ST. PAUL, MN—Minneapolis-based U.S. Bancorp, through its subsidiary U.S. Bank, has partnered with Plymouth, Minn.-based Dominium to raise $72.5 million in financing to redevelop the former Schmidt Brewery here.
The joint venture has closed on a $48.2 million construction loan and $24.3 million letter of credit to finance the planned 260-unit Schmidt Brewery Artist Lofts, an adaptive reuse the historic brewery. The city is also contributing incentives to the project, with additional assistance by the Metropolitan Council, Ramsey County and the state’s Department of Employment & Economic Development.
Permanent financing is being provided by Cornerstone Real Estate Advisors (Mass Mutual). U.S. Bank also served as the state historic tax credit (HTC) purchaser through its State Tax Credit Clearinghouse.
The project will be a full-scale renovation and reconfiguration of the existing Schmidt Brewing Company Bottling House and Brew House. The proposed work will address structural and deferred maintenance issues associated with the age of the buildings. “We are extremely excited about starting to bring the historic Schmidt Brewery back to life,” said Owen Metz, senior development associate and project lead for Dominium.
The overall development will include 121 units in the Bottling House, 126 units in the Brew House and 13 new construction townhouse units built on a vacant lot adjacent to the Bottling House. To attract artists, common amenities will include a yoga/pilates studio, dance studio, pottery studio, play/performance studio, sound studios, paint studio, clay studio, kiln room, tool shop/frame room, and multiple gallery spaces and art display walls. The property will also have a fitness center, multi-purpose space, pre-function hall, bike storage, lobby/reception area, and conference room.
Construction is set to commence by the end of this month, and is scheduled to be completed by June 2014. Weis Builders is the general contractor and the BKV Group is the architect.