By Kathy Henderson
It was supposed to be a “no surprises” purchase earlier this summer when a Minneapolis-based real estate group bought Milton Square, the iconic 27,000-square-foot mixed retail and residential Tudor-influenced architecture complex in St. Anthony Park.
The new owners — led by Ned Rupp, Spencer McMillan and Mark Battles — as experienced real estate investors had conducted their due diligence. They knew the property, the neighborhood and its heritage and had conducted a thorough walk-through with then-owner Heather O’Malley.
But there was a surprise waiting for them: Keys. Keys. Keys.
“There must be 60 of them! A key for every door!” laughed Battles, seated across from Rupp at a Milton Square courtyard table recently.
While appreciating that “charming buildings like Milton Square do not come up on the market all the time” and considering themselves as “stewards” of such a unique property that dates back to 1909, they also take the current real estate market seriously and acknowledge the value of having a good tenant mix. At Milton Square that mix means food, residential, retail, services and offices.
While Rupp noted Milton Square has some solid services and shops, he and his partners have been talking to some potential new tenants and are open to retail sales ideas. They are looking for tenants with a sense of stability who would like to be there at least three to five years.
In early September, Milton Square’s tenant mix included Tax Cat Consulting and Almost Heaven Nail Studio with courtyard locations; Studio Hair and Nico’s Taco Bar along Como Avenue; All Seasons Garment Care & Tailoring and Marigold facing Carter Avenue; and June Room, in the process of re-locating from Carter to a shop within the courtyard.
“The residential apartments are all filled,” said Rupp.
The courtyard flowers, greenery and fountain reflect the expertise of the professional gardener they hired to supplant, as it were, what had been O’Malley’s personal interest and care. They describe the Tamarack Room being underutilized for events and hope there will be more use in the future.
As St. Anthony Park neighbors and destination shoppers have become accustomed to over the years, changes are part of the Milton Square legacy. When favorite and familiar shops close their doors — Yes! Yes!, the Makery, Bob’s Fly Shop being recent examples — other shops and services eventually fill those spaces, destined to become new favorites. n
Kathy Henderson lives in St. Paul and is a regular freelance writer for the Bugle.
Photo Credit: Mark Battles (left) and Ned Rupp are two of the new three co-owners of Milton Square. Not pictured is the third co-owner, Spencer McMillan. Photo by Kathy Henderson.
