RPD officials said they like the location because it is close tofiber optic cables as well as near the downtown core. The newowners plan to add a second level to the space, creating about120,000-sf of commercial space, as well as refurbishing theadjacent 28,000-sf offices. The new owners will spend about $12million on the refurbishment, which will include a new roof,updated electrical and plumbing systems and the new floor.

Hoskin, who has committed an invested of about $4.2 million intothe building, declined to disclose how much he was selling itfor.Hoskin's partnership bought the building last year fromHennepin County for $1.3 million, and has converted the lower levelinto 140 parking stalls. Hoskins, a vice president with ImperialParking that runs the parking space, says the lower level willremain parking and will be operated by Imperial. The county hadbought the building more than a decade ago, and planned to tear itdown and build a new jail. But the building was declared a historicsite, and public officials have since had difficulty in findinganother use for it that did not involve heavy public subsidies.

"It's unusual to see a historic building like this restored withpublic money," Hoskins told GlobeSt.com. Hoskin also looked at morethan a dozen potential uses for the building before landing the RPDdeal "blew in out of now where." The armory, which was built as apublic works project during the Depression, was used first by themilitary and then as an event center - including serving as thetemporary home of the Minneapolis (now Los Angeles) Lakesprofessional basketball team in the '50s. It has essentially been avacant building over most of the last two decades.