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George Sherman to Redevelop Straus Building

ST. PAUL, MN-The Minneapolis-based developer pays $1 million for the five-story property, former home to Straus Knitting Mills, and plans to convert it to a mixed-use development with 23 of the 50 rental units designated as affordable housing.

By Jim McCartney | Updated on December 29, 2001

ST. PAUL, MN-Multifamily housing developer George Sherman recently bought the historic Straus Building in Lowertown and plans to convert the property into a mixed-use housing and commercial development. The 129-year-old building, on the southeast corner of Fifth and Sibley streets, was home to Straus Knitting Mills.

It has been vacant since the company moved to St. Croix Falls, WI, in 1989.

Sherman, whose Minneapolis-based George Sherman & Associates is perhaps the most active urban multifamily housing developer in the Twin Cities with several projects already underway in both Downtown areas, paid $1 million. The seller was HenryZaidan, who has owned a number of Lowertown properties and has plans to build a luxury condominium tower called Sibley House there.

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