ST. PAUL, MN
Address: 641 Fairview Avenue North
Built: Circa 1940s-1950s
Building size: Approximately 340,000 SF
Prior uses: Printing
Re-development timeline: 2019 – 2021
Grant support: The Metropolitan Council (Tax Base Revitalization Account), and the Minnesota Department of Employment and Economic Development (Contamination Cleanup and Investigation Grant Program)
Awards: Finance & Commerce Top Projects of 2021
Hillcrest Development, LLLP saw an opportunity at 641 Fairview Avenue North in St. Paul, MN to address the challenges of an underutilized and decaying property and redevelop it into a desirable and productive use.
The approximately 340,000 square foot, former printing facility was constructed in the 1940’s and added onto in the 1950’s. The building experienced low occupancy, utilization, and investment for the 20 years prior to Hillcrest purchasing the building in 2019.
The building and site therefore, required considerable stabilization and redevelopment (and investment) including asbestos abatement, vaper mitigation, roof replacement, new restrooms, new common area(s), window replacement, fascia work, HVAC system work, parking lot and site work, electrical system work, and significant interior demolition.
Hillcrest purchased the property in January 2019, re-branded the property to Fairview Business Center, and immediately commenced redevelopment.
The result of these redevelopment efforts is a vibrant and active business center which experienced nearly full occupancy in 2020 adding significant jobs and tax base to the area. Fairview Business Center’s transformation was supported by the City if Saint Paul, and key environmental grant providers: The Metropolitan Council (Tax Base Revitalization Account), and the Minnesota Department of Employment and Economic Development (Contamination Cleanup and Investigation Grant Program).
Without the support of Met Council and DEED, Fairview Business Center would not be the thriving center of busines, retail, distribution and commerce that it is today.
Hillcrest Development sold Fairview Business Center in December 2021. At the time of sale, the building was 98% occupied.