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GlobeSt.com UPDATE: Midtown Global Market Receives Additional Funding

MINNEAPOLIS-The Neighborhood Development Center, the nonprofit organization heading up the eclectic market component of the 1.1-million-sf Sears redevelopment project, receives approval for a $2 million bridge loan.

By Dana Dubriwny | Updated on August 21, 2005

(To read more on the debt and equity markets, click here.)

MINNEAPOLIS-The Minneapolis City Council on Friday approved a $2 million bridge loan for the development of the Midtown Global Market, a key element to the Ryan Cos.’ $190 million Midtown Exchange renovation project. The site of the former 1.1-million-sf Sears, Roebuck & Co. mall and mail order center, Midtown Exchange will include the headquarters of Allina Healthcare, a 136-room Sheraton Hotel, offices, 200,000 sf of retail, and more than 350 units of rental and ownership housing. According to City Council records, the development is expected to generate about 2,500 jobs. The grand opening is slated for March 2006.

The approved bridge loan from the city has a 2% annual interest rate with interest only payments through 2007 and 30-year amortization thereafter. The loan will be issued from Fund EDP-Defaulted Property Administration, the capital fund used to fund activities related to the former Sears property.

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