Jessica Welk joined Sherman Associates, Minneapolis based real estate developer, as...more details »
A collection of recent and significant news articles about Sherman Associates, Sherman Associates' properties and employees.
Looking at the downtown Minneapolis skyline, you couldn’t miss all the cranes dotting the landscape.
Minneapolis Councilman Jacob Frey says there’s more development in his ward than anywhere else in the city.
“Sixty-five percent of the total development of the entire city is happening in the third ward,” he said.
A list of projects already underway includes the new Vikings stadium, Downtown East and soon the Washington and Chicago Development.
The cost of the project is $50 million; construction should start late summer and will take approximately 14 months to complete.
The plan is to redevelop the block between Washington Avenue North, Chicago Avenue South, Third Street South and Park Avenue South.
The Old Spaghetti Factory building [Sherman Associates' Corporate Offices] will remain but the rest of it will be offices. The Thresher Buildings will be rehabbed for a hotel and offices. The building is a locally designated historic landmark and is listed in the National Register of Historic Places. Any improvements will be done inside the building.
The rest of the block would see a seven-story, 185,000 square foot mixed-use building. There would be a grocery store, underground parking and on the upper levels of the building 181 apartments.
Frey says before the development boom downtown was a bit uneven with so many surface lots. He says he has made a concerted effort to change that.
“In my first year of office we’ve gotten rid of 40 percent of them in my first year of office,” he said.
Frey says the development was necessary and calculated. I think it’s a combination of having tactical policy decisions that have driven incentives and triggered investment in our area.
Updated: 03/30/2015 5:23 PM
Created: 03/30/2015 3:52 PM KSTP.com
By: Todd Wilson