Lake Street's "Antiques Minnesota" building renovation begins
Lake Street Blooms with $4.6 million including new market tax credits
A groundbreaking was held July 14 for renovation of one of south Minneapolis' largest vacant commercial properties-the former Antiques Minnesota building at Bloomington and Lake Street.
The renovation combines retail, office and non-profit arts space. Heart of the Beast Puppet and Mask Theatre for studio, office and performance space.
The retail storefronts are scheduled to open by November 1, the second floor offices by December 1, and Heart of the Beast Theatre in January 2005.
The Neighborhood Development Center, Heart of the Beast, Latino Economic Development Center, and Local Initiatives Support Corporation (LISC) are using $1.7 million in New Markets Tax Credits to help rehab the three-story, 43,000-square foot commercial building.
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.
The City of Minneapolis provided seed funding of a $408,000 Limited Revenue Pay-As-You-Go TIF Note, a $250,000 Community Economic Development Fund loan and a $250,000 Empowerment Zone loan for the project.
Published Aug. 3, 2004