Commercial developers plan new life for Minneapolis Armory
A commercial real estate project can breathe new life into a neighborhood or building. While some developments start completely from scratch, others are able to start a new chapter for older structures. In either situation, a commercial development has the potential to grow a community while being profitable for property owners.
According to reports, a developer has recently purchased the historic Minneapolis Armory. The Armory was built in 1935 and housed the Minnesota National Guard for most of its history. In 1998 the Armory was sold by Hennepin County for $2.6 million. In addition to a small Veteran’s Memorial Garden, the Armory has been used as an indoor parking structure since it was sold.
Now, the property has been sold again — this time for $6 million. Instead of being used for a mundane purpose, the new owners are hoping to revamp the space. They believe that the Armory’s location — in between the new Vikings Stadium and Target Center — make it perfect to hold large events.
The commercial developers hope to make the Armory into a go-to entertainment, sports and cultural venue in Minneapolis. As an entertainment venue, the developers believe the Armory can fill a void in the Minneapolis real estate market.
There is, however, no time line for this new project.
Commercial real estate development can come with a lot of risks and rewards. When proper legal steps are taken, a project can be very successful. However, especially when historic buildings are involved, there can be legal formalities that must be met. Property owners, developers and potential tenants should all be aware of these issues when beginning a commercial development in Minnesota.
Minneapolis/St. Paul Business Journal, “Ned Abdul buys Minneapolis Armory, plans entertainment center,” Sam Black, July 2, 2015
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