Pillsbury "A" Mill Redevelopment

Northeast, Near North, Camden, Old St. Anthony, University and surrounding neighborhoods
dmdhashw
Nicollet Mall
Posts: 166
Joined: May 31st, 2012, 4:10 pm

Pillsbury "A" Mill Redevelopment

Postby dmdhashw » August 20th, 2012, 4:12 pm

I'm surprised we didn't already have a thread on this... maybe I missed it. Anyway, here are some photos from the A Mill exhibit at the Building Community Exhibition.

Image
Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr

Image
Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr

Image
Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr

Image
Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr

User avatar
Nick
Capella Tower
Posts: 3007
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Pillsbury A Mill Redevelopment

Postby Nick » September 24th, 2012, 8:47 pm

Looks like Dominion just made like $100 million dollars through some refinancing of their other properties. Is this crazy good news for this long stalled project?

Note: I don't 100 percent know what refinancing actually is, so keep that in mind.

User avatar
Le Sueur
Landmark Center
Posts: 272
Joined: June 5th, 2012, 3:30 pm

Re: Pillsbury A Mill Redevelopment

Postby Le Sueur » September 25th, 2012, 10:41 am

Nick wrote:Looks like Dominion just made like $100 million dollars through some refinancing of their other properties. Is this crazy good news for this long stalled project?

Note: I don't 100 percent know what refinancing actually is, so keep that in mind.
Econ major can field that one. Refinancing more or less is selling off your high interest mortgage for one at lower interest.

Same as your home mortgage, lower interest, lower interest payments over the life of the loan. For a company like Dominion that means smaller future loan liability, more current borrowing capacity.

Would be great to see this one move forward. I really enjoy that area and would like to see it fully develop!

User avatar
Nick
Capella Tower
Posts: 3007
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Pillsbury A Mill Redevelopment

Postby Nick » September 25th, 2012, 12:56 pm

Le Sueur wrote:
Nick wrote:Looks like Dominion just made like $100 million dollars through some refinancing of their other properties. Is this crazy good news for this long stalled project?

Note: I don't 100 percent know what refinancing actually is, so keep that in mind.
Econ major can field that one. Refinancing more or less is selling off your high interest mortgage for one at lower interest.

Same as your home mortgage, lower interest, lower interest payments over the life of the loan. For a company like Dominion that means smaller future loan liability, more current borrowing capacity.

Would be great to see this one move forward. I really enjoy that area and would like to see it fully develop!
That's kind of what I'd figured, so does that mean they don't necessary get a hunk of cash but it would make it much easier to give them a hunk of cash?

User avatar
Le Sueur
Landmark Center
Posts: 272
Joined: June 5th, 2012, 3:30 pm

Re: Pillsbury A Mill Redevelopment

Postby Le Sueur » September 25th, 2012, 8:52 pm

Nick wrote:
Le Sueur wrote:
Nick wrote:Looks like Dominion just made like $100 million dollars through some refinancing of their other properties. Is this crazy good news for this long stalled project?

Note: I don't 100 percent know what refinancing actually is, so keep that in mind.
Econ major can field that one. Refinancing more or less is selling off your high interest mortgage for one at lower interest.

Same as your home mortgage, lower interest, lower interest payments over the life of the loan. For a company like Dominion that means smaller future loan liability, more current borrowing capacity.

Would be great to see this one move forward. I really enjoy that area and would like to see it fully develop!
That's kind of what I'd figured, so does that mean they don't necessary get a hunk of cash but it would make it much easier to give them a hunk of cash?
Right, they won't get cash out of the refinancing, but lowering their interest makes the loans smaller. So if they wanted to go out and get new financing for another project they have "less" debt on the books. Less meaning $120 million @5% is way more debt than $120 million @3.25% *not their actually rates, just as an example.

frenat
City Center
Posts: 28
Joined: July 20th, 2012, 7:39 am

Re: Pillsbury A Mill Redevelopment

Postby frenat » October 4th, 2012, 8:58 am

Their website looks like this project is farther along then it apparently is. http://www.a-millartistlofts.com/. Any movement?

User avatar
Nick
Capella Tower
Posts: 3007
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Pillsbury A Mill Redevelopment

Postby Nick » October 7th, 2012, 10:33 am

I really hope something actually, finally happens with this.
You do not have the required permissions to view the files attached to this post.

mrcity

Re: Pillsbury A Mill Redevelopment

Postby mrcity » October 17th, 2012, 3:20 pm

Looks like this project is moving along, though I do'nt have access to read the full article....

http://finance-commerce.com/2012/10/hen ... or-a-mill/

User avatar
Nick
Capella Tower
Posts: 3007
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Pillsbury A Mill Redevelopment

Postby Nick » October 17th, 2012, 3:44 pm

This is a big deal.

