The MCDA provided a low-interest loan to help Lemna Corporation finance an extensive rehab project at a historic building, built in 1900, at 2445 Park Ave. S. in Phillips. Lemna, an international engineering firm with approximately 40 employees, moved to the building in the Phillips neighborhood from Mendota Heights. The MCDA is working with a developer on three housing developments in the area known as the West Side Milling District, located on the downtown side of Mississippi River between Fifth and Chicago avenues. The projects include North Star Lofts, Stone Arch Lofts and the Washburn Lofts, which will be in the Washburn Crosby Utility building, one of several structures in the Washburn A Mill complex that was designated a National Historic Landmark in 1983 by the Secretary of the Interior.
Renovation is complete on the North Star Lofts, and all units are sold.
MCDA assistance offset the high cost of converting the building to residential space, while ensuring the conservation of an important landmark. The MCDA has sold the Depot for redevelopment to include an ice skating facility under the train shed, water park, restaurant and hotel suites in the Depot building, and new construction of two hotels next to the Depot. The MCDA provided a low-interest loan to the Hennepin History Museum, at 2303 Third Ave. The project includes rehabbing and converting three large mansions located along Park Avenue into nine condominium units and six carriage unit apartments, and construction of 14 new townhouse units in the East Village portion of the project. The project also includes improved street and landscape amenities.