News reports in May 2004 were conflicting; one indicating the building would be renovated into office space, the other indicating the condominium redevelopment would proceed.
A new performance venue, the Lowry Lab Theater, opened on the 5th Street side in 2006.
PAK Properties sought city subsidies for this project, even though there were no affordable units planned. This generated some controversy with the St. Paul City Council.
Marketing of 131 new loft condominiums on floors 3 through 12 began with a grand opening event on September 30, 2004.
Avex Realty of Dallas announced plans to renovate the Lowry Building into apartments and ground level retail space in the late 1990s, but these were not realized. Conceptual drawings and probable floor plans were displayed in the elevator lobby as late as 2002.
The locally-based Lowry Redevelopment Partners purchased the building in early 2003. Their original redevelopment plan called for approximately 80 residential units on floors 4-13 and 84,000 square feet of office and retail space on the lower floors. The development has been modified to only include an upgrade of the office space.
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