PROJECTS

The Chittenden & Eastman Building (called “C&E”) was acquired on October 15, 2010, by IAF C&E LLC, a wholly-owned subsidiary of Ironton Asset Fund LLC. The property had been in foreclosure with three defaulted mortgage loans.

C&E is located two blocks east of the Interstate 94/Highway 280 interchange. The Central Corridor Light Rail Line will run down University Avenue in front of the building starting in 2014, connecting downtown Minneapolis and downtown Saint Paul. The main campus of the University of Minnesota will be three Light Rail Line stops west of the property.

C&E is a supporting structure in the University-Raymond Commercial Historic District and qualifies for 20% federal and 20% state historic tax credits. The building occupies 1.09 acres of land, has a footprint of 47,468 square feet (with smaller floorplates on floors 3 through 7), and contains approximately 138,000 gross square feet on all seven floors.

Redevelopment plans call for converting the property to approximately 104 market rate apartment units. BKV Group is the architect for the project.

Ironton Asset Fund LLC entered into a Contingent Purchase Agreement with the Saint Paul Port Authority on September 17, 2010, to acquire Buildings 14, 20, and 21 at the former 3M Company headquarters campus in the Dayton’s Bluff area of Saint Paul. After a public hearing on October 26, 2010, the Port Authority Board of Commissioners approved the agreement, which became effective on that date. The Fund has a one-year period in which to formulate development plans and identify tenants and other users before being required to commit to purchasing the property.

Building 21 is an architecturally-significant office building occupying its own 2.03 acre site with a footprint of 25,484 gross square feet and 76,451 gross square feet on three floors. The building was the corporate headquarters for the 3M Company from 1939 until the early 1960s. The paneled corner office and adjacent board room on the second floor that were used by such legendary figures as Lucius P. Ordway, William L. McKnight, and Archibald Bush are still intact.

Buildings 14 and 20 are essentially a single structure occupying 2.26 acres of land with a combined footprint of 57,543 square feet and 398,430 gross square feet. Building 14 was constructed in 1929 with 5 floors and building 20 was constructed in 1937 with 8 floors. The buildings have a floor loading capacity of 200 pounds per square foot and clear heights of 11.5 to 14 feet. The buildings have spread footings, reinforced concrete framing and floors, and masonry exterior walls with large industrial-style windows.

Preliminary redevelopment plans call for re-using Building 21 for traditional office uses and Buildings 14 and 20 for high tech uses, traditional office uses, industrial uses, and indoor parking on the lower floors. Miller Dunwiddie is the architect for the project.