Community Planning & Economic Development

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Antiques Minnesota Building

Bloomington Avenue and Lake Street

Renovation had started on one of south Minneapolis’ largest vacant commercial properties—the former Antiques Minnesota building at Bloomington and Lake Street.

Renovation of the three-story, 43,000-square-foot commercial building. Will combine retail, office and non-profit arts space. Cooperativa Mercado Central will expand its businesses and some will move to the first floor retail spaces, further establishing the Lake Street corridor as the central Latino Commercial District in Minneapolis. The second floor will provide office spaces for Latino businesses, as well as the new Lake Street Entrepreneur & Career Center, a joint venture of the Neighborhood Development Center, Minneapolis Community Technical College, Goodwill Easter Seals, and the City of Minneapolis. The third floor ballroom will be used by In the Heart of the Beast Puppet and Mask Theatre for studio, office and performance space.

City funding helped this project become the first in Minnesota to leverage New Markets Tax Credits and the Historic Rehabilitation Tax Credit. New Markets Tax Credits are a new tool available for community development. They help stimulate neighborhood-based economic development by providing investors with credits against their federal income tax over a seven-year period equal to 39 percent of their original investment.

Partners with the City of Minneapolis and Minneapolis Empowerment Zone in the $4.26 million project are Wells Fargo Bank and Wells Fargo Community Development Corporation, the Metropolitan Council, Pohlad Foundation, Northwest Area Foundation, Partners for the Common Good and a variety of other lenders.

Developer:

The Neighborhood Development Center , Heart of the Beast , Latino Economi c Developm ent Center, and Local Initiatives Support Corporation (LISC)

   

City Investment:

$408,000 Limited Revenue Pay-As-You-Go TIF seed funding

$250,000 Community Economic Development Fund loan

$250,000 Empowerment Zone Loan

Other funding:

$1.7 million in New Markets Tax Credits

Total Development Cost: 

$4.26 million

Construction Began: 

July 2004

Expected Completion Date: 

The retail storefronts are scheduled to open by Nov. 1, 2004 the second floor offices by Dec. 1, 2004 and Heart of the Beast Theatre in Jan. 2005.

   

Information subject to change. August 2004

Last updated Oct. 28, 2011