A Chicago real estate firm with experience building high rises will try to develop a key piece of land in downtown Minneapolis.
Why it matters: What ultimately takes place will say a lot about the health of downtown Minneapolis.
- Just before the pandemic, developers were paying sky-high prices for land and fighting for the last remaining pieces of vacant land.
- But COVID has left office buildings mostly empty and downtown feeling ghostly.
- "This gives us an opportunity to do some more intensive development in downtown," Erik Hansen, director of economic policy and development for Minneapolis, told Nick.
What's happening: The city of Minneapolis recently completed a new office building for its staff, rendering a pair of buildings on 1.6 acres of land at Third Street and Third Avenue unnecessary.
- It selected John Buck Co. to work on a redevelopment of the site, which could include some combination of constructing new buildings and rehabbing the old ones, though Buck and the city have not gotten into specifics.
What's next: Buck and the city will work for the next 18 months on design plans and an agreement could be executed six months after that.
More Twin Cities stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Twin Cities.