Schafer Richardson will renovate, heighten warehouse in North Loop for office space
Schafer Richardson will add three floors on top of the two-floor building, which is now home to Zuccaro’s Produce. It also will remove the stucco siding to expose original 1920s brick and several covered windows along 10th Street.When the project is complete, the building will have 53,000 square feet of leasable office space over five floors and restaurant space on the first floor.
The Minneapolis-based real estate company has the 0.58-acre site under contract. Zuccaro’s, which supplies produce to restaurants and ethnic grocery stores, plans to move to Columbia Heights, said Schafer Richardson Development Director Maureen Michalski.
The building will have competitive lease rates with a boutique feel, Michalski said. Her firm is in discussions with one tenant to take up a floor-and-a-half, though marketing won’t begin in earnest for a couple of days. Mike Olson of Schafer Richardson will handle leasing.
Schafer Richardson’s existing North Loop office portfolio of 370,000 square feet is 97 percent leased.
Office space is in high demand in the area. Developers United Properties and Swervo Development also are planning large projects a few blocks away on Washington Avenue. United Properties has said its project may be fully leased by the time construction starts this summer.
Schafer Richardson hopes to get city approvals this spring, begin construction this summer and deliver the building in spring 2018.
The firm is working with UrbanWorks Architecture of Minneapolis.
Nick Halter covers commercial real estate, hospitality and sports business.