High-end apartment project in Minneapolis' North Loop

CEDARst Companies has completed the acquisition of two adjoining historic properties and a land site in the North Loop section of Minneapolis and ultimately will redevelop the property as 6th and 3rd, a 345-unit, fully-amenitized multifamily complex.

CEDARst Companies has completed the acquisition of two adjoining historic properties and a land site in the North Loop section of Minneapolis and ultimately will redevelop the property as 6th and 3rd, a 345-unit, fully-amenitized multifamily complex.

The site was acquired for about $21.1 million. The seller of the properties was a consortium led by the Martin Falk Paper Company. Cedar was represented by Pat Minea and Dan Trebil of Northmarq, who facilitated acquisition financing from First Western Bank & Trust. Lamar Newburn of Lee & Associates represented CEDARst in the transaction..

The business plan for 6th and 3rd will resemble CEDARst’s announced plans at The Duffey Lofts, also in the North Loop market. That project involves the adaptive reuse of the C.J. Duffey Paper buildings at 500-528 Washington Ave. N, into 190 multifamily units and 20,000 square feet of commercial space.

The newest acquisition by CEDARst includes two multi-story warehouses. The first is an eight-story, 275,000-square-foot property and the second is a five-story, 108,000-square-foot building. CEDARst also acquired an adjacent, 32,000-square-foot surface lot.

According to CEDARst’s development plans, the renovation and repositioning of the larger warehouse includes the creation of 260 residential units, 15,000 square feet of retail space and underground parking. The smaller building will be transformed into a 20,000-square-foot amenity space along with 7,000 square feet of retail space, 50 residential units and underground parking. On the surface lot, the CEDARst plan calls for the development of 34 residential units, 20,000 square feet of ground-floor retail and parking for 284 vehicles.

CEDARst expects to break ground in the Fourth Quarter 2020 and anticipates a construction cycle of about 20 months, allowing it to begin delivering units in Summer 2022.

The amenities being incorporated into 6th and 3rd go above and beyond what typically would be found in any residential development. The most unique in the amenity suite is a roof top ice skating rink/icehouse featuring dramatic views of the Minneapolis skyline. The rink can be converted to a soccer field or other uses in the Spring and Summer. Other amenities include a bowling alley, paddle courts, swimming pool and coworking center. The complex also will feature F&B service—coffee and grab and go food—through CEDARst’s Heritage branded affiliate.

The North Loop submarket in downtown Minneapolis is one of the city’s fastest growing and popular neighborhoods. It is known as a live-work area because of its walkability, award-winning restaurants and taprooms, fashionable shopping, entertainment venues and converted warehouse buildings. Additionally, it is just a short distance from Target Field and Target Center.

Keep Reading

Yesterday, hundreds of commercial real estate professionals tuned in for the first annual IREJ Real Estate Awards. The event also honored the career of Jim McShane with a Lifetime Achievement Award.

CEDARst Companies has completed the acquisition of two adjoining historic properties and a land site in the North Loop section of Minneapolis and ultimately will redevelop the property as 6th and 3rd, a 345-unit, fully-amenitized multifamily complex.

Why the windy city’s developers suddenly love Minnesota

A Chicago-based developer is bringing units to the city that has attracted a fully of new construction.

CEDARst Cos. has secured an $81.7 million Fannie Mae loan to refinance The Draper, a 342-unit apartment complex in Chicago's Uptown neighborhood.

Cedar Street has scored nearly $75 million in debt financing for a 342-unit office-to-apartments conversion in Uptown, one of several multifamily projects in the Chicago developer’s construction pipeline.

Some apartment communities are built from the ground up, and others are fashioned from existing structures. The Ardus, which recently opened in River North, is both — but it’s hard to tell by looking.

Time was, looking at brand-new apartment buildings meant managing your expectations. Sure, you might get a bright, fresh apartment with new appliances, a party room and an in-house fitness center.

Apartment dwellers have begun moving in above Miller’s Pub downtown, continuing a makeover of a drab stretch of Wabash Avenue beneath elevated trains.

The two-year transformation of Uptown’s former Combined Insurance building into a new striking apartment development known as the Draper is nearly complete.

A Chicago apartment developer has broken ground on a $65 million project just north of Pilsen, using a financing tool that’s popular in other big cities but has yet to catch on here.

A vintage office building just steps from the buzz of State Street has been transformed into 176 chic urban apartments in the River North neighborhood.

The 260 units, all studios and one-bedrooms, are positioned as a lower-priced alternative to the increasingly luxury-priced housing options in the neighborhood.

A Chicago developer paid more than $21 million this week for a pair of warehouses that will become part of a historic rehab project in the North Loop neighborhood of Minneapolis.

A vintage office building just steps from the buzz of State Street has been transformed into 176 chic urban apartments.