Hillcrest Development tackles Watkins Building makeover
- Marly Ramstad
- Jul 17, 2024
- 1 min read
Anne Bretts
The 2022 decision by Vision Loss Resources Inc., to move out of its home at 1936 Lyndale Ave. S after 75 years threatened to leave a largely empty 80,000-square-foot shell on 2.05 acres at the corner of Franklin and Lyndale avenues in the Wedge neighborhood in Minneapolis.
It probably won’t be empty long.
Minneapolis-based Hillcrest Development LLLP has paid $2.86 million for what’s known as The Watkins Building and is already working on a total makeover.
WSFC LLC, a Hillcrest entity, closed May 2 on the cash acquisition from the nonprofit, which has moved to its new headquarters in Little Canada.
The timing worked well for Hillcrest, said its CFO, Mark Walter.
“This was a 1031 exchange, and we were very motivated to purchase a replacement property” he said in an email interview. Hillcrest envisions a commercial redevelopment of the building, a neighborhood landmark since it opened in 1900.
Walter said the building will be positioned to house commercial tenants seeking retail, creative office, production/light assembly/flex, warehouse, and storage uses.
“The Watkins Building is unique as it has significant off-street parking, which is extremely rare,” Walter said. Other amenities will include brick and timber finishes, loading facilities, private entrances for specific spaces, signage opportunities and quick occupancies for spaces.