Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

Historic North Loop building slated to become boutique hotel

Posted by: Jim Buchta under Architecture, Buying, Foreclosures Updated: September 4, 2014 - 12:44 PM

A Chicago/Milwaukee development duo is planning to convert the historic Jackson Building in the North Loop neighborhood in Minneapolis into a 120-room hotel with a restaurant/bar aimed at creating "an enclave for locals and appeal to travelers in search of an authentic, one-of-one Minneapolis experience."

The yet-to-be-named hotel could become only the second hotel in the North Loop is and is slated to be developed by a joint venture ( "300 Washington Avenue LLC") between Milwaukee-based Fe Equus Development, which developed the Iron Horse Hotel in Milwaukee, and the Aparium Hotel Group of Chicago, which will manage the hotel and restaurant/bar.

The dark red brick building has been a fortress-like presence at the bustling corner of Washington and Third Avenues since the very late 1800s and was at one time a farm implement showroom and warehouse. Even as the warehouses around it have been redeveloped, the five-story building has been vacant for years. Wayzata Partners was the most recent owner of the building, but their attempts to convert the building into 70 market-rate rental apartments failed and the building went back to the bank.

The 300 Washington Avenue LLC bought the 93,000 square-foot building at the end of July from MinnWest Bank for $4.6 million and is working with Twin Cities-based ESG Architects on plans for the conversion.To finance the project, the group plans to apply for historic tax credits, and says they've lined up a lender to finance construction. Plans have yet to be submitted to the city, but construction is expected to begin next year in time for a 2016 opening.

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