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MINNEAPOLIS-First Avenue Lofts, two buildings undergoing a $1-million renovation, will soon become Downtown’s first all condo office building. Locally based Tria Development and United Properties of Bloomington will market the project, which is located in the Warehouse District at First Avenue and First Street.

The project includes two three-story, side-by-side buildings with a combined 30,000 sf of available office space. “There is strong demand for office buildings under 10,000 sf in today’s real estate market, but these buildings are in short supply and tend to have high price tags,” says Jim Montez, senior associate in officer brokerage with United Properties and head of the marketing effort.

Lofts will range in size from 1,000 sf to 6,000 sf and in price from $250,000 to $1 million. Space reservations are now being accepted with occupancy projected for April 2005, the anticipated completion date for the renovation work.

The First Avenue Lofts buildings were originally built in the 1880s with one housing a steam laundry and the other a tooling manufacturing business. More recently, the buildings were home to an architecture firm. The buildings are being renovated to maintain the original architectural character, while bringing operating and technology up to current standards, according to Tammy Faiola, one of three Tria Development partners. Some of the interior design details include exposed brick walls, concrete floors, large functioning windows, she says.

“The lofts will be ideal for professional services firms and creative shops ranging from advertising, design and marketing firms to law, accounting and architecture firms,” Montez says.

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