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A decade without a major shopping center is squeezing Twin Cities retailers

Retail rents in the Twin Cities are growing faster than anywhere in the U.S.

Development

It&#x27;s been nearly 10 years since a large-scale shopping center opened in the Twin Cities, and despite a growing appetite for more space, there are no imminent plans for another. Why it matters: Retailers and restaurants looking to open shop are feeling the pinch. A recent JLL report says Twin Cities retail rents last quarter grew by 6.7% year-over-year, the largest hike in the nation.

Twin Cities weekend guide: Taste of Minnesota, World Cup Street Fair, and more

Before you catch a fireworks show this weekend, celebrate America with your stomach.

Things to Do

Before you catch a fireworks show this weekend, celebrate America — and Minnesota — with your stomach.The big picture: <a class="gtmContentClick" data-vars-link-text="Taste of Minnesota" data-vars-click-url="https://www.tasteofmn.com/" data-vars-content-id="ee324122-7d67-46da-91c4-148ac9cecd7e" data-vars-headline="Twin Cities weekend guide: Taste of Minnesota, World Cup Street Fair, and more" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.tasteofmn.com/" target="_blank">Taste of Minnesota</a> returns to Nicollet Mall on Friday and Saturday with more than 50 vendors serving foods ranging from pizza to pierogi and from sliders to sambusas.

Where to catch July 4 fireworks in the Twin Cities

America's favorite day to blow things up is here!

America&#x27;s 250th birthday — and its favorite day to blow things up — is almost here.The big picture: Here&#x27;s where you can view Independence Day <a class="gtmContentClick" data-vars-link-text="fireworks" data-vars-click-url="https://www.axios.com/local/twin-cities/2026/07/01/911-fireworks-noise-complaint-311" data-vars-content-id="b66e87e4-30f7-41e3-9831-b7b8b823c41f" data-vars-headline="Where to catch July 4 fireworks in the Twin Cities" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2026/07/01/911-fireworks-noise-complaint-311" target="_self">fireworks</a> displays around the Twin Cities.<ul><li>Be safe and <a class="gtmContentClick" data-vars-link-text="enjoy responsibly" data-vars-click-url="https://dps.mn.gov/divisions/sfm/fire-safety/fire-safety-tips/fireworks-safety" data-vars-content-id="b66e87e4-30f7-41e3-9831-b7b8b823c41f" data-vars-headline="Where to catch July 4 fireworks in the Twin Cities" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://dps.mn.gov/divisions/sfm/fire-safety/fire-safety-tips/fireworks-safety" target="_blank">enjoy responsibly</a>!</li></ul>

Minnesota paid leave program came in $70M under budget in first 6 months

While officials say it's been running smoothly, some have been frustrated by the system.

News

State officials say they&#x27;ve seen &quot;robust interest&quot; in Minnesota&#x27;s <a class="gtmContentClick" data-vars-link-text="paid leave program" data-vars-click-url="https://www.axios.com/local/twin-cities/2026/01/05/12k-minnesotans-apply-for-paid-leave-in-days-after-launch" data-vars-content-id="b4683e65-7e50-4c72-9cc2-c297e76042e1" data-vars-headline="Minnesota paid leave program came in $70M under budget in first 6 months" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2026/01/05/12k-minnesotans-apply-for-paid-leave-in-days-after-launch" target="_self">paid leave program</a> since its January launch. Why it matters: Nearly 75,000 Minnesotans took advantage of the program in the first six months, allowing them up to 12 weeks — or longer in some situations — to bond with a newborn, recover from a medical issue or care for a sick family member.

Rare condo building begins pre-sales in Southwest Minneapolis

The 15 units in the building are listed between $800,000 and $1.5 million

A long-anticipated apartment development at the corner of 50th Street and Lyndale Avenue in Southwest Minneapolis has pivoted to condominiums. Why it matters: For-sale condos <a class="gtmContentClick" data-vars-link-text="have been rare" data-vars-click-url="https://www.axios.com/local/twin-cities/2022/08/03/few-condos-twin-cities" data-vars-content-id="80ea45eb-28cb-4507-ad3a-d41626813b5a" data-vars-headline="Rare condo building begins pre-sales in Southwest Minneapolis" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2022/08/03/few-condos-twin-cities" target="_self">have been rare</a> in the Twin Cities, especially outside downtown.

Minneapolis council to consider data center pause as downtown interest increases

Developers are beginning to see building data centers in vacant office towers as a tool to inject value back into underused downtown properties.

