The 1920s-era former factory, which sits on two acres of land at 730 Stinson Blvd. NE, has been vacant for the last several years. The seller was locally based Hillcrest Development.
Brady's group of partners, Trio Development, also includes Jim Norling and Robb Norling of Norling Exteriors, and Steve Brown, also a residential developer. Brady is a commercial real estate broker with Brady Realty Inc., based in Golden Valley.Trio Development plans a $31-million renovation of the 170,000-sf building. Walsh Bishop of Minneapolis is the architect for the project; Weis Builders of Richfield, will complete the construction; and Bremer Financial of St. Paul will provide the financing.
"The area has been transitioning from heavy industrial to high tech office," Brady says. "Housing is a perfect fit for easy commute [no rush hour traffic] for employees of the 'transitioned businesses,' such as Fairview Corp, Qwest, Hillcrest Development, Ucare Minnesota and Techne."
Brady also says the nearby Rainbow Foods, Target, Office Max, PetsMart, and various restaurants, fast-food chains, and specialty shops, also make it suitable for a residential project.
Construction has already begun with some demolition work, and the project will open sales to general public on May 5 with models ready June 1. The project should be completed by the summer of 2006. A second phase is also planned, which will feature 80 to 100 new condominiums on the west side of the factory.
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