Apartment, Commercial

Jefferson Square

Type: Renovation, Acquisition
Role: Owner, Manager
Building Space: 20 Total Units: (16 Market-Rate Units, 4 TIF Units)
Financing: Conventional
Location: Duluth, MN
2000
Year Completed
20,134
sqft

Overview / Details

Constructed in 1893 as part of the Duluth Village School system, the Jefferson Square Apartments Building owns a rich history as having served as one of the largest elementary schools in the Duluth area for over 50 years.

The original building was expanded upon in 1952, 30 years prior to it shutting down due to low enrollment in 1982. In 1985, the property was renovated into 20 unique apartment homes and a 15,326 SF commercial space on the main level.

Sherman Associates acquired the property in 2000 utilizing conventional financing. In 2001 the Jefferson Children’s Center Preschool became the tenant of the main level commercial space, and continues to be to this day. Since acquisition, Sherman Associates has continued to keep occupancy rates between 90-100%.

Residents today can still enjoy original details of the building including woodwork, built-ins, oversized windows, vaulted ceilings, and exterior masonry. Surface parking is provided to residents at no cost, and 8 garage stalls are offered at a price of $50/month. There is also an on-site laundry room.

Commercial Space

15,326 SF (Jefferson Children’s Center Preschool – Since 2001)

Awards & Recognition

Duluth Preservation Alliance Award