Pillsbury "A" Mill Redevelopment

[dmdhashw]

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.


Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr


Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr


Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr


Pillsbury A Mill Redevelopment by dmd.hashw, on Flickr

[Nick]

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.

[Le Sueur]

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!

[Nick]

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?

[Le Sueur]

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]

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

[Nick]

I really hope something actually, finally happens with this.

[mrcity]

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/

[Nick]

This is a big deal.

[John]

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

[seanrichardryan]

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.

[frenat]

It has been like that for awhile.

[Nick]

Could that be for the Lupe project?

[seanrichardryan]

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.

[mulad]

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

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

[Aville_37]

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]

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]

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.

[Nick]

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.

[web]

nice picture this time of year!!