A local developer is re-imagining a century-old vacant building in
Minneapolis's Stevens Square neighborhood as a $19.5 million apartment
complex.
Dubbed the Dunwoody Apartments, the plan is a welcome change in direction for the building that once housed the
Abbott Hospital.
In recent years the building has been a magnet for crime, according to developer Swami Palanisami, who heads
Palanisami and Associates, the consulting engineering firm that's leading the charge.
Palanisami's
proposal entails a complete revamping of the four-story building to
make way for 123 studios and one- and two-bedroom apartments. Of those,
25 will be set aside as affordable, something the neighborhood has a big
demand for, he says. Retail businesses will also occupy the first
floor.
New kitchens, plus common laundry and exercise rooms are a part of the plan, he says.
A
centralized heating and cooling system will be installed, along with
other mechanical and electrical upgrades. The building's brick exterior
and balcony will also be restored.
Additionally, underground and above-ground parking at the Dunwoody Apartments will help free up space on the street, he says.
Already,
related city zoning changes and accompanying remodeling plans have been
approved, says Palanisami, who is in the process of putting together
project financing, which includes various historic tax credits, plus a
combination of local and federal government support.
Previously,
Palanisami had considered other plans for the building, which is in close
proximity to downtown, but those didn't advance once the recession hit,
he says.
The apartment proposal is more viable. "It makes good sense not to throw away an old building, but to restore
it," he says. "It'll fit in well with the nearby neighborhood."
He hopes to start the renovation later this summer.
Source: Swami Palanisami, developer
Writer: Anna Pratt