I have lived in the Warehouse District since January 2002.   In my mind, if you are considering living downtown -- the Warehouse District is the place to reside.    The Warehouse District is quite large and encompasses many blocks.   There are a mix of demographics and age groups, mostly middle to higher income young(er) professionals.  

Most of the dwellings are indeed old converted warehouses.  However, there are many new developments that have been built in recent years.   Personally, I am not a huge fan of the brand spanking new condos that are being marketed as lofts.  If I am going to live in the Warehouse District, I want exposed brick, massive windows, lots of light and loads of space.  There are some incredible buildings that offer such places in both Minneapolis and St. Paul.

While there are several residential buildings in the "downtown" portion of the warehouse district, I would dare say that most of the residential condos are on 1st - 3rd Streets North / South and Washington Avenue.   The star on the map below represents 708 1st St. N, which is the Itasca Building.  1st Street, both North and South, runs along the Mississippi and has tons of converted warehouses and factories.  There are not many bars / restaurants within close walking distance of the Itasca building.  Origami (best sushi in town!) is close, the ACME Comedy Club is on the 1st floor, and Sapor Cafe & Bar is sort of close, but other than that, you will need a car to go a few extra blocks to the 50 or more bars and restaurants on Hennepin Ave, etc.