Introduction

A brief history of the former Sears site — Now Midtown Exchange

  • 1994: Sears closes retail, warehouse, distribution center.
  • 1995: Developer proposes razing the Sears tower, replacing the building with “big-box” retail.
  • 1996: Another developer proposes a mix of light industrial, retail, warehouse, government operations, movie houses, and transit station for the site.
  • 2001: City of Minneapolis acquires the site.
  • 2002: City sells a portion of the site to Abbott Northwestern to build parking ramp, provide for future expansion.
  • 2003: City requests redevelopment proposals.
  • 2004: Ryan receives exclusive rights to site.
  • 2004: Allina Hospitals and Clinics announces consolidation of corporate headquarters to the site.
  • 2004: Construction begins.
  • 2005: Allina moves in.
  • 2006: Grand opening celebration.

Where and what is Midtown?

  • A commerce link between Downtown Minneapolis and Uptown Minneapolis.
  • A separate “brand” that identifies an area where people come to live, work, and play.
  • Enlivens both historic architecture and community surrounding the site.
 

Project Team

Development Team

1928 Housing Architect and Hotel ArchitectElness Swenson Graham

Townhome ArchitectUrbanWorks Architecture, LLC

Landscape ArchitectClose Landscape Architecture

Interior DesignShea Architects

Allina Commons Interior Architect: Perkins & Will

Neighborhood FacilitationThe Green Institute

Leasing and BrokerageWelsh Companies

Historic PreservationHess Roise

Government Relations: McGrann Shea

Allina's Representatives: Real Estate Strategies, LLC and Nelson, Tietz & Hoye

Master DeveloperRyan Companies US, Inc.

  • Minneapolis-based developer, design-builder
  • More than 68 years of experience in new developments and redevelopments
  • Minneapolis projects include:
  • Coffman Memorial Union, University of Minnesota
    • Grain Belt Brewhouse restoration
    • Downtown Target Store and Office Complex
    • Lead developer of Midtown Exchange

1928 Housing DeveloperSherman Associates, Inc.

Townhome DeveloperProject for Pride in Living

Hotel Developer: Ryan/Wischermann Partners

Global Marketplace DeveloperNeighborhood Development Center

Coordinating ArchitectCollaborative Design Group

 

Objectives 

Objectives

  • Vital, mixed-use development that is respectful of its neighborhood.
  • Increased safety through “eyes on the street.”
  • Double- and triple-utilize parking structure.
  • Provide amenities and services for tenants and neighbors.
  • Support and reinforce the identity of Midtown as a place to live, work, and play.
  • Catalyze additional area redevelopment
    • Not a freestanding “mega” project.
    • A rising tide to lift all boats.

Measuring Success

  • Physically: The project is not an island, but linked to the neighborhood, Lake Street, Chicago Avenue and the Midtown Greenway.
  • Economically: Must be economically viable.
  • Historically: Unique features of the 1928 building are preserved.
  • Culturally: Positive impact on the immediate neighborhood while minimizing potential negative impacts.
 

Development Plan

Summary

  • Midtown Global Market (71,000 SF): Designed to involve local ethnic businesses and entrepreneurs, providing 200 jobs.
  • Hennepin County Service Center (10,000 SF): Providing convenient access to governmental services for the community.
  • Additional retail/service space (12,000 SF.): Tenants to be identified, adding an estimated 30 jobs.
  • Hotel: 136-room, full-service Sheraton® hotel, approximately 70 new jobs.
  • Parking: 1,900+ spaces on site.
  • Housing:
    • Townhomes: 52, average price $175,000
    • Condominiums: 88 loft-style, one and two-bedroom units, average price $240,000
    • Rental apartments: 219 one- and two-bedroom units, rents $740-$1,850
 

Housing

Midtown Exchange Apartments

 

  •  

219 Units
- 6 efficiency
- 129 one bedroom
- 88 two bedroom

  • 223 parking spaces in parking ramp

  • Floors 2 through 8

  • Rent range: $650 to $1,075

  • General occupancy/workforce housing

  • Low and moderate income working adults

  • Potential for one floor targeted to seniors

Affordability

  • 28% (63 units) affordable at 50% of Area Median Income
    - Rent levels: $650 - $860

    • Household income limits: $26,850 - $30,700*

  • 52% (113 units) affordable at 60% of Area Median Income
    - Rent levels: $770 - $940

    • Household income limits: $32,220 - $36,840*

  • 20% (44 units) with no income or rent restrictions
    - Rent levels: $875 - $1,075

* Assumes family size of 1 or 2 people. 

The Chicago Historic Lofts on the Greenway

  • 88 Units
    - 42 one bedroom
    - 43 two bedroom
    - 3 tower units

  • Total parking spaces: 132 dedicated/secured entry

  • Average square footage: 1,200

  • Average price: $240,000

  • For more information vist The Chicago Historic Lofts on the Greenway web site 

 

Midtown Exchange Condos on the Greenway

Project for Pride in Living is developing 57 units of for-sale townhomes that will wrap the parking ramp on the east side of 10th Avenue, across the street from the 1928 building. These units will face north onto the Midtown Greenway and east onto 11th Avenue.

Average purchase price will be $175,000.