John
Capella Tower
Posts: 2253
Joined: May 31st, 2012, 2:06 pm

Re: Pillsbury A Mill Redevelopment

Postby John » October 17th, 2012, 4:10 pm

Having a large community of artists residing on the riverfront will be a huge asset to our city. This is excellent news!

seanrichardryan
Capella Tower
Posts: 3940
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: Pillsbury A Mill Redevelopment

Postby seanrichardryan » October 17th, 2012, 9:39 pm

Went to the soap factory last night. The mill site was fenced and there were some papers in the windows. A temporary fence on 2nd was lying on the ground. I expect activity soon.
Q. What, what? A. In da butt.

frenat
City Center
Posts: 28
Joined: July 20th, 2012, 7:39 am

Re: Pillsbury A Mill Redevelopment

Postby frenat » October 18th, 2012, 5:53 am

It has been like that for awhile.

User avatar
Nick
Capella Tower
Posts: 3007
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Pillsbury A Mill Redevelopment

Postby Nick » October 18th, 2012, 7:36 am

Could that be for the Lupe project?

seanrichardryan
Capella Tower
Posts: 3940
Joined: June 3rd, 2012, 9:33 pm
Location: Merriam Park, St. Paul
Contact:

Re: Pillsbury A Mill Redevelopment

Postby seanrichardryan » October 18th, 2012, 8:12 am

I was speaking of the historic mill buildings being fenced, not the land to the east below the soap factory. That project, I think by Doran, is coming along quickly.
Q. What, what? A. In da butt.

mulad
Moderator
Posts: 2802
Joined: June 4th, 2012, 6:30 pm
Location: Saint Paul
Contact:

Re: Pillsbury A Mill Redevelopment

Postby mulad » November 16th, 2012, 2:22 pm

This received a $555,000 Livable Communities grant from the Metropolitan Council.

http://metrocouncil.org/news/2012/LCDAGrantsNov2012.htm

Aville_37
Union Depot
Posts: 388
Joined: August 28th, 2012, 4:51 am

Re: Pillsbury A Mill Redevelopment

Postby Aville_37 » November 16th, 2012, 4:47 pm

mulad wrote:This received a $555,000 Livable Communities grant from the Metropolitan Council.

http://metrocouncil.org/news/2012/LCDAGrantsNov2012.htm
Great info on other developments as well. Definitely need to follow up on the District Del Sol in St. Paul!

twincitizen
Moderator
Posts: 6206
Joined: May 31st, 2012, 7:27 pm
Location: Standish-Ericsson

Re: Pillsbury A Mill Redevelopment

Postby twincitizen » January 5th, 2013, 2:57 am

I've been wondering...do you have to be an artist to live here? How would one verify such a thing? Submit a portfolio of your work with your application? I don't see what's so different about this place from any other apartment building, other than "gallery and performance spaces and a variety of studios will create a true live/work home for the Minneapolis art community." It is priced very affordably for the area, around $900 for a 1BR...which isn't actually affordable unless you make at least $40k or have 2 people living there.

Also, what's the story on the structural integrity of this building? I kinda forgot that was an issue until I read the Wiki page and saw the photos of the various supportive infrastructure that has been added to the building. http://en.wikipedia.org/wiki/Pillsbury_%22A%22_Mill

Finally, is this underway? It's supposed to open late 2013.

dmdhashw
Nicollet Mall
Posts: 166
Joined: May 31st, 2012, 4:10 pm

Re: Pillsbury A Mill Redevelopment

Postby dmdhashw » January 5th, 2013, 11:48 am

twincitizen wrote:I've been wondering...do you have to be an artist to live here? How would one verify such a thing? Submit a portfolio of your work with your application? I don't see what's so different about this place from any other apartment building, other than "gallery and performance spaces and a variety of studios will create a true live/work home for the Minneapolis art community." It is priced very affordably for the area, around $900 for a 1BR...which isn't actually affordable unless you make at least $40k or have 2 people living there.

Also, what's the story on the structural integrity of this building? I kinda forgot that was an issue until I read the Wiki page and saw the photos of the various supportive infrastructure that has been added to the building. http://en.wikipedia.org/wiki/Pillsbury_%22A%22_Mill

Finally, is this underway? It's supposed to open late 2013.
I think most of this "artist housing" is truly Section 42 housing, meaning you must meet household income guidelines, typically ~$35,000 max for one person, ~$42,000 for two, etc.

As far as the "artist" requirement goes, all the Carleton Artist Lofts states on their residency requirements page is "One occupant of each household must show an on-going commit to the arts or an arts service organization."

The hairstylist I see lives in one of these artist loft buildings, and her being a hairstylist fits the artist requirement, so I'm sure it is pretty open ended.

User avatar
Nick
Capella Tower
Posts: 3007
Joined: May 30th, 2012, 9:33 pm
Location: Loring Park, Minneapolis

Re: Pillsbury A Mill Redevelopment

Postby Nick » February 3rd, 2013, 4:56 pm

All quiet on the "A" Mill Front. I wonder when things will start moving here? It seemed like all their ducks were in a row for financing.
You do not have the required permissions to view the files attached to this post.

web

Re: Pillsbury "A" Mill Redevelopment

Postby web » February 3rd, 2013, 7:21 pm

nice picture this time of year!!


Return to “Minneapolis - North, Northeast, and Southeast / University of Minnesota”

Who is online

Users browsing this forum: No registered users and 2 guests