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Sherman Associates plans apartments in shuttered Duluth school – Minneapolis/St.Paul Business Journal

Sherman Associates plans apartments in shuttered Duluth school

Nov 12, 2014, 6:56am CST  

Nancy Kuehn | MSPBJ
George Sherman of Sherman Associates, left, and Minneapolis/St. Paul Business Journal Senior Reporter Sam Black at a Best in Real Estate event.

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Sherman Associates is moving ahead on plans to buy a recently closed Duluth school and convert it to a historic rental project, blackboards and all.

The Duluth News Tribune reports that the Minneapolis-based developer recently landed $5.3 million in low-interest loans other aid from the Minnesota Housing Finance Agency, which will help it buy the Nettleton Elementary School from the Duluth school district. The school closed last year.

Sherman plans to convert the property into 50 apartments, split between affordable housing and market-rate housing for low-income tenants. A key piece of the plan is landing a historic designation for the property, which in the 1920s began one of the first special-education programs in the area.

The firm, led by George Sherman, has been active in Duluth; it’s done several other school conversions and is working to redevelop the city’s NorShor Theater.

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