Didn’t Mayor Eustis once grapple with a smoke-spewing chimney right here at the Flour Exchange Building? This is the Flour Exchange Building. It stands as a testament to Minneapolis’s bustling past.
In 1892, whispers of a grand brick office building began. W.H. Eustis secured a permit. The vision was clear. A four-story Flour Exchange would rise at this very corner. The St. Paul Globe estimated a cost of $200,000. Completion was set for October 1st. Eustis, a real estate attorney turned mayor, aimed to profit from downtown’s growth.
Just across the street stood the Minneapolis Grain Exchange Building. Eustis knew its success would drive up property values. He financed the Corn Exchange and then the Flour Exchange. His empire depended on the Chamber of Commerce’s prosperity. He owned two of the three buildings at this intersection.
Long & Kees, a renowned architectural firm, designed the Flour Exchange Building. Frank B. Long and Frederick Kees championed the Chicago style. This style featured steel-frame construction and abundant glass. They also designed the Lumber Exchange, City Hall, and the Masonic Temple.
Steel construction enabled taller buildings. Large windows meant well-lit interiors. The Flour Exchange promised to be a marvel.
But the Panic of 1893 struck. Over expansion and collapsing prices led to financial ruin. Construction halted after only four stories. The Flour Exchange Building remained unfinished for years.
In 1897, the Chamber of Commerce considered moving. Washington Avenue had become seedy. Chamber members desired a more respectable location closer to banks and clubs. This move threatened Eustis’s investments. He fought to keep the Chamber at Fourth Avenue and Third Street.
Finally, in 1909, construction resumed on the Flour Exchange Building. The Minneapolis Tribune declared it would be the finest in the city. It would be at the forefront of modern office buildings. Hardwood floors were replaced with marble. A new heating plant and elevator system were installed.
Even before completion, the Flour Exchange Building faced criticism. The Minneapolis Times ran articles about the “Smoke Nuisance”. The Flour Exchange’s chimney was a major offender. It connected to boilers serving the Chamber of Commerce and the Corn Exchange. The paper demanded action against the smoke.
Disaster nearly struck on October 14, 1909. A ten-ton electrical generator fell from the eleventh floor. It crashed into the basement. The wooden beams supporting the generator had failed. The elevator was filled with passengers. Miraculously, no one was hurt in the “mad panic”.
Today, the Flour Exchange Building stands renovated. It is marketed as a twelve-story building. The eleventh floor contains a mezzanine.
In 1977, the Flour Exchange Building was added to the National Register of Historic Places. It is the oldest Chicago style high rise in Minneapolis.
So next time you pass by, remember the vision and near-disasters that shaped this iconic structure. The Flour Exchange Building is a symbol of resilience and innovation in Minneapolis’s architectural story.