The building, located in the St. Anthony Falls Historic District, was originally a textile mill for the North Star Woolen Company.

Entrepreneurs in the early days of Minneapolis had high hopes for developing a textile industry at the falls, similar to that of Lowell, Massachusetts.

However, the industry never had as much success as hoped for, mainly because Minneapolis was a long distance from eastern markets and shipping centers.

The North Star Woolen Mill was an exception, and it remained a significant industry in Minneapolis until the 1940s.

The building maintains its existing exterior including a sign reading "North Star Blankets".