Feb 13, 2023 - Real Estate

Richfield LLC buys land that's home to Utepils Brewing, abandoned mill

An abandoned mill

The old mill towers, pictured here, could become apartments. Image courtesy of Google

A large piece of land that includes Utepils Brewing and the long-dilapidated Fruen Mill in Minneapolis has been sold.

Driving the news: An LLC with a Richfield address acquired the property for $4.7 million on Jan. 31, according to a state real estate filing.

The intrigue: Half of the site has already been redeveloped, but the old mill structures — which have long been viewed as a potential residential project — are still in need of rehab.

Why it matters: The mill would be a great place to add housing thanks to nearby parks and Bassett Creek.

What they're saying: Utepils president and founder Daniel Justesen said he had organized some investors in hopes of buying the site from former owners, but the deal never materialized due to rising interest rates.

Yes, but: He said he's excited about the new owner, who he was not allowed to identify, other than to say that it's someone from out of town who has family here.

Between the lines: Justesen said he and the former owners did not have a good relationship but the new one has already been helpful and responsive.

What we're watching: Axios called the number listed for the LLC and did not hear back. But Justesen said the buyer's main interest is redeveloping the mill.

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