The owner of the Northstar Center in downtown Minneapolis is seeking investors to convert part of the aged office property into a 266-unit apartment tower. An affiliate of Triple Net Properties, based in California, hired BKV Architects to draw up a vision for the 313,000 square-foot east building of the three-building Northstar complex. It hired the Minneapolis-St. Paul office of Colliers International to market the plan to developers. “Sometimes not everyone has the vision,” said Julie Lux, a senior associate with the multifamily group at Colliers in Minneapolis. “The seller has positioned this with the initial floor plans so buyers can imagine the conversion.” It’s part of a larger trend of transitioning older, dated office buildings — which the industry dubs “obsolete” — into dwelling units in an attempt to restore a building’s value. Northstar Center is three units that are connected on most levels: Northstar West, Crowne Plaza Northstar Hotel and Northstar East, which is the property at 608 2nd Av. S....click link below for full article.
In downtown's Northstar Center, a plan emerges for turning offices into homes