ICM Realty Group announced Thursday it has purchased the Mill Place buildings in downtown Minneapolis and is planning a $1.5 million renovation of the 19th-century buildings.
The three buildings, which represent the Calgary, Alberta-based real estate firm’s second investment in the Minneapolis area, include the Mill Place office building at 111 3rd Ave. S., the two-story Dunn Bros. coffee shop — also known as the Freight House building — at 201 3rd Ave. S. and a long building at 333 1st St. S.
Andrew Webb, ICM’s managing director, said they’re looking to bring the main, roughly 120-year-old Mill Place building back to its original “brick and timber roots” while adding modern amenities like a fitness center, a collaborative working space in the building’s four-story atrium, bike storage, conference facilities and more.
All three buildings, which total 90,000 square feet, are 100 percent leased. With a focus on the main building, ICM plans to renovate the common areas first and then update office spaces if they become available so there will be little impact on existing tenants, Webb said. A single tenant, an advertising agency, occupies the small building behind the larger Mill Place building on 1st Street.
Webb said they’re interviewing architects and hope to finish the renovation by the third quarter of this year. The project may require Heritage Preservation Commission approval for some exterior work, he added.
ICM was a limited partner in the purchase of the 280,000-square-foot International Plaza building in Bloomington in 2006, and then became a general partner in 2012. Webb said they’ve been trying to invest more into Minneapolis since they first entered the area a decade ago.
“We love the market, and hopefully we have a chance to buy a lot more in the market in the future,” he said.