MINNEAPOLIS—Macy's announced earlier this year that it would shutter dozens of its stores in the US due to weak sales, but other investors definitely see value in these properties. 601W Cos., a New York-based national developer, has just bought the Macy's property in downtown Minneapolis, and plans to transform it into offices and new retail. Macy's officials say they will get $59 million for the building on Nicollet Mall.
As reported in GlobeSt.com, similar plans have been hatched for a portion of the Macy's in Seattle, and possibly for the company's flagship store on State St. in Chicago.
This is 601W Cos.'s first acquisition in the Twin Cities region, and it has already selected several partners for this project including Minneapolis-based United Properties, The Telos Group as redevelopment consultant and office marketing lead, Transwestern as management agent and Gensler as the lead architect. 601W Cos. expects to bring other local partners on board in the coming weeks.
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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.
