Case Study: Midtown Exchange
The redevelopment of the Sears and Roebuck building on Lake Street in Minneapolis brought hundreds of jobs back into the area and turned a vacant 1928 building into a shining example of private/public partnership. The City purchased the former Sears property in 2001 and evaluated numerous development proposals. Ryan Companies ultimately was picked to be the lead developer on the project.
The City of Minneapolis describes the project as, “the potential of civic leadership, comprehensive community development, and public-private partnerships at their best”. The 1.1 million square foot redevelopment includes a mix of office, residential, commercial, and community-oriented uses. These take advantage of many of the existing strengths of the neighborhood. The variety of uses include the new headquarters of Minnesota based Allina Hospitals and Clinics, bringing with it over 1,500 employees, the Midtown Global Market, the Midtown Sheraton Hotel, a Hennepin County Service Center, and 307 units of new market-rate and affordable housing.
The Midtown Exchange offers its residents bicycle and pedestrian transit options via the Midtown Greenway. Located on Lake Street and Chicago Avenue, the Exchange also includes a Metro Transit hub that offers many bus routes throughout the Metro area. As a major landmark in the city, the redevelopment of Midtown Exchange reinforced Lake Street’s position as a major artery. With shops, restaurants, and services that cater to the city’s diversity, Lake Street highlights the city’s global and cosmopolitan character. Learn more.
The Midtown Exchange is a prime example of reusing abandoned and vacant properties.