Millworks Lofts achieves multiple goals by preserving a historically significant property, providing affordable housing, and revitalizing nearly an entire block in Minneapolis.
The new development is located along the Hiawatha Corridor, a once prominent milling and manufacturing area of the city. Despite its proud past, few original buildings remain as most of the neighborhood’s historic structures have been demolished.
Dominium reverses this trend with Millworks Lofts, becoming one of the first developers to repurpose an existing historic site in the area and transforming two blighted buildings that were once home to the Lake Street Sash and Door Co. into affordable homes for residents earning no more than 60% of the area median income.
The 78 loft-style apartments showcase the property’s historic character by featuring exposed brick walls and original millwork while modern amenities include a fitness room, a yoga room, a large clubroom, and a rooftop patio.
“Residents also benefit from the property’s location along a transit corridor in a neighborhood where there’s a severe lack of affordable housing,” says Nick Andersen, vice president and project partner at Dominium. Located near a light-rail station, residents have easy access to downtown Minneapolis, the airport, and other job centers.
Millworks Lofts is an important project for a neighborhood that has seen limited investment in recent years. “This is one of the first projects post-recession to happen in the neighborhood,” says Andersen.
In another move, Dominium was able to incorporate a geothermal heating and cooling system into the development to provide sustainable energy and reduce natural gas consumption. It’s the first project in Dominium’s 45 years to feature a geothermal system.
The $34.8 million development utilizes both low-income housing and historic tax credits, with equity provided by U.S. Bancorp Community Development Corp.