The Minneapolis City Council will decide Thursday whether to pause new data center development for a year.Why it matters: Developers are beginning to see <a class="gtmContentClick" data-vars-link-text="building data centers in vacant office towers" data-vars-click-url="https://www.axios.com/local/twin-cities/2026/03/19/how-data-centers-could-help-revive-downtowns" data-vars-content-id="e377b655-7271-4d0c-aa70-c835ea0dc38a" data-vars-headline="Minneapolis council to consider data center pause as downtown interest increases" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2026/03/19/how-data-centers-could-help-revive-downtowns" target="_self">building data centers in vacant office towers</a> as a tool to inject value back into underused downtown properties.<ul><li>But some council members want stricter rules in place before more projects move forward, citing <a class="gtmContentClick" data-vars-link-text="concerns about electricity and water use" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/01/21/minnesotas-data-center-boom-concerns-electrical-supply" data-vars-content-id="e377b655-7271-4d0c-aa70-c835ea0dc38a" data-vars-headline="Minneapolis council to consider data center pause as downtown interest increases" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/01/21/minnesotas-data-center-boom-concerns-electrical-supply" target="_self">concerns about electricity and water use</a>.</li></ul>

"Zoë Bakes" star lists Minneapolis home with TV-ready kitchen

François' chef's kitchen served as the backdrop for her HBO Max show "Zoë Bakes."

Real Estate

Want to be the star of your own cooking show? This historic Minneapolis home has the kitchen for you.Driving the news: Twin Cities baker, cookbook author and television host <a class="gtmContentClick" data-vars-link-text="Zoë François" data-vars-click-url="https://mspmag.com/shop-and-style/zoe-francois-rise/" data-vars-content-id="b53c4956-f651-4ac1-9a0f-6ad5b20afb81" data-vars-headline="&quot;Zoë Bakes&quot; star lists Minneapolis home with TV-ready kitchen" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://mspmag.com/shop-and-style/zoe-francois-rise/" target="_blank">Zoë François</a> just put her home on the market — and you may recognize that chef&#x27;s kitchen as the backdrop of her HBO Max show &quot;<a class="gtmContentClick" data-vars-link-text="Zoë Bakes" data-vars-click-url="https://www.hbomax.com/shows/zoe-bakes/85d7df13-47b2-4d07-a5b4-35674ffd86ef" data-vars-content-id="b53c4956-f651-4ac1-9a0f-6ad5b20afb81" data-vars-headline="&quot;Zoë Bakes&quot; star lists Minneapolis home with TV-ready kitchen" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.hbomax.com/shows/zoe-bakes/85d7df13-47b2-4d07-a5b4-35674ffd86ef" target="_blank">Zoë Bakes</a>.&quot;

St. Paul skyway users frustrated by prolonged closure

The Alliance Bank Center has been closed for over a year

Nancy Kehmeier typically walks from her Landmark Tower condo to the east side of downtown St. Paul two or three times a day, but for the past 13 months, that has meant leaving the climate-controlled skyway system.Why it matters: The <a class="gtmContentClick" data-vars-link-text="closure" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/04/11/alliance-bank-tower-st-paul-vacancy" data-vars-content-id="934c681c-d82d-4026-90ad-5610575347f2" data-vars-headline="St. Paul skyway users frustrated by prolonged closure" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/04/11/alliance-bank-tower-st-paul-vacancy" target="_self">closure</a> of the Alliance Bank Center has cut off a key connection in the city&#x27;s 5-mile system of glass bridges, forcing residents like Kehmeier to navigate around the building and putting additional pressure on people with accessibility challenges.

Report warns of growing housing shortage

The Twin Cities has fallen short of housing production goals three straight years

The Twin Cities didn&#x27;t build nearly enough housing units last year to keep up with demand, an ongoing trend that&#x27;s contributing to rising rents and <a class="gtmContentClick" data-vars-link-text="home prices" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/07/17/median-metro-home-price-reaches-400k-for-first-time" data-vars-content-id="88837c34-0bee-4a37-a8fc-cd9c68242851" data-vars-headline="Report warns of growing housing shortage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/07/17/median-metro-home-price-reaches-400k-for-first-time" target="_self">home prices</a>. By the numbers: Metro builders produced 12,161 units in 2025, according to a <a class="gtmContentClick" data-vars-link-text="report" data-vars-click-url="https://www.minneapolisfed.org/article/2026/twin-cities-region-misses-its-housing-marks" data-vars-content-id="88837c34-0bee-4a37-a8fc-cd9c68242851" data-vars-headline="Report warns of growing housing shortage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.minneapolisfed.org/article/2026/twin-cities-region-misses-its-housing-marks" target="_blank">report</a> out Friday morning from the Minneapolis Federal Reserve Bank. <ul><li>That&#x27;s well below a goal of 18,000 units per year set by the <a class="gtmContentClick" data-vars-link-text="Itasca Project" data-vars-click-url="https://itascaproject.org/wp-content/uploads/Itasca-Housing_Affordability_Report_September_2020.pdf" data-vars-content-id="88837c34-0bee-4a37-a8fc-cd9c68242851" data-vars-headline="Report warns of growing housing shortage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://itascaproject.org/wp-content/uploads/Itasca-Housing_Affordability_Report_September_2020.pdf" target="_blank">Itasca Project</a> as a key metric for maintaining housing affordability in the metro area.</li></ul>

