Developer closes deal on land near historic Pillsbury A Mill

Article by: JANET MOORE , Star Tribune
Updated: December 30, 2011 - 1:02 PM

The purchase of a portion of the Pillsbury A Mill site in Minneapolis paves the way for a new luxury apartment complex along the Mississippi River.

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Doran Cos. plans to build the 375-unit Mill Main Apartments on Main Street between 5th and 6th Avenues SE. in Minneapolis.

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A Bloomington developer said Thursday it has completed the purchase of a portion of the Pillsbury A Mill site in Minneapolis, paving the way for a new luxury apartment complex along the Mississippi River.

Doran Cos. said TCF Bank was the lender in the $5 million deal. Doran plans to build Mill Main Apartments, a 375-unit project, in two phases. The 3-acre tract of land, now largely vacant, is adjacent to the historic mill structures.

Doran bought the site from North Dakota-based BNC Bank, the lead institution in a consortium of banks that owned the property after the foreclosure of a previous developer, Schafer Richardson Inc.

Kelly Doran, principal of Doran Cos., said a spring 2012 groundbreaking at the site is planned. The project, on Main Street between 5th and 6th Avenues SE. on the river and in the St. Anthony Main Historic District, will have two-level townhouses on the ground floor and one-level apartments above.

A second developer, Plymouth-based Dominium, has plans to redevelop the actual mill structure.

Janet Moore • 612-673-7752