Wells Fargo to Demolish Heavily Damaged Lake & Nicollet Location
Wells Fargo & Co. has secured a wrecking permit from the city of Minneapolis to raze its heavily damaged branch location near the intersection of Lake Street and Nicollet Avenue in south Minneapolis. Demolition of the property may start as early as today.
Staci Schiller, a vice president in corporate communications for Wells Fargo, told Twin Cities Business that the bank has no redevelopment plans for the site to disclose yet. She added that the bank is likely to unveil plans yet this quarter or early in the second quarter.
In the social unrest following the death of George Floyd in May 2020, the Wells Fargo branch suffered heavy damage. Rioters broke into the building and set it on fire. The bank has been closed ever since, but Wells Fargo did put temporary ATMs on the site for customers. The bank location is kitty corner from the 5th Precinct headquarters of the Minneapolis Police, which drew a large number of protestors.
San Francisco-based Wells Fargo owns the entire southern half of the block which had included drive-thru banking lanes and a parking lot. The site, listed at 3030 Nicollet Avenue, is 2.6 acres. That’s a large, attractive urban site for future redevelopment.
Just a half-block to the north, the city of Minneapolis has big hopes for redevelopment of the former Kmart store site. The city owns the entire 10-acre parcel. The city’s plans to raze the Kmart store were delayed when it struck a deal with the U.S. Post Office, which is leasing space in the former store for a temporary location. The nearby Lake Street Station post office was destroyed during the social unrest.
Other heavily damaged retail properties have recently reopened including a Walgreens pharmacy at 2650 Hennepin Avenue and a Speedway gas station at 2501 Hennepin Avenue.
Just last week, Cub Foods reopened its store near the intersection of Lake Street and Hiawatha Avenue. The location was very close to the 3rd Precinct headquarters for the Minneapolis Police, which was ground zero for protestors.