V3 Sports Center Phase 1

Minneapolis,
MN
(2023)

V3 Sports Center Phase 1

Recreation

Gap Financing Loan to V3 Sports Inc.

Investment

NMTC Amount: $5,000,000
Total Project Cost: $23,000,000

IMPACT

120 FTE jobs
280 construction jobs
120,000 sq. ft. of real estate

CDEs

University Financial Corp.

Investor

US Bank

Project Description

This project will finance the development of a 120,000 square foot, multi-phased, mixed-use development center located in Minneapolis, MN featuring a 25-meter instructional pool and a workforce development center, including a job training facility and an entrepreneurial incubator space. V3 Sports, Inc. has $23 million in debt and equity commitments to date and phase 1 of the project is underway. The proposed City loan will fund components of this phase that are not-yet contracted this spring. Phase 1 is scheduled to open by mid-2024. Phase 1 includes a 25-meter instructional pool, drop-in childcare, fitness and out-of-school space, hydro-therapy pool, and community gathering space. Phase 2, which includes the 50-meter pool, will begin after fundraising for that phase is complete.

MAP

Address: 701 Plymouth Avenue North, Minneapolis, MN 55411

Census Tract: 27053103400

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