MINNEAPOLIS—Neiman Marcus shuttered its downtown store at 505 Nicollet Mall earlier this year, a loss that many cities would feel keenly. But Minneapolis has recovered from the economic downturn, and the location won't remain empty for long. United Properties has closed on the property and says they will renovate the 100,000-square-foot, four-story building.
“We are excited to revitalize this part of Nicollet Mall and currently are evaluating a variety of tenant uses,” says Bill Katter, executive vice president of United Properties. “We will deliver a large block of space on Nicollet Mall at a time when the market is increasingly looking for these unique opportunities.”
The company will work with Shea Design to formalize renovation plans and Katter says they will complete the work by the end of 2013.
Over the past three years, United Properties has increased its investment and development activity in Minneapolis with its renovations to the historic Ford Center, its acquisition of the Loose-Wiles building and its sale of the 10th and Nicollet site to the Target Corporation.
Other developers have also flocked to the neighborhood. The Opus Development Corp. has begun developing the 26-story Nic on Fifth directly across from 505 Nicollet Mall, with occupancy expected in the summer of 2014 and will soon begin a six-story, 101-unit residential luxury apartment complex, also in the downtown area.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
