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Golden Valley, Minn., August 1, 2022 – Following the recent grand opening of The Duffey on Washington Ave. in Minneapolis’ North Loop neighborhood, RJM has started a $171 million second development, currently named Duffey 2.0. The project involves adaptive reuse by converting existing buildings located at 608 3rd St. N., and 300 6th Ave. N., and a new ground-up building on an existing surface lot located at 246 7th Ave. N. Together, the 550,000 sq. ft. project will have 358 multifamily units and 42,000 sq. ft. of retail space. The project is scheduled for completion in late 2023.
“After nearly two years of extensive preconstruction work, we are excited to get this second Duffey project off the ground,” said Ted Beckman, senior vice president of RJM Construction. “
CEDARst Companies and BKV Group have been outstanding partners and we are honored to be working with them again. We look forward to preserving the history of these amazing buildings while creating a valuable, modern asset for the North Loop community.”
The new project required approval by the Minneapolis Heritage Preservation Commission, and the National Park Service, and received historic tax credits given its landmark status and location.
Like the first Duffey project, the adaptive reuse portion of Duffey 2.0 requires complex strategies to accommodate apartment units, commercial space, a basement parking ramp, and many other amenities. The iconic skyway connecting the two buildings, which predates the Minneapolis skyway system, will be restored and modernized.
The development will offer studio, one, two, and three-bedroom floorplans that range from 500 to 1,500 square feet. These additional Duffey properties were acquired by CEDARst for $21.1 million in April 2020 and recently closed on financing to officially commence the project this month.
“In comparison to a typical institutional 350-unit new construction project, the degree of difficulty in executing these large adaptive reuse multi-family projects with historical tax credits is exponential,” said Mark Heffron, managing director and chief development officer for CEDARst. “For that reason, we’re thrilled to have RJM on our second venture in the North Loop.”
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