Local Developers Save Historic Loring Park Mansion With New Apartment Project
Construction Begins on $26M Restoration of the Alden Smith Mansion and New 124 Apartments in November
MINNEAPOLIS, Oct. 20, 2020 /PRNewswire/ -- After decades of trying to save the historic Alden Smith Mansion, today, locals finally succeed. W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Company, acquired this property, marking the end of a long road for the Minneapolis Community & Technical College, which had been actively pursuing restoration strategies since 2010. The new project will restore the mansion and incorporate it into a larger 124-unit apartment complex. The historic mansion will be fully revitalized, serving as a vibrant social hub for residents, equipped with innovative co-working spaces, a coffee bar and cocktail lounge, a billiards room with community piano, plus indoor/outdoor fitness accommodations and wellness spaces. The mansion will also house three luxe apartment suites on the upper floor which will feature distinguished architecture mixed with modern finishes. The project will also boast a roof top deck, private dog walk, 64-foot green wall and custom exterior art installations. Construction will commence in November and is expected to deliver in the Spring of 2022.
The property was purchased from the State of Minnesota who had owned the Smith House on the MCTC campus since 1996. In 2016, the College asked the City of Minneapolis to assist with a pass-through sale of the Smith House parcel (1403 Harmon Place) and two adjacent parcels (45 Spruce Place and 1400 Yale Place) to a private developer to facilitate the rehabilitation of the historic mansion.
Brian Woolsey, W+Noordijk principal, said, "As a long-time resident of Minneapolis this project is near to my heart and reflects everything I love about this city. It's environmentally focused, incorporates an active lifestyle, revitalizes this historic location and provides dynamic housing -- all in one project. I'm so thankful to our partners in the City and College who have propelled this vision to reality."
Robb Lubenow, co-founder of Yellow Tree, said, "It is exciting to be a part of such a unique and historically significant development. We are excited to add a housing amenity to the neighborhood while saving a piece of the community fabric. We are anxious to start the project and thankful for our partners at the City and College."
Paola Bernardi Sipe, President of Sentinel Management Company, said, "I'm thrilled with the team we've put together to see this project to fruition. With a diverse range of backgrounds and skill sets, we are specially positioned to make this project a vibrant success."
Lisa Goodman, Minneapolis Ward 7 City Council Member, said, "By partnering with local developers that also cared about Minnesota history we were able to save a Minneapolis landmark, making this a win for both our local community and future residence for generations to come."
Horatio Alden Smith, the home's original owner, was a partner in the Smith & Wyman Sash and Door Company. Following a successful period in that business, Smith purchased property in the wealthy Harmon Place neighborhood and commissioned the prolific local architect William Channing Whitney to design a new home for him and his family. Smith lived in the home with his wife Eva and daughter Alice from 1887 to 1906. Eva continued to live in the home until 1919, when she sold it.
The Minneapolis Community College Foundation purchased the house in 1993 for $350,000. After renovating the structure for educational purposes, it was renamed the Wells Family College Center. The College had been actively pursuing disposition strategies since 2010 when a funding request to restore the Mansion was rejected by the Minnesota State Legislature.
Interiors have been designed by New York-based BHDM Design and Minneapolis based Studio BV. The project architect is DJR Architecture. The General Contractor is Yellow Tree Construction Services. Financing was arranged by Old National Bank.
About W+Noordijk: Founded by Tom Nordyke and Brian Woolsey, W+Noordijk is a Minneapolis-based developer of commercial and residential properties with an eye toward long-term ownership, sustainability and creating places where businesses, residents and the arts can survive and thrive. W+Noordijk helps realize a project's vision through strategic alignments with major civic initiatives such as urban revitalization, affordable housing, historic preservation and the arts community.
About Yellow Tree: Yellow Tree is a Minneapolis-based real estate developer, contractor & property management firm dedicated to bringing new life to properties in the Twin Cities. With countless construction projects completed in the last decade, Yellow Tree works with the area's best local architects, engineers, and contractors to smoothly coordinate all project elements, from planning to completion. At Yellow Tree, our focus is to unveil the hidden potential of undeveloped properties across the Minneapolis metro and surrounding areas. As Minneapolis Residents, we pride ourselves in designing and developing sustainable housing and market-driven commercial projects that add value to our community.
About Sentinel Management Company: Proudly established in 1972, Sentinel Management Company is a private real estate development and property management firm that owns and operates a diverse range of multifamily, healthcare, retail, and office assets, primarily in the Twin Cities market. Sentinel's multifamily portfolio seeks to provide quality and sustainable housing for a diverse range of communities in the Twin Cities.
CONTACT INFORMATION:
W+Noordijk LLC
[email protected]
612-845-6015
SOURCE W+Noordijk LLC
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