7.0. EDSR 07-11-1994 - Laserfiche WebLink

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• ITEMS OF INTEREST In the Villa Court case,Soderberg's renovation challenge was compounded by critics continued who said the task was too enormous. Yet Soderberg didn't view the purchase as a risk. "Many people said the property was worthless and should be demolished. A lot of real estate brokers and investors said it couldn't be done. But I saw it as a real challenge and a good business investment. It's also an opportunity to preserve the buildings and have a positive effect on the neighborhood." // Minneapolis Housing Inspector Jim Edin provided case management for the building during the transition from receivershipthroughSAS's with the pace and progress. I think he's going to have purchase.uccs on his handsand pleased his is one of the prove a lot of people wrong that that property was going to be in ill straights forever," most difficult cases I've says Edin,who at one time inspected the buildings only with a police officer on site. "The situation,prior to receivership,was out of control and dangerous. There were been on but probably many problems and this was a large challenge. This is one of the most difficult cases one of the most I've been on but probably one of the most rewarding." Edin credits the previous rewarding,"says property manager for whittling down some of the tenant problems and making Minneapolis Housing evictions. But the manager didn't have the funds during the receivership period to Inspector Jim Edin. make building upgrades,says Edin. "Jim has been the white knight on the project and has to be recognized for putting the dollars together to make the changes." Soderberg invested nearly a half million dollars into the project,virtually gutting the buildings,and making the renovation the largest of its kind in the Twin Cities this year. In addition to standard upgrades like new paint and carpeting,he added amenities such as mini-blinds,brass light fixtures,controlled door entry systems,new windows,large bathroom and dining area mirrors,and appliances. In the spring,the • complex exterior will be refurbished with new paint,awnings,landscaping and possibly garages. The upgrades are numerous but not extraordinary. What's notable is Soderberg's speed. In just ten weeks he completed the bulk of interior renovations and leased all 81 units. "We started out fast and excelled rapidly,"says Soderberg. "It would have been simple to come in here and take two years and two million dollars to renovate { and lease the complex,but we've made really good use of team- i work,speed and technology,plus a lot of energy." More than 50 r -� _ " y t units were leased during the slowest six-week renting period of ' ` ' • t the year,late November to January. And Soderberg rejected as ''' ' -ks? 'w�;= many applicants as he accepted. 111•1. - Granted,Uptown Square offers what young,single Uptowners "• want:up-scale apartments at below market prices,says Cindy Frattallone,rental consultant with the Apartment Search. "The • Uptown area has an extremely low vacancy rate and rents below L ..- the$400 range are hard to find. This is a wonderful addition to Uptown and an improvement to the neighborhood,"Frattallone said. "A lot of time and money went into those buildings. Soderberg Apartment Specialists really strives to provide a VIIIA COURT quality product and has just provided 81 units to people who really need it." According to John Meldahl,owner of Uptown Video at Lake St.and Bryant Ave.,the renovation is one of the most significant events in the neighborhood in recent years. "Jim's purchase of the building,the eviction of tenants and the renovation is greatly appreciated and applauded,"says Meldahl,whose store sits just one block from Uptown Square. "There was a lot of drug dealing going on in Villa Court. It has also had poor management and ownership,and it's been an eyesore to the Bryant-Lake area for 15 7