Twin Cities developers repurposing vacant office buildings into housing
As working from home becomes the new normal, Twin Cities developers are thinking outside the box to repurpose vacant office spaces.
Sherman Associates has construction underway in Minneapolis and St. Paul to revamp empty office buildings and make them apartments.
“Core business districts are not only for offices, they’re for residents as well,” said Trevor Martinez, Sherman Associates’ senior developer.
In downtown Minneapolis, Northstar Center East off Second Avenue South will soon become apartments with over 200 units and affordable housing.
Now, it’s in the makeover phase, which is a process that takes years of planning and millions of dollars.
“When you have to rebuild a building from the inside, it’s more expensive than having free reign to do whatever you want with building from the ground up,” Martinez said.
Martinez explained that project funding comes from the local, state and federal level.
He said the Minnesota Historic Structure Rehabilitation Tax Creditthat the 2023 state legislator reinstated had …