Minneapolis—SR Development LLC, headed by Brad Schafer and N. Christopher Richardson, has completed the conversion of a 106-year-old warehouse building into The Cameron Apartments, a 44-unit affordable housing community in Minneapolis. The historic building was originally constructed in 1910 as the Cameron Transfer and Storage Co.
SR Development acquired the structure, most recently known as the Dial Building, as part of a larger pre-recession redevelopment effort. That effort eventually resulted in three condo buildings, including the 710, 720 and 730 Lofts. Originally, the developer had planned to tear the building down, but later came up with a redevelopment plan.
Located at 756 N. Fourth St., The Cameron Apartments is now a four-story building comprised of 23 studio, 17 one-bedroom and four two-bedroom units for families. It’s affordable to those who earn 50 percent to 60 percent of area median income.
Common amenities include a fitness center, picnic/grilling area, onsite caretaker, laundry facility, elevator and bike storage. Amenities within each unit include an electric range, refrigerator, microwave oven, dishwasher, secure intercom entry, patio/balcony and central air conditioning. A washer and dryer are standard in two-bedroom units.
WNC provided nearly $4 million in low-income housing tax credit (LIHTC) equity and historic tax credit (HTC) equity to fund the adaptive reuse project. “The Cameron Apartments conversion transformed a part of Minneapolis’ century-old history into a modern addition to the community,” said WNC Executive Vice President & COO Michael Gaber.