The Pohlad family owns the Minnesota Twins and the historic Ford Center under renovation across the street from Target Field in Minneapolis. Now, they're looking to add to their Warehouse District holdings.
United Properties, the real estate development branch of the Pohlad family companies, has an option to buy the Shapco Printing Inc. building across from the ballpark, both companies confirmed Friday.
Shapco is a commercial printer that operates in a low 1940s industrial building at 524 N. 5th St. It's across the street from the Ford Center, the 11-story office building that United Properties is renovating.
Bill Katter, a senior vice president at United Properties, said that while renovating the Ford Center they decided there is a market for more office space in the neighborhood and decided to explore the Shapco site for creating new office, residential and perhaps retail space.
"Tenants that we have not been able to accommodate at the Ford Center perhaps would be interested in this project," Katter said. "We've had tremendous success at Ford, so why wouldn't we keep the momentum going?"
Shapco President Joel Shapiro said United Properties had discussed demolishing the plant and creating new office space, with the National Marrow Donor Program mentioned as a "possible tenant."
The Marrow Donor Program is a federally funded nonprofit headquartered in northeast Minneapolis that is looking for a significant amount of new space to accommodate growth. It has hired tenant services provider Nelson, Tietz & Hoye to explore possible new spaces.
United Properties' option to buy the Shapco site is a step away from a purchase agreement. Shapiro said the option was signed in the last couple of weeks, but downplayed it, saying it carries no commitment for a purchase.