Historic Pillsbury Mill on Mississippi will be Low-Income Apts.
The city of Minneapolis is ready to approve the $112 million housing renovation of the Pillsbury "A" Mill.
The historic monument is one of the most prime real estate parcels on St. Anthony Main. It was built in 1860 and has been vacant for quite some time. But, that is about to change with Dominium Development seeking approval to build "artist lofts."
A City Council committee gave preliminary approval to the plan which will convert the building into 250 low-income apartments. The $112 million will come from $75 million in "tax credit" bonds sold by the city and the additional $36 million will be financed by private investors who will receive historic development tax credits from the federal government. Because these are not general revenue bonds, taxpayers will not be on the hook for the money, if the project fails. The investors would have to pay off the debt.
Some neighbors along St. Anthony Main are not pleased with the project saying it would be better to have a multi-use facility. They would prefer low-income mixed with moderate-income housing and even a commercial element to the development of the seven acre site.
There is no political opposition to the plan and the full Minneapolis City Council is expected to approve it next Friday.