More retail and creative office space is planned for the North Loop in Minneapolis.
St. Louis Park-based developer Paster Properties, along with the Urban Anthology commercial real estate firm, purchased the old Hillman building and adjacent Porter Electric warehouse with plans to revamp the complex.
The buildings, located near the intersection of N. 2nd Street and N. 3rd Avenue, haven’t been renovated in nearly 50 years.
“We will use our development expertise combined with Urban Anthology’s knowledge of local urban retail to provide the fastest growing neighborhood in Minneapolis with retailers that will add value to the community,” Howard Paster, president of Paster Properties, said in a statement.
While no tenants have been announced, both companies have experience in retail development. Paster has worked on several shopping center projects, including the expanded Mendota Plaza in Mendota Heights. Urban Anthology has had a hand in several Uptown retail deals, including assisting Apple and Jonathan Adler in opening stores.
In a deal that closed Feb. 1, the partners purchased the buildings from Hillman Mechanical Equipment Company. The price wasn’t disclosed and an electronic certificate of real estate value wasn’t available.
In the renovation, the brick, windows and doors will be restored. The mechanical, electrical, plumbing and structure of the buildings will also be upgraded. Minneapolis-based AWH Architects, which also worked on the renovation of the Maytag building and the new Hewing Hotel, will serve as the architect and historic consultant for the project.
The Hillman building was built in 1884 and was home to the American Hide and Fur Co. in its earlier days.
The Porter warehouse was built for Minnesota Supreme Court Judge Charles E. Vanderburgh and was designed by the Jepson Brothers.