Midwest Minnesota CDC, SB New Markets, and Mid-City Community CDE used about $22M in NMTC financing (along with an equity investment from US Bank) to facilitate the Historic Coliseum Building project in Minneapolis, MN.
The Coliseum project is part of the rebuilding of Lake Street that was badly damaged in the George Floyd unrest. Most of this commercial node was burned to the ground.
The restoration of the Coliseum building is a key part of the Longfellow neighborhoods healing process. The Coliseum building, an 85,000 sq. ft. building located on East Lake Street, has long been a beacon for local businesses and BIPOC entrepreneurs. The project revives the historic structure with new Black-owned businesses, by partnering with Seward Redesign, who is acting as the lead developer. The Coliseum Building will be a center for Black-owned businesses who are not only tenants, but owners of the building as well.
The project created an estimated 50 new FTE jobs with 50% of the new jobs created to be targeted for area residents at wages at or above $15 to $20/hour. It also created over 90 construction jobs. This will be the first project to be revitalized since the unrest.