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The Prince Street Building, a historic 5-story riverfront gem, located on Main Street in the St. Anthony Falls historic riverfront district of Minneapolis, has recently been revitalized through a comprehensive $7 million renovation. This project, spearheaded by Element and local ownership utilized Federal and State Historic Tax credits, bank financing, and owner equity to breathe new life into the ~45,000 SF building. Element's proficiency in development consulting and project management, particularly in historic rehabilitation projects, played a crucial role in the project's success, highlighting our fourth historic tax credit renovation.
The renovation preserved the building's historic exterior while enhancing access, curbside appeal, and courtyards. Modern updates to building entrances, common areas, office spaces, and operating systems were also key components. Element managed the due diligence process, tax credit applications, design, financing, and construction, ensuring the project stayed on track and met its goals. After nearly a year and half of renovations, key improvements now include a complete third and fifth floor office renovation to spec suites, common area upgrades, new systems, added tenant amenity areas, additional passenger elevator and shaft, new roof, tuck-pointing of the exterior, completely re-done courtyard and large deck for the first-floor restaurant space.
Nestled in the trees overlooking the Mississippi River, this five-story brick and timber building now features a variety of office space configurations, from individual offices to full floor suites. The suites feature historic character with exposed timber beams, whitewashed walls, and many with views of downtown or the river. These enhancements have attracted new office users and expanded existing tenants, with the full fifth floor leased in the first year of completion. There's still one office space available on the third floor, and a new spec suite on the second floor is scheduled for completion soon. Additionally, a retail/showroom space on the first floor and a second-generation restaurant space with a new patio and incredible views are also up for grabs, enhancing the vibrant business mix in the vicinity.
Located adjacent to a network of pedestrian and bike paths along the Mississippi River and within the St. Anthony Falls Historic District, the Prince Building is home to Jefe Urban Hacienda while surrounded by prominent area retailers, including Aster Cafe, the recently rebranded and renovated Main Cinema, FRGMNT Coffee, Minneapolis Event Centers, Machine Shop, Alchemy 365, and Nye's Piano Bar. Situated three blocks from the Northeast Minneapolis Business District, minutes from Downtown Minneapolis, and steps from picturesque walking and biking trails, the Prince Building is an ideal location for growing businesses.
Element's comprehensive approach ensured the successful renovation and revitalization of the Prince Street Building, blending historic charm with modern amenities to create a vibrant hub for businesses in Minneapolis.
