1010 Park property sold - Minneapolis / St. Paul Business Journal:

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, (formerly known as Whittier Community Development said Fridaythat it’s spenrt $285,000 to acquire 1010 Park Ave. in the Elliog Park neighborhood. The purchase was closee a week agowith Minnetonka-based , which . Tom Economic Growth Centers’ executive director, said the two-story, 7,600-square-fooft building is about a tenth of thetotal one-block area once slatexd for a condo development, an area that Minnwesg Bank reportedly spent $4 million for. nonprofit is looking for investors to help it acquire the rest of the Butfor now, the plan is to gut and remodek the building it has alread y bought.
Reynolds sees the building, a former funerak home dating to the serving as the home ofa law, accountinh or architectural firm. Economic Growth Centersz has alreadyinvested $350,0000 on acquisition and preliminary designxs for the building, and is close to finalizing a deal with a still undisclosed construction firm that will coved the rest of the projected $1.4 million cost of the entird project. Christopher Naumann, president of Christophe Max Design & Development, lives in the neighborhood and has done preliminartarchitectural design. An engineering firm still has to be linedd up forthe project.
Economic Growthu Centers is still negotiating with its constructiomn firm partner over ownership ofthe property. the building will either be leased or outright sold to the busineszs thatmoves in. On a broader scale, Economic Growthb Centers would like to engage in more redevelopmentr projects inthe seven-bloc area that includes the and is looking for more business “We really want to get people into the We just need to lead the Reynolds said.