Our History

After many years of specializing in investment sales at Griffin Real Estate Company, Brad Schafer and Kit Richardson founded Schafer Richardson, Inc. in 1995. With their combined years of real estate investment brokerage experience, they have built the company to focus on providing development, syndication, consulting, and management services to its clients.

SR Construction Services, Inc. was formed in 1998 to provide construction services, including historic renovation and commercial tenant improvements, for Schafer Richardson’s portfolio as well as for third party clients. The Company's mission was, and still is, to be recognized as a quality-driven construction company with specific expertise in historic renovation, redevelopment, and tenant improvement projects.

Schafer Richardson actively developed severally unique urban living experiences in the Minneapolis North Loop, which has quickly become one of the hottest neighborhoods in downtown Minneapolis. Bassett Creek Lofts was the first of these projects and was a complete renovation of Floors Four and Five in the Bassett Creek Business Center located at 901 Third Street North.

Schafer Richardson completed and closed the 32 for sale loft residential units in 2003 and continues to own and operate the remaining portion of the Bassett Creek Business Center as an office building. The next North Loop residential project by Schafer Richardson was the 710 Lofts development. 710 Lofts is a new four story pre-cast concrete frame and masonry building located at 710 Fourth Street North containing 60 for sale loft units. The 710 Lofts building was fully sold-out and occupied by September of 2005.

The East Bank Mills development project, including the National Landmark Pillsbury A Mill Mill Building, received entitlements and approvals from the Marcy Holmes Neighborhood Association, the Minneapolis HPC and Planning Commission, and the City Council in 2006. The project, estimated to have a market value of more than $500M at final sell out, included approximately 950 residential units and 100,000 square feet of commercial space. 

The third residential building offered by Schafer Richardson in the North Loop Neighborhood was the 720 Lofts development. 720 Lofts is a new seven story, post-tension concrete frame building located at 720 Fourth Street North and includes 99 for sale loft condominium units. 720 Lofts, designed and built to recall the original historic milling and manufacturing structures in the North Loop, was fully sold out and occupied by December of 2007. 720 Lofts has received three design awards including the Multi-Family Executive Magazine's Project of the Year: Best Mid-Rise Merit Award, the Minnesota Multi-Housing Association's Best Two-Bedroom Floorplan Award, and the Multi-Housing News Magazine's Best Urban Infill Project of the Year Award.

In May of 2007, Schafer Richardson began marketing Phoenix on the River, a 79-unit luxury condominium project located on Main Street Southest, adjacent to St. Anthony Main, and fronting on the Mississippi River. Phoenix on the River provides the irresistible combination of water and style, the height of luxury living on the Minneapolis riverfront, along with a vibrant urban neighborhood offering retail services and shopping, including a new Lund’s grocery store, restaurants, regional and national parks, the University of Minnesota, and many entertainment venues. Construction started mid 2006 and was completed in May of 2009. As of Spring of 2011, 82% of the Phoenix on the River homes were sold.

The fourth residential building offered by Schafer Richardson in the North Loop Neighborhood was 730 Lofts. 730 Lofts is a new ten story, post-tensioned concrete frame building containing 111 for sale condominium units located at 730 Fourth Street North. Of the 111 homes in 730 Lofts, over 85 have been sold while approximately 25 homes are rented. 730 Lofts also received two design awards including the Minneapolis/St Paul Business Journal's Project of the Year: Small Condo Award and the Finance and Commerce Magazine's Top Project Award. The project was a Finalist in the Multi-Family Housing News Magazine's Project of the Year Awards.

In July of 2008, Cynthia Hable, CCIM, was named the Director of Asset Services, and formed SR Management Services, Inc. (SRM) providing property management services to all of Schafer Richardson’s commercial properties. SRM provides high quality management and leasing services to Schafer Richardson’s tenants and all of the commercial SR portfolio. SRM also provides these services to select third-party clients.

Construction of the Phoenix on the River was substantially completed in May of 2009 and the project received a design award .

In November of 2009, Schafer Richardson’s 730 Lofts reached 75% of units sold.

As of December of 2010, more than 75% of the homes at the Phoenix on the River had been sold with more sales pending. Please visit the Phoenix on the River website at: www.phoenixontheriver.com for further details on this exceptional property.

In the summer of 2010 Schafer Richardson began its Single Family Homes program.  Through the program, Schafer Richardson rehabilitates and sells previously foreclosed homes in the Twin Cities metro area to owner occupants. This effort is made possible with Twin Cities Community Land Bank's Foreclosure Recovery Program funds.

In 2011 Schafer Richardson continues to actively pursue additional development projects including; the Cameron Building, Third North Apartments, and Mound Apartments.  Please visit Our Development Projects page for more information about these and other future projects.