Wednesday, July 29, 2009

Another Pyramid Property Up for Auction

According to Building Blocks, another Pyramid property, the Jefferson Arms at 415 N. Tucker, will be put up for auction on August 10 at the Civil Courts building.

A Minneapolis developer – Sherman Associates – had expressed interest in converting the building to rental apartments with a senior living component, just as Pyramid had planned, but apparently that deal never panned out. The building is currently configured for 529 units, but Pyramid's plans involved reducing it to nearly 360 units (196 market-rate units and 163 senior apartments).

Will Sherman, who partnered with LoftWorks on The Syndicate, be in play at the auction? It will be interesting to see who snaps up this property and what kind of deal they'll be able to get.

Once renovated and filled with residents, this massive building will really help add the critical mass of residents needed to help support businesses on both sides of Tucker. One part of Pyramid's plans was to add a movie theater to the building, which would bring a much-needed amenity downtown. Hopefully the building's new owner will consider that as well.

1 comment:

Matt Kastner said...

Whoever buys the place better get working on it right away. One of the most straight-forward projects left Downtown in my opinion. After the Plaza Square buildings just went for only $5 million I am curious to see what a building like this will fetch.