Apartment, Commercial

Midtown Exchange

Type: Rehabilitation, Historic, Mixed-use Conversion
Role: Co-Developer, General Partner, Manager
Building Space: Apartments: 219 Total Units: (178 Affordable Units, 41 Market-Rate Units)
Condominiums: 88 Units

Project Value: $77 Million
Financing: Federal Low Income Housing TaxCredits, US Bank First Mortgage (Housing Revenue Bonds), Minnesota Housing Finance Agency, City of Minneapolis, Hennepin County, Tax Increment, Metropolitan Council
Location: Minneapolis, MN
Year Completed

Overview / Details

In 2004, a collaboration between developers Sherman Associates and Ryan Companies transformed the mammoth 1.2 million SF historic Sears, Roebuck & Co. building in South Minneapolis into a mixed-use masterpiece featuring 88-loft and penthouse condo units, 219 rental units (including affordable units), the headquarters of Allina Health Systems and a global food market. The Global Market features a variety of small businesses started by local entrepreneurs.

Midtown Exchange was designed, developed and financed in record time with construction beginning only six months after initial inception. Sherman Associates spearheaded the development of the condominiums and apartments at Midtown Exchange, which remains one of Sherman Associates’ most celebrated projects, earning continued awards and recognition from both local and national sources.

Awards & Recognition

2010 Property Excellence Award by Minnesota Multi Housing Association

2009 Best of the Decade by Minneapolis/St. Paul Business Journal

2007 Affordable Housing Finance Magazine: Best Historic Rehabilitation

2006 National Trust/HUD Secretary’s Award for Excellence in Historic Preservation


2005 Best in American Living by Professional Builder Magazine

2004 Best in Real Estate: Best Overall by Minneapolis/St. Paul Business Journal