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Oct 31st

Greco Development investing $25 million in historic rehab of warehouse district building

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Photo credit: BKV GroupGreco Development this week released details for The Copham, a $25 million luxury historic rehab in Minneapolis’ Warehouse District. The development includes a seven-story structure which will open later this year with 120 market-rate apartments. An attached one-story annex will house the new Smack Shack restaurant.

Located at 607 Washington Ave. N. in the North Loop area of Minneapolis, the seven-story apartment building is being redeveloped into 66 one-bedroom units and 54 two-bedroom units. Apartment units will range in size from 650 square feet up to 1,200 square feet. Rents will range from $1,125 to $1,950 per month. The development will include heated enclosed parking spaces for residents.

“Key components for The Copham will be the convergence of historic charm and modern amenities,” explained Arnie Gregory, principal, Greco Development. “Because of the combination of historical character and modern appointments, plus the close proximity to Target Field and other popular North Loop destinations, we expect the apartments to be a much sought-after addition to the rental market.”

Led by Greco Development, other project partners include architectural firm, BKV Group, and Frana Companies as the project’s builder. Other residential developments from Greco include Blue and Flux apartments in Minneapolis’ Uptown area. Greco Principal Arnie Gregory has long been associated with the North Loop neighborhood with involvement in projects such as River Station Condominiums, Heritage Landing Apartments, The Village at St. Anthony Falls and Second Street Lofts.

According to housing experts, the Minneapolis-St. Paul apartment market is among the healthiest in the country.

Popular with people who work in downtown Minneapolis, the Historic Warehouse District has seen an uptick in coffee shops, restaurants, bars, art galleries, and small retail stores. Located just four blocks from Target Field, home to the Minnesota Twins, The Copham will offer all accoutrements for modern luxury living with the charm of a vintage turn-of-the-century building. Originally constructed in 1926, the former Holden Building will feature a brick exterior facade, brick interior walls in the units, ceiling heights ranging from 11 feet to 14 feet, mushroom-style concrete columns and all new windows and finishes.

The Copham will offer the best of today and yesterday–fresh, affordable apartment units coupled with the historic charm. Residents will enjoy an amenity filled lifestyle, including a fitness facility and Internet Cafe with business center. In-unit amenities include front-loading washers and dryers and stainless steel appliances. As a pet-friendly building, The Copham will welcome all types and sizes of domestic pets. It will even offer a dog wash area for use by residents.

All residents will have access to a rooftop party room with a sundeck featuring fantastic views of the downtown Minneapolis skyline and Target field, home of the Minnesota Twins. The rooftop deck will offer outdoor grilling stations and a full-service kitchen. Select residential units will also offer views of downtown and the stadium.

The Copham will also be the permanent home to the Smack Shack, a highly successful mobile food truck operation currently beginning its third season in the Twin Cities. Co-owners, Josh Thoma and Kevin Fitzgerald, are converting the annex into a 115-seat dining area with additional seating in a mezzanine. The restaurant will include a full bar, a raw bar, and a warm-weather patio.

Financing for the project is being provided through a construction loan from PNC Capital Bank and bridge financing from Dougherty Funding. The development also qualifies for Federal and State historic tax credits.

During construction, the project will create 125 union jobs. The property will employ 5 to 7 staff when open.

Units are expected to be ready for occupancy in September 2012, with the leasing office scheduled to open in June. Details are available at www.thecopham.com.

 

 

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