Apartment, Commercial

Rayette Lofts

Type: Historic, Acquisition
Role: Developer, General Partner, Manager
Building Space: 88 Luxury Market-Rate Units
Financing: State and Federal Historic Tax Credits, Associated Bank, First Mortgage, Metropolitan Council Tax Base Revitalization Act
Location: Saint Paul, MN
2014
Year Completed

Overview / Details

Originally constructed in 1909 as a wholesaling facility for Minnesota-based company, Stronge & Warner, Rayette Lofts stands as an ode to Sherman Associates’ commitment to high-quality development projects that restore vigor and character to the urban environments in which they stand.

Purchased by Sherman Associates in 2001, Rayette brought with it a history of various tenants and owners. Raymond Laboratories, famous for the “Raymond Wave,” at home permanent hair treatment, and later for its Rayette product line,

which included the beauty icon “Aquanet,” occupied the building from 1936 up until 1979. Rayette served as office spaces from 1979–1997, at which point the beautiful neo-classical building was converted into a parking ramp.

In 2009 Sherman Associates submitted plans to the Minnesota Historical Preservation Alliance for a $22.5 million adaptive reuse of the property into a market-rate mixed-use development. The plan called for 88 loft-style apartment homes and 2,500 SF of street-front commercial space. The transformation of Rayette Lofts was successfully completed in the fall of 2014. With painstaking attention to detail and a strong focus on preserving and restoring the historical integrity of the structure, Sherman Associates successfully brought Rayette Lofts back to its former glory.

The building now serves as a glimpse back into the early 1900s as the exposed original masonry, 17’ concrete ceilings, circular support beams, and warehouse-style windows fill the loft-style apartment homes and common areas. Complete with stainless steel clad kitchens, sleek concrete floors, community room with full kitchen and bar, fitness center, spin studio, rooftop deck, and outdoor kitchen, Rayette Lofts is a stunning blend of history with the wants and needs of the present. In recognition of the project’s success, Rayette Lofts was named a Top Project of 2014 by Finance and Commerce. Rayette Lofts’ commercial space features Saint Dinette, the much anticipated concept by a well-respected St. Paul restaurateur.

Commercial Space

2,500 SF

Awards & Recognition

Top Project of 2014 by Finance and Commerce, PAM Award, MN Brownfield Finalist