The Historic Coliseum Building

NMTC financing from MMCDC will help build a more equitable economic future for Minneapolis

Investment

  • NMTC Amount: $21,750,000
  • Total Project Cost: $28,250,000

IMPACT

  • 50 FTE jobs
  • 90 construction jobs

Investor

Project Description

The Historic Coliseum Building is an 80,000 sq. ft. office and retail building located in Downtown Longfellow, a neighborhood on the southside of Minneapolis. Built in 1917 one block over from where Lake Street intersects Minnehaha Avenue, the building became the heart of Downtown Longfellow where Minneapolis Moline workers and their families would gather to shop at Freeman’s, a family-owned department store. In 2020, it was severely damaged during civil unrest after the nearby murder of George Floyd.

The building was nearly demolished after the riots until Redesign, Inc., a community development organization with deep roots in the Longfellow area, bought it for $2 million in 2021. Redesign, Inc., along with BIPOC business owners, Alicia Belton (Urban Design Perspectives), Janice Downing (Common Sense Consulting), and business co-founder, Shanelle Montana (Du Nord Social Spirits) partnered and co-developed the Historic Coliseum Building Redevelopment Project.

The $28.25 million renovation project was possible thanks in part to NMTC financing from Midwest Minnesota CDC, Mid-City Community CDE, and Sunrise Bank, along with additional loans from LISC, PACE funding, and Historic Tax Credit equity. US Bank provided NMTC equity to the project.

Following renovation, the building reopened on Juneteenth, 2024. It now serves as a hub for BIPOC-owned businesses.

The historic structure has long been a destination for community commerce, and it will now enter a new chapter of its history following its four-year transformation.

MAP

Address: 2708 E Lake St, Minneapolis, MN 55406

PDF Profile

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