PRESS RELEASE Minneapolis, MN — [9/11/24] — Artspace is excited to announce the official closing of Artspace NKB Lofts, a new residential building that is part of a significant redevelopment initiative that will breathe new life into three historic industrial buildings within the Northrup King Building (NKB) campus. This project, located in the vibrant Northeast Minneapolis Arts District, is set to create 84 affordable live/work units tailored for artists, creatives, and moderate to low-income households, as well as 8,120 square feet of commercial space dedicated to creative enterprises.

Artspace NKB Lofts will offer a mix of one-, two-, and three-bedroom units, ensuring that artists from various cultural backgrounds have access to affordable housing with rents set between 30 and 80% of the Area Median Income (AMI). This redevelopment will not only expand affordable housing but also reinforce the community’s commitment to supporting the creative economy that thrives within the Northrup King campus–home to the largest concentration of artist studios in Minnesota and a central venue for Art-a-Whirl ©, the nation’s largest studio art crawl.

“We are excited to move forward with the Artspace NKB Lofts project, which underscores our dedication to providing sustainable, affordable spaces for artists,” said Becky Carlson St. Clair, Vice President of Property Development at Artspace. “This development will enhance the Northrup King campus, preserving its unique character while offering new opportunities for creative engagement.”

Anticipated Development Now Underway: Construction on the Northrup King campus is now underway, marking a pivotal moment for this long- anticipated project. Originally projected to start in 2022, the redevelopment encountered delays, but with financial closing now secured, Artspace is prepared to begin work on Building 2, a prominent six-story structure easily recognized by its water tower. This building, along with Buildings 3, a low-rise, will be transformed into residential spaces, and Building 8 into a commercial space, featuring a thoughtful balance of preserving historic elements and integrating modern amenities.

Greg Handberg, Senior Vice President of Properties at Artspace, expressed his enthusiasm: “The Artspace NKB Lofts project has been a long time coming, and we’re eager to see it come to fruition. This development is a key component in our strategy to maintain and enhance the Northeast Minneapolis Arts District as a hub for creativity and community.”

The project’s design emphasizes the restoration and preservation of the industrial architecture that defines the Northrup King campus, which is listed on the National Register of Historic Places. In addition to the residential units, the redevelopment will provide new spaces for arts, community, and nonprofit activities, enriching the cultural fabric of the district.

A Holistic Approach to Community Revitalization: Artspace NKB Lofts’ redevelopment extends beyond housing, encompassing the revitalization of the 13-acre campus. This includes implementing innovative watershed management practices funded by the Mississippi Watershed Management Organization, as well as enhancing green spaces with native plantings and improving connectivity for pedestrians and cyclists. The City of Minneapolis is also undertaking the Logan Park Industrial project, which will repair and upgrade streets surrounding the campus, further enhancing access and safety. A new, well-designed parking lot will also be a welcome addition for tenants and visitors alike, addressing long-standing issues with drainage and stormwater management that have historically plagued the site.

Project Support and Funding:
This transformative project has been made possible thanks to the support of key partners, including the City of Minneapolis, Metropolitan Council, DEED, Intermedia Arts, Mississippi Watershed Management Organization, Hennepin County, the National Endowment for the Arts, and Capital One, Raymond James, Cedar Rapids Bank & Trust, U.S. Bank. Their contributions have been instrumental in ensuring the success of Artspace NKB Lofts and the continued vitality of the entire Northrup King campus.

For more information about Artspace NKB Lofts or to explore the detailed plans for the project, please visit https://www.artspace.org/nkb-lofts or contact.

ABOUT ARTSPACE
Artspace Projects, Inc. is the nation’s leading non-profit developer for the arts, dedicated to creating, fostering, and preserving affordable housing and workspaces for artists and the creative workforce. With headquarters in Minneapolis and offices in New York and Washington D.C., Artspace has been at the forefront of adaptive space reuse development for artists and the creative workforce across the Nation. Through real estate development, asset management, and consulting services, Artspace ensures its projects remain accessible and financially sustainable for the long term. For more information, visit www.artspace.org.

Contact:
Tio Aiken Vice President of Communications, Artspace
612-321-1841/ [email protected]