MINNEAPOLIS-Residential developer Mike Brady and a group of fellow investors recently paid $5 million to buy the historic Cream of Wheat plant in northeast sector of the city and plans to develop it into 118 residential condominiums.

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.

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