Historic James J. Hill Library re-opens after renovation

Most of the library's 500,000 books remain

The historic James J. Hill Reference Library overlooking downtown St. Paul&#x27;s Rice Park has re-opened as Avalon event center following <a class="gtmContentClick" data-vars-link-text="a $5 million renovation" data-vars-click-url="https://www.axios.com/local/twin-cities/2021/06/17/james-j-hill-reference-library-st-paul-buyer-peter-remes" data-vars-content-id="f61fe7d0-ab25-49bf-a7f8-53a1f23dabf9" data-vars-headline="Historic James J. Hill Library re-opens after renovation" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2021/06/17/james-j-hill-reference-library-st-paul-buyer-peter-remes" target="_self">a $5 million renovation</a>.Flashback: The railroad tycoon built the library as a gift to the city, but died before its 1921 opening. <ul><li>For nearly 100 years, his family operated it as a working reference library before closing in 2019 due to operating losses. The George Latimer Central Library on the other side of the building has remained open to the public. </li></ul>

Scoop: Mayor Frey wants Wolves arena at City Center site

The mayor is pushing a Nicollet Mall NBA arena, but it's not clear if the Wolves are on board

Minneapolis Mayor Jacob Frey is pushing the City Center complex as a potential site for a <a class="gtmContentClick" data-vars-link-text="new Timberwolves/Lynx arena" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/07/07/timberwolves-lynx-new-owners-arena-location-options" data-vars-content-id="8f5f02b7-c1f2-4a6a-94cf-b9a49373280d" data-vars-headline="Scoop: Mayor Frey wants Wolves arena at City Center site" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/07/07/timberwolves-lynx-new-owners-arena-location-options" target="_self">new Timberwolves/Lynx arena</a>, according to multiple sources familiar with the talks. Why it matters: The idea — <a class="gtmContentClick" data-vars-link-text="first floated by Axios" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/02/23/build-wolves-arena-city-center-minneapolis-downtown" data-vars-content-id="8f5f02b7-c1f2-4a6a-94cf-b9a49373280d" data-vars-headline="Scoop: Mayor Frey wants Wolves arena at City Center site" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/02/23/build-wolves-arena-city-center-minneapolis-downtown" target="_self">first floated by Axios</a> — would mean demolishing one of the city&#x27;s tallest towers and bringing an NBA arena onto the struggling Nicollet Mall.

What to do with the distressed Dayton's Project

The $350M redevelopment now has a city-assessed value of $27M

A judge&#x27;s recent ruling approving the potential foreclosure of the <a class="gtmContentClick" data-vars-link-text="Dayton&#x27;s Project" data-vars-click-url="https://www.axios.com/local/twin-cities/2021/11/15/daytons-project-macys-minneapolis-open-photos-tour-leasing" data-vars-content-id="456dd814-eb15-4206-8f0b-c1edd7fde525" data-vars-headline="What to do with the distressed Dayton&#x27;s Project" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2021/11/15/daytons-project-macys-minneapolis-open-photos-tour-leasing" target="_self">Dayton&#x27;s Project</a> sets up a thorny question: What&#x27;s going to happen to one of the biggest — and emptiest — buildings in downtown Minneapolis?Why it matters: If some creative developer can&#x27;t figure it out, there&#x27;s a risk that one of the city&#x27;s largest properties, in the heart of Nicollet Mall, could remain hollow and fall into neglect.

Graco redevelopment may buck recent trends

The best use for the site might still be industrial, despite desires for more housing.

Graco&#x27;s large Northeast Minneapolis <a class="gtmContentClick" data-vars-link-text="campus" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/05/21/graco-minneapolis-campus-redevelopment-riverfront" data-vars-content-id="33fd59e9-695e-4cd0-b5a6-5ebe4ec08bad" data-vars-headline="Graco redevelopment may buck recent trends" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/05/21/graco-minneapolis-campus-redevelopment-riverfront" target="_self">campus</a> is on track to sell soon, but don&#x27;t expect a quick redevelopment of the riverfront property, despite its prime location.Why it matters: Five to 10 years ago, this 40-acre piece of mostly industrial land would have developers salivating over demolishing warehouses and building housing.<ul><li>Yes, but: <a class="gtmContentClick" data-vars-link-text="Times have changed" data-vars-click-url="https://www.axios.com/local/twin-cities/2025/06/09/twin-cities-apartment-construction-cost-crisis" data-vars-content-id="33fd59e9-695e-4cd0-b5a6-5ebe4ec08bad" data-vars-headline="Graco redevelopment may buck recent trends" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2025/06/09/twin-cities-apartment-construction-cost-crisis" target="_self">Times have changed</a>, and multifamily housing development has gone from a gusher to a trickle.</li></ul>

Real Estate 🏠

A decade without a major shopping center is squeezing Twin Cities retailers

Rare condo building begins pre-sales in Southwest Minneapolis

Minneapolis council to consider data center pause as downtown interest increases

"Zoë Bakes" star lists Minneapolis home with TV-ready kitchen

St. Paul skyway users frustrated by prolonged closure