Nicollet Mall Attracts Target, United Properties
Two major Minnesota companies, Bloomington-based United Properties and Minneapolis-based Target Corporation, have both recently secured space on Nicollet Mall in downtown Minneapolis.
The deals are unrelated, but the locations are in close proximity to each other.
Target confirmed Wednesday that it has purchased a two-story building located at 1013 Nicollet Mall that was formerly owned by the Church of Scientology. According to the Minneapolis Assessor's Office, the building was sold in mid-November for $3 million and has an estimated market value of $1.9 million.
The Church of Scientology, which paid $630,000 for the building in 1996, has temporarily moved to a location on Minnesota Street in St. Paul while its future home on Wabasha Street, also in St. Paul, is being renovated.
Raslyn Wooten, a Target spokeswoman, confirmed the purchase of the property, but would not reveal Target's plans for the space or when the sale was completed.
On the same block as Target's new space are three parcels of land-located at 81 South 10th Street, 87 South 10th Street, and 1001 Nicollet Mall-that United Properties has agreed to redevelop, including two buildings and a surface parking lot.
Bill Katter, senior vice president at United Properties, confirmed Wednesday that the company entered into a joint venture with the owner of the parcels-Tenth and Nicollet, LLC. Under the agreement, United Properties will have partial ownership of the parcels. The deal does not include the Handicraft Guild Building on the corner of Marquette Avenue and 10th Street.
Although redevelopment plans for the parcels are preliminary, Katter said they call for a 15- to 30-story office building with “minor retail” on the ground floor. He said that the redevelopment plans will really take shape after tenants start committing to space in the building.
United Properties, which is owned by the Pohlad Family, will provide more information on the redevelopment plans in the first quarter of 2011, Katter said.