Mpls nonprofit buys site in Seward neighborhood - Minneapolis / St. Paul Business Journal:

zlatkopaisley1275.blogspot.com
The 4-acre site is locatec near Minnehaha Parkway and Cedar It was formerly theBystrom Bros. machine shop and now is leaseed to many tenants in multiple buildings that totalabout 100,000p square feet of office/warehouse space. Seward Redesign has been working on buying the site for abouttwo years. The nonprofi plans to operate the buildings onthe site, but it hopee to redevelop the area in phasesx over the next several years. , based in Minneapolis, boughr the site two years ago forabout $3.2 million, said Scott principal at Hillcrest.
“It’s been a whilwe in the making,” Tankenoff “I [had] bought it becausse I believed it was in the path of andit was,” he “The building was empty. We put some moneyh into it and we filled it up with tenants who are there on an interimor medium-term Tankenoff said. Brian the executive director of Seward said his group is working with Project for Pridwin Living, based in along with an organization called Touchstone Menta l Health, on a supportive-housing development project for part of the “Other-phases for the project aren’r that well formed yet,” he said.
The projecft got more than half of its financing from severakl public sources including theMetropolitan Council, Hennepin County and the Minnesota Housinb Finance Agency. M&I Bank also providedf $1.85 million in first mortgage financing, Miller said.