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ElseWarehouse apartments in Minneapolis sell for $40.25M

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ElseWarehouse apartments in Minneapolis sell for .25M


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The ElseWarehouse, a 100-year-old converted apartment building in Minneapolis’ North Loop, traded hands between its developer and a North Dakota company, according to a press release from Colliers.

Great States Development bought the historic apartments in a deal worth $40.25 million, according to a certificate of real estate value. The purchase was a 1031 exchange for Great States.

Greco renovated the building at 730 Washington Ave. N. in the early 2010s according to the press release, utilizing adaptive reuse to turn the 1920s warehouse into a series of 116 apartments, which consist of one-, two- and three-bedroom units.

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The price works out to nearly $347,000 per unit. That is about $42,000 more than the per-unit price of the North Loop’s Maverick Apartments’ $304,761, which was the most expensive per-unit sale of 2024. The Maverick sold last year in a deal also arranged by Colliers for a total of $51.2 million.

According to Great States website, the Fargo-based company has 5,000 units under its management. Scott Houle, the vice president for Great States, called the property iconic.

“This building not only represents the rich architectural heritage of the area but also aligns perfectly with our vision of creating exceptional spaces where people can live, work and thrive,” he said.

The deal was arranged by Colliers’ Mox Gunderson, Dan Linnell, Devon Dvorak and Adam Haydon.

Gunderson, an executive vice president for Colliers, said the North Loop is one of the most sought-after neighborhoods in the metro, and brings in some of the highest rents in the city. He said that the buyer had been eyeing the North Loop for a while. The property also features 16,000 square feet of retail space.

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“You’ve got five retail tenants, almost 16,000 square [feet] of retail in the building that is mainstays along Washington Avenue,” he said. “It’s really a timeless asset.”

Gunderson said Greco decided to sell the property mostly because of the loan maturity on the building, opting to sell rather than refinance. Gunderson said there were eight bids on the property.

Great States is a long-term owner, according to Gunderson, and besides potential light apartment upgrades in the future he doesn’t think there will be many changes to the property.

Finance & Commerce previously reported on the listing for the property in late September. Greco had listed both ElseWarehouse and the Copham, another North Loop property with 120 units and seven stories.

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North Loop’s Maverick Apartments’ sale price lower than in 2022

Three North Loop apartments up for sale



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Minneapolis, MN

Minneapolis City Council approves 5-month pause on data center development

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Minneapolis City Council approves 5-month pause on data center development


Minneapolis City Council members approved a five-month pause on new data center development Thursday.

The moratorium does not apply to smaller data centers located downtown that are less than 350,000 square feet.

The Minneapolis City Council voted to temporarily halt new data center projects while city staff study regulations and examine concerns about environmental impacts, energy use and public safety.

The vote comes as opposition to data center projects has surfaced in communities across Minnesota.

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In Elk River, Minnesota, this week, the city’s planning commission recommended against a proposal that would pave the way for a data center, despite the fact advocates said the project could generate an estimated $800,000 in additional revenue.

In Inver Grove Heights, Minnesota, a packed city council meeting erupted in boos after officials delayed a final vote on a proposed data center. The vote is now scheduled for Friday.

The issue has drawn strong opinions in Minneapolis.

At a Minneapolis committee meeting last week, a vocal majority spoke out in favor of the pause. Labor groups highlighted the construction jobs data centers can provide, while residents raised concerns about neighborhood impacts and whether the facilities would benefit local communities.

Councilmember Soren Stevenson said residents throughout Minneapolis have been clear in their opposition to additional data center development.

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“My constituents and people from across this city are so, so clear that they don’t want data centers at all,” Stevenson said.

Supporters of the moratorium said the temporary pause will give city officials time to study the industry and develop regulations before additional projects move forward.

Council Member Aurin Chowdhury argued that data centers have had disproportionate impacts.

“That industry has shown over and over again negative impacts, especially in communities of color and communities that have been impacted by environmental injustice,” Chowdhury said.

Opponents of the pause warned the move could discourage future investment in Minneapolis and send the wrong message to businesses considering projects in the city.

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Councilmember Linea Palmisano said the moratorium could undermine efforts to attract economic development at a time when residents are facing higher property taxes.

“We send a message to the business community that they aren’t important or supported by this council,” Palmisano said. “We send the message that we don’t want their investment.”

The measure now heads to Mayor Jacob Frey, who plans to spend the next several days reviewing the ordinance before deciding whether to sign it, a spokesperson said.



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Minneapolis, MN

MN weather: Pleasant Thursday before major heat arrives

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MN weather: Pleasant Thursday before major heat arrives


Sunshine and comfortable temperatures return Thursday before a weekend warm-up sends highs into the 90s. Heat index values could reach the triple digits early next week. FOX 9 meteorologist Jared Piepenburg has the forecast.

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Minneapolis, MN

$25 fine for St. Paul woman who assaulted agents at Minneapolis restaurant bust

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 fine for St. Paul woman who assaulted agents at Minneapolis restaurant bust


A 28-year-old St. Paul woman who admitted in federal court to assaulting law enforcement officers during a protest last year in South Minneapolis has been ordered to pay a $25 fine.

Isabel Lopez was sentenced Tuesday by U.S. District Judge John Tunheim in Minneapolis after accepting a plea agreement to a lesser misdemeanor charge of assaulting, resisting and impeding a U.S. officer in connection with a protest that broke out while authorities were executing a search warrant that a crowd mistook for an immigration raid in June  2025.

Lopez was originally charged by indictment with three felony counts of assaulting, resisting and impeding officers and one felony count of obstruction of law enforcement.

Lopez faced up to one year in prison on the misdemeanor conviction, however, the defense and prosecution both asked Tunheim for no prison time. The prosecution requested one year of probation, which Tunheim turned down.

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According to court documents, law enforcement officers from multiple federal agencies were executing eight search warrants in the Twin Cities on June 3, 2025, related to an investigation into narcotics trafficking, money laundering, human trafficking and related offenses.

The investigation began with the discovery of 900 pounds of methamphetamine in a Burnsville storage unit, with a street value of between $22 million and $25 million.

Shortly after a search warrant execution began at Cuatro Milpas restaurant on Lake Street, a crowd began to gather.

“The crowd appeared to be under the mistaken belief that law enforcement was present to arrest individuals illegally present in the country for immigration offenses,” the criminal complaint said. “This was incorrect.”

After recognizing the apparent misunderstanding, law enforcement explained the nature of the search warrant to the crowd, according to prosecutors.

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As part of her plea agreement, Lopez admitted to hitting an FBI SWAT agent with her arms and closed fist, and kicking another agent. The officers were not injured. As law enforcement attempted to leave the scene, Lopez threw a softball at the back of a Hennepin County sheriff’s deputy.



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