Sherman Associates begins a $30 million historic redevelopment of the building that has been home to its corporate headquarters since 1999, located at 233 Park Avenue. The building has been named the J. I. Case Building and was recently listed on the National Register of Historic Places. The J. I. Case Threshing Machine Company built and occupied the building for over 50 years as a branch house, distributing and marketing its farming equipment across the Midwest and now its 63,000 sq. ft. renovation is the latest of Sherman’s noteworthy historic redevelopment projects.
The first floor is 15,000 sq. ft. of restaurant space that will attract a large user or could be subdivided among multiple small users (formerly the location of the Old Spaghetti Factory that operated there for 25 years). The historic allure will be maintained with features like prominent floor-to-ceiling windows overlooking South Washington Avenue with 16 ft. high ceilings that are present on the first floor.
Sherman will relocate its office of over 90 employees from the second floor and basement to the third floor which boasts 14,500 sq. ft. The second floor will be 11,000 sq. ft. coworking space utilized by Sherman, with 3,700 sq. ft. space available for sublease. A new feature staircase will connect the second and third floors. Sherman’s amenities will include a fitness center, bike storage, and a new rooftop patio.
The most significant alteration of the building will be the addition of a 7,500 sq. ft. rooftop patio. The patio will be divided into three spaces: 4,500 sq. ft. for a tenant-operated rooftop bar/restaurant, 1,100 sq. ft. for Sherman headquarters, and 2,000 sq. ft. for a spa pool, sauna, and guest lounge subleased by Canopy by Hilton Minneapolis Mill District located next door.
The basement level will be completely renovated and include a 4,000 sq. ft. speakeasy concept operated by a local restauranteur.
A new elevator for handicap accessibility will be installed and run from the basement level to the rooftop level. The current elevator at the building’s main entrance will be upgraded. Existing underground parking will remain as is.
“The J. I. Case building has been the home to the Sherman corporate office for over 20 years. And it has become the epicenter of our mixed-use and mixed-income housing and hospitality investments across Minneapolis, the Twin Cities, and the Midwest over the decades. Our vision for this historic redevelopment at Washington & Park Avenue is to reposition our corporate office space for the future working environment and our long-term growth, while also adding tremendous amenities in the form of restaurants, rooftop space, and unique design features that bring people in not just locally, but nationally. We will put all 63,000 square feet to the highest and best use,” said Chris Sherman, president of Sherman Associates.
Sherman has received an allocation of federal and state historic tax credits to finance the project that is expected to be completed in the first half of 2023. Blumentals Architecture is the architect and Gardner Builders is the general contractor. During the redevelopment, Sherman’s corporate employees are working from the nearby coworking space, Fueled Collective.
The J. I. Case Building renovation is the final piece of Sherman’s redevelopment of the ‘Sherman block’ made up of three buildings that are bordered by South Washington Avenue, Park Avenue, South 3rd Street, and Chicago Avenue and includes the following, owned and operated by Sherman: East End Apartments, Starbucks, Canopy by Hilton hotel, and Umbra restaurant as well as commercial tenants, Trader Joe’s and Jimmy John’s.
Sherman has other developments under construction in the area. Moment, to be completed in late 2022, is located at 500 South 7th Street and is a 10-story mixed-use tower with 222 market-rate apartments, 15,000 sq. ft. for the Firefighters For Healing Transitional Healing Center, 17,000 sq. ft. commercial space, 90 underground parking spaces for residential, and 13 ground level parking spaces. A new Fire Station 1 for the City of Minneapolis is under construction at 275 5th Avenue South. The facility will be 20,300 sq. ft. and completed in mid-2022.
The Downtown Minneapolis Neighborhood Association (DMNA) has installed two plaques on the J. I. Case Building’s exterior to highlight its historical relevance as part of its Historic Sign Project to enhance a sense of community in the neighborhood.
Sherman is leasing the spaces available in the building and has attracted attention from a variety of potential tenants including a high-end restaurant concept. It also has a relationship with a food hall operator in Colorado that has shown interest in the space.
Contact Ben Kepple, Director of Commercial Leasing, for more information at [email protected] or 612-843-4628. Visit the website to learn more about the J. I. Case Building: https://jicasebuildingmpls.com/.
Backgrounders:
Sherman Associates (www.Sherman-Associates.com) is a growing commercial real estate development and management firm based in Minneapolis with properties throughout the Midwest and Colorado. Sherman has developed over 8,000 multifamily units, 600,000 SF of commercial space, four hotels, two solar gardens, and has three Starbucks locations. Sherman develops, owns, and operates its assets with a long-term vision to build neighborhoods, enrich communities, and empower people. Stay connected with Sherman on LinkedIn, Twitter, Facebook, and Instagram.
