Of the 170 first phase units, about 128 will be targeted to residents interested in live/work loft spaces and are attracted to historic or industrial-style buildings. Such residents are frequently pioneers in reviving urban neighborhoods.

"With the success of 808 Berry Place nearby, Dominium has found great demand for quality housing along St. Paul's University Avenue corridor," says Paul Sween, a principal of Dominium Development & Acquisition. He believes the Carleton Place project will "bring new vitality to this industrial setting."

The second phase would include two new infill buildings with an additional 250 market-rate apartments or condominiums, for a total of 420 homes. The community will also include several outdoor courtyards and workshop and gallery spaces. The St. Paul Historic Preservation Commission and the city council have designated the neighborhood a historic district, allowing the development to seek federal historic tax credits partially to offset the costs of rehabilitating the warehouses.