May 8, 2023 - Development
Downtown Minneapolis office building targeted for residential conversion
Downtown Minneapolis' McKnight Building, pictured here at 200 S. Fifth St., could be the next office-to-residential conversion in the city.
What's happening: The owner, CenturyLink, wrote in a letter to the city that it's got interest from developers who want to build apartments.
- The company wants to separate the building's ownership from the larger tower in the background so it can sell it to a developer.
Why it matters: There's roughly 8 million square feet of vacant office space in downtown Minneapolis, according to a recent report by commercial real estate firm JLL.
- Meanwhile, there's continued demand for housing. This 15-story, 122-year-old building could house hundreds of people.
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