Allina will add an additional 475 employees at the site, bringing its total number of employees to nearly 1,500 planned to work at Midtown Exchange by mid 2006. Allina is the anchor tenant of the $189-million mixed-use development on the former Sears site at Lake Street and Chicago Avenue in south Minneapolis.
"Allina's commitment to…south Minneapolis has been a catalyst for bringing energy and investment to the Midtown Exchange project," says Rick Collins, vice president of development at Ryan, the locally based commercial real estate developer. Of Midtown Exchange's 1.1 million sf, only about 77,000 sf remain available for lease, according to Ryan officials.
Hennepin County recently increased its commitment to the project by providing an additional $220,000 grant to help offset environmental costs, Collins says.
Allina said early last year that it would consolidate its system employees into one campus at Midtown Exchange. Currently, Allina's administrative employees are spread across locations in eight Twin Cities communities. Allina officials say the consolidation will reduce its real estate, travel and labor costs.
Allina Commons will occupy the Greenway level, the first and second floors, and floors five through nine of the north office tower of the Midtown Exchange. In addition to Allina Commons, the site will also feature the Midtown Global Market, a 136-room, full service Sheraton Hotel, rental and ownership housing, restaurant and retail space and access to Metro Transit bus facilities. Ryan broke ground on the renovation project last September and expects to open parts of the project this year and the rest next year.
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