Buyer closes on The Bluffs deal
by Joni Astrup
The Bluffs of Elk River has been sold.
Jim Soderberg, president of Soderberg Apartment Specialists in Brooklyn Center, said the sale closed on Monday, April 30.
Granite Shores LLC, of which Soderberg is the chief manager, purchased the building for $5.125 million from Minnwest Bank. The property had gone through foreclosure several years ago.
The building is located along the Mississippi River in downtown Elk River and has commercial space on the street level and condos on the upper levels.
Soderberg said they bought everything except three condos, which had been sold earlier to individual buyers. All but those three condos will become rental units.
“Although I would have liked to have the condo units sold as was the original intent, unfortunately today’s economic conditions make that impossible,” said Elk River Mayor John Dietz. “I am excited that Mr. Soderberg has purchased the building and is confident he can rent both the residential units and the commercial spaces. Bringing life to that building is good for the city.”
The Bluffs purchase includes 64 unsold condo units and less than 10,000 square feet of unoccupied commercial space. Of the 64 condos, 22 were finished and rented earlier and are occupied. The remaining 42 were never finished but will be completed and rented out.
Soderberg said they had a half dozen crews working in the building within 24 hours of closing.
The condo kitchens will be finished with granite countertops, stainless steel appliances, ceramic backsplashes, upgraded lighting and either maple or oak kitchen cabinets.
“We want the kitchens to be spectacular,” Soderberg said. “That’s kind of our specialty.”
The units will also be repainted and get washers and dryers and cherry wood floors.
The 22 finished condos that are currently rented out will also be upgraded with amenities like the granite countertops and stainless steel appliances.
The vacant condos are one and two bedroom. Monthly rental rates will range from about $900 to approximately $1,600. One of the top-priced units is the top-floor turret condo, which is unoccupied, Soderberg said.
He anticipates that all 42 units could be finished and rented by the end of June. For residential rental information, call 612-703-8874.
“We really view this building as kind of the crown jewel of downtown Elk River,” Soderberg said. “So many people have been frustrated for so long and now I think they’re going to see a lot of exciting things happen.”
He said he’s been impressed by the quality of the building.
In addition to finishing the condos, he said they plan to expand a riverfront deck off the building’s party room.
Meanwhile, Soderberg said the name of the building has been changed. The new name is Granite Shores. It will be marketed as Granite Shores on the Beautiful Mississippi River.
Ribbon cutting set for May 14 in downtown
A ribbon-cutting event has been set for 11:30 a.m.–1 p.m. Monday, May 14 at Granite Shores in conjunction with the Elk River Area Chamber of Commerce. The public is welcome.