Mercantile Building Redefines Water Street
Historic Third Ward building from 1909 getting modern, glassy addition.
The Mercantile Building, 318 N. Water St., is receiving a glassy 2017 addition to its 1909 brick base. Originally announced in early 2016, the proposal will add 35,000 square-feet to the existing 50,400 square-foot structure. The new addition will rise five floors, a floor higher than the original building.
The Mercantile Building is owned by Graceville, LLC, a firm with connections to the building’s anchor tenant Hanson Dodge Creative. Tim Dodge, Hanson Dodge president, is serving as the developer on the project. Although not publicly disclosed, Graceville, Minnesota native and Hanson Dodge CEO Ken Hanson is also likely involved. As part of the expansion the marketing agency will be able to spread out over one floor instead of being split over two, a more efficient layout according to Dodge.
Joining Hanson Dodge and other tenants in the building will be Digital Measures, which will occupy 22,000 square-feet spread over the top two floors. The company currently leases 11,500 square-feet of space at 301 N. Broadway.
First-floor tenants in the building include apparel retailer Lululemon Atheltica and PyraMax Bank. As part of the addition a new 5,216 square-foot, first-floor commercial space will be created at the corner of E. Buffalo St. and N. Water St.
The addition’s design is by Historic Third Ward firm Eppstein Uhen Architects under the guidance of T.J. Morley and Troy Jacoby. Beyer Construction is serving as the project’s general contractor. NAI MLG is handling leasing on the project.
Construction began in August 2016 and is expected to be completed in 2017. Our photos capture the new addition rising above the original building, showing that construction has progressed substantially since we last visited the site in early January.
The Mercantile Building was previously renovated by Graceville in 2005, using $8 million in New Market tax credits and Historic Preservation tax credits.