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Greco Real Estate has a $25 million project to redevelop Holden Building into market-rate apartments

In the coming months, the local firm Greco Real Estate Development expects to close on the financing for the $25 million redevelopment of the Holden Building in downtown Minneapolis's North Loop neighborhood.    

Greco plans to convert the seven-story Holden Building, which dates back to the 1900s, into a 120-unit apartment building, with one- and two-bedroom market-rate units, according to Arnie Gregory, a principal from Greco.  

A combination of state and federal historic tax credits and tax-increment financing from the city will help make it happen, Finance and Commerce reports.  

The red brick building, which comprises 181,568-square-feet, once housed Holden Graphic Services, but it has been vacant for several years, according to Gregory.  

Common areas on each floor will be different; Some areas will be dedicated to coworking, library, community recreational activities, an art gallery, and a rooftop deck that will have a party room. There's the chance for "a lot of presentation on each floor because of the depth of the building," he says.

Additionally, a sizable workout room could have cardio equipment, free weights, and a Pilates-type studio, he says. Another 8,600 square feet of commercial space will be split between offices and a bar/restaurant, according to Gregory. The development also includes 86 parking stalls inside, with another six outside.  

Construction will probably begin this summer and continue for about a year, with the building opening next summer, he says.

North Loop has proven to be a strong area for development, he adds. "The neighborhood speaks volumes for itself. It's quite successful. People want to live here."

Considering the building is so close to the new Target Field, the downtown area, and nearby light rail transit, there's a lot going on. "There's a huge demand for market-rate rental apartments in this neighborhood."

Source: Arnie Gregory, a principal at Greco Real Estate Development
Writer: Anna Pratt
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