Prince Street

The Prince Street Building, a historic 5-story riverfront gem, located on Main Street in the St. Anthony Falls historic riverfront district of Minneapolis, was 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.

Role
Element led development consulting, project management, and leasing strategy.

Opportunity & Challenges
The project required a full historic rehabilitation with complex financing while attracting tenants during construction.

Approach
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.

Results
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. 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.
‍
→ ~80% pre-leased during construction
→ Expanded existing tenant footprint
→ Completed $7M renovation
→ Earned historic preservation recognition