09/03—When Sears closed its massive
retail and distribution center in the heart of south Minneapolis
in 1994, it signaled the end of the era of old-guard commerce
that once made Lake Street a prime draw in the regional economy.
Today, hope for sustaining Lake Street’s comeback as
a 21st Century urban corridor rests heavily on the redevelopment
of the former Sears complex.
The city acquired the property in 2001 after previous attempts by private owners
to convert the site fell through. In trying to ensure that its bid to redevelop
the landmark would meet with financial success and community acceptance, the
city council asked the Midtown Community Works Partnership and the Phillips
Partnership to offer comments on four proposals received from local developers
in June 2003.
These partnerships, whose members include elected officials and executives of
leading business and community interests, have contributed significantly to revitalization
in the neighborhood for several years and were recognized by the city as major
stakeholders.
In an effort culminating in September 2003, the partnerships worked jointly to
offer the Minneapolis Department of Community Planning and Economic Development
and city council a rigorous evaluation of the merits of each proposal and a resolution
articulating a set of priorities that the redevelopment should embrace in its
financing, community presence and site planning.
Following the recommendation of the planning department, city council awarded
development rights to Ryan Companies on October 24. The developer has 60
days to finalize an agreement with the city. |
