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Minneapolis, MN (2005)

Midtown Global Market

The Midtown Global Market project in Minneapolis involved the creation of an 86,084-sq. ft. public marketplace for a mixture of start-up, second stage, and anchor businesses offering internationallythemed fresh and prepared food.

Investment

  • NMTC Amount: $16,357,649
  • Total Project Cost: $25,270,149

IMPACT

  • 10 FTE jobs
  • 40 construction jobs
  • The overall redevelopment of the Midtown Exchange Building is expected to bring approximately 1,900 full-time jobs into the neighborhood, of which 187 have already been generated by the Midtown Global Market.
  • 14,084 sq. ft. of real estate

Investor

Project Description

The Midtown Global Market project in Minneapolis involved the creation of an 86,084-sq. ft. public marketplace for a mixture of start-up, second-stage, and anchor businesses offering internationally-themed fresh and prepared food.

The project is located on the ground floor of a larger $130 million redevelopment of the Midtown Exchange Building – the former Art Deco Sears Tower, which stands as the largest building in the city of Minneapolis. The overall redevelopment will bring housing, jobs, office space, and retail amenities to revitalize the surrounding area.

The Midtown Global Market component, as the city’s largest public market, plays a key role in reinforcing other commercial redevelopment initiatives along the Lake Street corridor. Notably, the Market provides tangible economic opportunities to low-income immigrant entrepreneurs and entrepreneurs of color in one of the city’s most distressed communities.

The overall redevelopment of the Midtown Exchange Building is expected to bring approximately 1,900 full-time jobs into the neighborhood, of which 187 have already been generated by the Midtown Global Market.

Project Background:

The project occupies the first floor of the 1.2 million sq. ft. Midtown Exchange Building on Lake Street. Built in 1928, the structure had been vacant and boarded up since 1994.  The Lake Street corridor once served as a vibrant commercial center in the heart of South Minneapolis. The area, however, suffered from a long period of severe disinvestment during the 1980s and early 1990s. More recently, the commercial corridor began to show new signs of life spurred by an influx of immigrant entrepreneurs. In light of this growing resurgence, community development efforts have focused on the area to reinforce and nurture this renewed economic vitality.

Founded in 1993, the Neighborhood Development Center, Inc. (NDC) is a local non-profit organization that works in Minneapolis/St. Paul’s low-income communities help emerging entrepreneurs develop successful businesses and help community groups build stronger neighborhood economies.

MAP

Address: 920 East Lake Street, Minneapolis, MN 55407

Census Tract: 27053125800

PDF Profile

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