trust. Lamar Newburn of Lee & Associates represented CEDARst in the transaction.