The Gazette covers City Hall, now a flood-damaged icon on May's Island in the Cedar River

Renovation of the empty, flood-damaged Roosevelt looks like it really will get going now

In City Hall on July 7, 2009 at 9:21 pm

Minneapolis developer Sherman Associates Inc. is going to start its renovation of The Roosevelt, the former downtown hotel and now an empty, flood-damaged apartment complex, yet.

The start of the renovation has been pending for a few months now as Sherman Associates has worked out the details of its federal tax-credit financing that requires some local City Hall help.

On Wednesday evening, the City Council will alter its previously approved incentive to the project by increasing a temporary loan of $300,000 to $650,000, and by adding $26,000 to a long-term loan, bringing it to $1.632 million. The long-term loan will be paid back over 30 years at 1-percent annual interest.

Meanwhile, on Tuesday, Jackie Nickolaus, a Sherman Associates vice president with an office in Urbandale, Iowa, said the firm is hoping to close on the project’s financing as close to July 15 as possible. Work on the renovation of The Roosevelt will begin the day after the financing closes, she said.

The $10.3-million renovation will convert the 12-story building’s second floor to apartments and do away with the building’s small, efficiency apartments. In the end, there will be 96 units, 90 of which will have rents considerable “affordable” and targeted to those who make less than the median household income. The building’s first floor will remain commercial space.

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  1. If I wanted to purchase a building, for example the soon to be former public library, would I be able to qualify for a 1% loan from the city, or perhaps some I-Jobs funding?

  2. Pale- I would guess that you would have to be one of Speed Dial Processors friends from MPLS to get that funding- they are the ones giving him the kick back on the $$$ he helps them obtain. No secret there????

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