The Paxon

Type: New Construction
Role: Developer
Building Space: 139 Luxury Market-Rate Units
Financing: Conventional
Location: Minneapolis, MN
Year Completed

Overview / Details

The development of the Paxon is an example of Sherman’s ability to overcome obstacles that have stalled other developers. The Paxon has successfully eased a North Loop neighborhood eyesore that had been present for over a decade. The site, subject to numerous failed revivals, had been home to a half-completed foundation and parking structure left behind when a Chicago-based developer controlling the property went out of business in 2003.

In 2013, Sherman Associates announced its intent to purchase the 1.1-acre parcel with plans to develop a market-rate multifamily housing project. After a survey of the lot deemed the original work unsalvageable, Sherman Associates leveled the

existing structure to ensure that new footings were planted safely into bedrock, and that there would be no railroad easement disputes. The Sherman development team was able to create a vision for the site that offered luxury living and modern amenities complimenting its location within an historical district.

Sherman Associates succeeded in following through where others had been unable, and in January of 2015 The Paxon opened its doors to its first residents, earning the distinction of “Best New Apartments for Empty Nesters,” by Star Tribune’s Best of MN. The 139-unit property was nearly 60% percent leased within 4 months of opening. Sherman sold the property in May 2015.

Where former scraps of concrete and rebar once stood stands a 5-story luxury apartment building, returning integrity to the corner once known as Historic Implement Row. Finished with top-ofthe-line products such as granite, tile backsplashes, stainless-steel Whirlpool appliances, and gas ranges, Sherman Associates spared no detail when it came to the level of design they brought to the table. Featuring a large pool, spa, gas fire-pit, bar, and two commercial grilling stations, The Paxon’s multi-tiered outdoor courtyard is the perfect place for residents to relax. Residents can also head indoors to take advantage of the fitness center, yoga studio, dry sauna, club room, indoor bar, catering kitchen, and movie theatre.

Awards & Recognition

2015 “Best New Apartments for Empty Nesters,” by Star Tribune’s Best of MN.