Real estate notebook: New projects in the Twin Cities

Here's a look at some recently announced real estate projects around the Twin Cities:

Construction is underway on a warehouse conversion project in Lowertown in St. Paul.

Bloomington-based Timberland Partners is converting the once-vacant Sibley Square at Mears Park office building into 134 market-rate apartments. The building, which will have retail space on the first floor, is now called 333 on the Park because it's across the street from Mears Park.

The nine-story brick-and-concrete building was built in 1913 for Gordon and Ferguson, a company that specialized in leather goods, furs, hats and caps. Its tall ceilings and big windows made it well-suited to conversion into loft-style apartments.

Minneapolis-based architect Kaas Wilson designed the project with 8- by 15-foot windows, exposed 12-foot ceilings, exposed ductwork, hardwood floors, in-unit home washers and dryers and fully equipped kitchens with stainless steel appliances.

Finishes will alternate floor-by-floor to give residents a variety of options. The top floor of the building will have 10 two-story units with large skylights and direct access to private rooftop decks with gas grills and views of the downtown St. Paul skyline.

The building, which is within a half-block from the Union Depot Light Rail Transit Station and five minutes to the St. Paul Saints' CHS Field, will have underground heated parking, a 24-hour fitness center with yoga studio, a second-floor club room and a theater room. There's going to be a rooftop sky lounge and patio, dog-wash station, offices and a conference room that can be reserved for residents.

"With the help of a great team, we are excited to begin the adaptive reuse of what was an underutilized obsolete office building into apartment homes that will add even more life and vibrancy to Lowertown."

The $41.5 million project is being financed with a HUD insured mortgage loan secured by JLL Capital Markets and equity derived from the sale of federal and state historic tax credits. Hopkins-based Frana Cos. is the general contractor on the project.

Construction will be complete with apartments ready to occupy in March 2017.

Timberland Partners owns and manages nearly 11,000 apartments and 550,000 square feet of commercial property in 12 states.

On a parking lot next to the now-shuttered Little Jack's restaurant in northeast Minneapolis, a nonprofit called Clare Housing wants to build permanent supportive housing for men and women living with HIV/AIDS.

The target population is single adults; persons living with HIV/AIDS; persons who have experienced long-term homelessness or are at risk of homelessness. Seven units will be set aside for long-term homeless, of which four will be set aside for unaccompanied youth. Four units will also be set aside for those with serious and persistent mental illness.

The four-story building would include brick, glass and fiber cement board and metal. Several variances and conditional use permits have been requested.

A developer is looking to bring housing density and another grocer to a busy stretch along Lyndale Avenue in Minneapolis.

Master Properties, based in Minneapolis, is proposing a five-story apartment building, called Rex 26, for a large corner lot at 2601 Lyndale Av. S. The developer is currently working to win approvals from the city on zoning changes and height variances. The first informal public hearing for the project was on Wednesday.

Early reports that Trader Joe's was the anchor for the project have given way to speculation that an Aldi grocery store is the likely tenant for the 20,000-square-foot, ground-level space. Don Gerberding, principal of Master, expects to announce the final grocer soon.