24 / 68
The Warehouse Historic District, or the
North Loop, is situated immediately
northwest of Downtown Minneapolis. The
neighborhood is bounded by Hennepin
Avenue to the southeast, North 4th Street
to the southwest, Plymouth Avenue to the
northwest and the Mississippi River to the
northeast. Historically, the North Loop was
the center of Minneapolis’ river trade and
home to a large railyard and inland port.
Most of the warehouses here were built in
the early 20th century for the storage and
wholesaling of goods related to milling and
manufacturing. Today, more than 60 of
these structures still exist — most six to
eight stories high and enjoying a new life
as high-end residential lofts. Washington
Avenue is the prime retail corridor;
however, nearly all of the North Loop’s
major commercial streets have seen
increasing retail activity.
Starting in the 1960s, significant portions
of the Warehouse District were abandoned
and left to decay. It was not until the
mid-1990s that the North Loop
experienced its revival as artists and
creative types started moving in,
converting long-vacant industrial spaces to
lofts and art galleries. Throughout the early
2000s, this neighborhood saw a slow, but
steady, stream of redevelopment projects
as Downtown workers increasingly
discovered the area. The construction of
Target Field on the Warehouse District’s
southwestern edge in 2010 helped to spur
another wave of in-migration, this time
dominated by young, millennial workers
and supported by a booming Downtown
office market. About 1,500 new multifamily
units have come online since that period
alone. Another 530 units are either already
under construction or in the final planning
stages. With Minneapolis’ local economy
far outpacing most other Midwestern
economies, we do not see this ending
anytime soon.
While some of the thrift shops and
galleries that initially spearheaded this
neighborhood’s revival have since been
priced out, the North Loop remains a focal
point of the Minneapolis arts scene. But it
now also has emerged as one of the city’s
most vibrant restaurant and bar hot spots
as well. Demand for shop space has also
skyrocketed. Recent arrivals to join
longtime local boutiques and design
studios include national upstart chains like
Filson, Kit and Ace, and Shinola. While
rents are climbing, we are still tracking a
basic range between about $18 and $42
per sf, leaving plenty of room for growth.
39.4%
Millennial Population
$61,767
Average
Household Income
North Loop /
Warehouse Historic District:
Loft Revival