4041 Hiawatha Avenue S., Minneapolis, MN
Nominated by: Dominium Development & Acquisition, LLC in collaboration with Braun Intertec Corporation and Weis Builders, Inc.
Millworks Lofts is a unique historic reuse in South Minneapolis and is one of the only historic preservation projects in the Hiawatha Corridor. The building and adjacent lumber shed were originally constructed in 1926 and housed the Lake Street Sash & Door Company for nearly 40 years. Over the past half century, various industrial tenants occupied the spaced until Dominium purchased the site and redeveloped the structure into Millworks Lofts. Dominium’s approach to redeveloping the building was to restore the site to its original appearance and convert it to a higher and better use. The end result is a redevelopment project that serves the demand and need for affordable housing options for South Minneapolis.
Remediation efforts for Millworks Lofts included the installation of an active sub-slab vapor mitigation control system for the building to address potential soil vapor intrusion, the removal of 10,000 gallon above ground fuel storage tank, and the abatement of asbestos and lead-based paint. In addition, contaminated fill was properly removed and disposed of for the construction of a parking lot. Storm water management systems and a geothermal heating and cooling system were installed during the redevelopment.
The most challenging aspect of the redevelopment project was the fact that construction costs at the time of development were high due to the number of apartment developments being constructed in the Twin Cities. This was in addition to the added measures needed to be taken as the building was on the National Register of Historical Places. Creative financing measures were installed to ensure that the project was able to go forward with the desired quality in mind. The project has increased the tax base by nearly $30,000. The result of the redevelopment is a $35 million investment into a previously blighted site. 78 additional households will now be supporting local retail, restaurant, and commercial businesses. Millworks Lofts also serves as a marker for the redevelopment of other historically significant properties.
- $2,331,174 – Private capital/equity
- $8,507,000 – First Mortgage Loan
- $7,380,304 – Federal Historic Tax Credit Equity
- $103,099 – Minnesota Department of Employment and Economic Development
- $5,280,130 – Minnesota Historic Tax Credit Equity
- $188,900 – Metropolitan Council
- $130,135 – Hennepin County
- $10,865,899 – Low Income Housing Tax Credit Equity
- City of Minneapolis
- Minneapolis Community Planning & Economic Development
- Hennepin County
- Metropolitan Council
- Minnesota Department of Employment and Economic Development
- Minnesota State Historic Preservation Office
- National Park Service
- U.S. Bancorp Community Development Corporation
- U.S. Bank N.A.
- Freddie Mac
- Greystone Servicing Corp.
- Enhanced Historic Credit Partners
More info: http://www.millworkslofts.com/