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.
1928 Housing Architect and Hotel Architect: Elness Swenson Graham
Townhome Architect: UrbanWorks Architecture, LLC
Landscape Architect: Close Landscape Architecture
Interior Design: Shea Architects
Allina Commons Interior Architect: Perkins & Will
Neighborhood Facilitation: The Green Institute
Leasing and Brokerage: Welsh Companies
Historic Preservation: Hess Roise
Government Relations: McGrann Shea
Allina's Representatives: Real Estate Strategies, LLC and Nelson, Tietz & Hoye
Master Developer: Ryan 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 Developer: Sherman Associates, Inc.
Townhome Developer: Project for Pride in Living
Hotel Developer: Ryan/Wischermann Partners
Global Marketplace Developer: Neighborhood Development Center
Coordinating Architect: Collaborative Design Group
- 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.
- 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.
- 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.
- 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
Midtown Exchange Apartments
- 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
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
- 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.